Spa Market Set to Exhibit Momentous Revenue Share at US$ 140,000 Million by 2026 || Key Players - Grand Resort Bad Ragaz, COMO Shambhala Estate, Canyon Ranch, Forte Village Resort, St. Regis Bahia Beach Resort
According to Fact.MR, the global spa market is expected to represent a value of over US$ 140,000 Mn by the end of 2026.
Mental exhaustion and stress due to hectic lifestyle has led to increased spending on relaxing and rejuvenating therapies such as spa and aromatherapy. With the increasing disposable, customers prefer spending on luxurious services and relaxing therapies. Increasing demand for rejuvenating and relaxing therapies to detoxify the system will continue to fuel demand for range of spa therapies. Hectic routines can further lead to physical stress leading to increasing demand for pain management. Demand for pain management will continue to contribute towards growth of the global spa market significantly. Leading players in the global market are increasingly capitalizing on such opportunity and offering range spa therapies to gain a competitive edge.
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Growing need for anti-ageing treatments for clogged pores, acne, wrinkles and hyper-pigmentation is further expected to impact growth of the global spa market. Increasing old age population is increasingly spending on non-surgical treatments such as exfoliation and peel to improve their physical and mental health. Detoxification of the system and anti-stress treatment will continue to rev up demand for spa treatments in the global market. Such factors are expected to contribute towards growth of the global spa market during the forecast period.
Prevalence of chronic diseases such as asthma will continue to boost demand for range of spa therapies in the global market. Patients of asthma have swollen airways that leads to breathing problems. Shortness of breath, coughing and wheezing are some of the common problems that the asthmatic patients face regularly. According to CDC, 7.6% of the adults who fall in the age bracket of 18 years and above i.e., 18.4 million people in the U.S. have asthma. Increased spending on relaxing therapies such as sauna and spa treatment provides the asthmatic patients a respiratory relief.
Spending on steam rooms and saunas help in eliminating the toxins through skin and opens airways of the asthmatic patients. Moreover, increasing spending on steam baths help in the treatment of the upper respiratory problems, coughing and bronchitis through loosening phlegm and mucus. Growing need for asthmatic relief and relaxation is expected to contribute towards growth of the global spa market.
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However, the global spa market is expected to witness inhibiting growth due to various factors such as expensive spa packages and continues to remain a conventional therapy for pain management and asthmatic relief. Increasing number of new players and one-stop spa services in the global market is expected to rev up the competition levels for the established market players. In addition, patients with severe case of chronic diseases are suggested not to spend on spas. These factors are likely to inhibit growth of the global spa market during the forecast period.
Preference for relaxing therapies during trips and tourism has led to surge in demand for spa therapy in hotel/resort spas globally. On the basis of product type, the hotel/resort spas segment is expected to generate significant revenues in the global spa market during the forecast period. However, the thermal/mineral springs spas product type segment is expected to register a robust CAGR through 2026.
Leading market players operating in the global spa market include Grand Resort Bad Ragaz, COMO Shambhala Estate, Canyon Ranch, Forte Village Resort, St. Regis Bahia Beach Resort, Chiva Som International Health Resort, The Connaught, Four Seasons Resort Bora Bora, Rancho La Puerta and The Chedi Andermatt.
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