Press release
Spa: Exploring Growth Opportunities in the Global Market
Spa Market
The spa market size is expected to see rapid growth in the next few years. It will grow to $111.77 billion in 2028 at a compound annual growth rate (CAGR) of 11.2%. The growth in the forecast period can be attributed to elderly population demands, sustainable and eco-friendly practices, integration with fitness programs, cultural wellness experiences, government health initiatives. Major trends in the forecast period include virtual and remote spa services, innovative wellness technologies, customized and personalized spa experiences, advanced technology in treatments, collaborations with beauty and skincare brands.
Market Overview -
A spa is a facility which provides a range of services for health management and body relaxation, including saunas, pools, steam rooms, medical spas, day spas, mineral springs spas, mud baths, and ayurvedic spas.
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Urbanization-Driven Surge Catalysts And Opportunities In The Growing Spa Market
Rapid urbanization is expected to propel the growth of the spas market. Urbanization refers to the population movement from rural to an urban setting and increasing human population densities in urban areas. Changing lifestyles and rising stress levels associated with rising urbanization are promoting demand for destination spas and spa getaways. For instance, according to the Department of Economic and Social Affairs, United Nations, 68% of the world's population i.e., 2.5 billion people are projected to live in urban areas by 2050. Therefore, rapid urbanization will drive the growth of the spa market.
Competitive Landscape -
Major companies operating in the spa market report are Miraval Spa, Spa Montage, Hot Springs Resort & Spa, Hyatt Pure Spa, The Ritz-Carlton Spa, Clarins Group, Exhale Spa, Omni Hotels & Resorts, Aman Spa, Anantara Spa, Six Senses Hotels Resorts Spas, Banyan Tree Spa, Grand Resort Bad Ragaz AG, Massage Envy Franchising LLC, Canyon Ranch, Rancho La Puerta, Elemis, Marriott International Inc., Mandara Spa, Bliss Spa, Kersten Florian International, Harrison Hot Springs Resort, Jade Mountain Resort, COMO Shambhala, Emirates Palace, Four Seasons Hotels Limited, Lanserhof GmbH, Planet Beach Franchising Corporation, Mandarin Oriental Hotel Group, Chuan Spa
Revolutionizing Spa Experiences Through The Rise Of Touch-Free Wellness Technologies In The Spa Market
Technological advancements are the key trends gaining popularity in the spa market. Many spas are using various technologies to provide innovative services to customers. For instance, in January 2021, Touch-Free Wellness Spa, a US-based new spa business was opened with touch-free spa technology to provide spa services without the touch of a therapist or massage practitioner. The spa uses infrared sauna pods, cryotherapy, anti-gravity robotic massage chairs, hydro-massage chairs, lymphatic compression massages, whole body vibroacoustic treatments, and near-infrared light therapy to deliver a hands-off spa experience.
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Key Segments -
The spa market covered in this report is segmented -
1) By Service Type: Massage, Beauty/Grooming, Physical Fitness, Other Service Types
2) By Facility Type: Hotel/Resorts Spa, Destination Spa, Day/Salon Spa, Medical Spa, Mineral Spring Spa, Other Facility Types
3) By End User Sex: Male, Female
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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