Rising Disposable Incomes And Inclination Towards Personal Healthcare Is Surging The Demand For Spa Treatments

Market Snapshot
According to Fact.MR, the spa industry exceeded a market value of US$ 106 Bn by the end of 2020. Rising disposable incomes and inclination towards personal healthcare is surging the demand for spa treatments. In addition, sedentary and hectic lifestyles has created chronic illnesses for people. Due to this, people have shown an inclination towards various spa treatments. Thus, the global spa market is expected to represent a value of over US$ 326 Bn by registering a CAGR of 12% during the forecast period, 2021-2031.

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Key Points Covered in Spa Industry Analysis
Market estimates and forecast 2016-2031
Key drivers and restraints impacting market growth
Segment-wise, Country-wise, and Region-wise Analysis
Competition Mapping and Benchmarking
Market Share Analysis
Key Product Innovations and Regulatory Climate
COVID-19 Impact on Spa Market and How to Navigate
Recommendation on Key Winning Strategies

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Spa Revenue Analysis 2016-2020 in Comparison to Future Outlook 2021-2031
Historically, between 2016 and 2020, the sales of the spa industry exceeded US$ 100 Bn by the end of the aforementioned period, expanding at a CAGR of nearly 6% according to Fact.MR- a market research & competitive intelligence provider. Increased emphasis on improving individual health has stimulated spa services demand.

The COVID-19 pandemic has a dual effect on the global spa industry. In the initial half of 2020, imposition of strict lockdowns compelled customers to cancel or postpone their visits to commercial spa centres to prevent further spread of the infection. At the same time, individuals opted for home based spa treatments, which sustained its demand. Also, with the lifting of the curbs, customers are now resuming their visits to spa centres, with proper hygiene measures in place.

The demand for personal healthcare treatment has increased by leaps and bounds in recent years. The spa industry is focusing on offering treatments ranging from traditional treatments to modern treatments. According to Fact.MR, the market for spa services is expected to register a CAGR of 12% from 2021 to 2031.

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Which Factors are Propelling Spa Services Adoption Globally?
Changing lifestyle trends are expected to fuel significant demand for investing in spa therapies for health and wellness consciousness. Hectic schedules are resulting in mental exhaustion along with eating and sleeping disorders globally. Unhealthy lifestyles have led to growing need for stress management, peace of mind and detoxification of the system.

Key Segments Covered
Spa Type
Hotels/Resort Spas
Destination Spas & Health Resorts
Medical Spas
Thermal/Mineral Springs Spas
Other Spas

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Competitive Landscape
Prominent service providers are emphasizing on introducing multiple spa packages oriented towards different consumer segments. However, players are likely to find maximum growth opportunities in the premium and luxury sectors. Furthermore, rising digitalization of services is intensifying competition between rival service providers.

In March 2021, Zenoti Foundation, a cloud-based platform for spa, beauty & wellness services, partnered with Sutherland Global with the objective of improving customer experience via expansions in real-time support across both chat and phone-based channels and address queries within minutes

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