Press release
Spa Services Market Size Expected to Grow 17.3% Annually to $423.2 Billion by 2031 | AMR
Prime determinants of growth
Hectic lifestyle in urban areas, rise in demand from emerging markets, new developments in spa services, and surge in demand from teenagersdrive the growth of the global spa services market. However, high cost of skilled therapy professionals and low penetration in the underdeveloped countries hinder the market growth. On the other hand, increase in percentage of geriatric population and growth in demand from emerging markets present new opportunities in the coming years.
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The salon spasegment to maintain its leadership status throughout the forecast period
Based on type, the salon spa segment held the highest market share in 2020, accounting for nearly two-fifths of the global spa services market, and is estimated to maintain its leadership status throughout the forecast period. This is attributed to increase in disposable income among the middle-income class, affordable services, and innovative marketing strategies used by salons. Moreover, the medical spa segment is projected to manifest the highest CAGR of 17.6% from 2022 to 2031, owing to the technological advancement in medical treatments such as laser technology, dermal fillers, cellfina, ultratherapy, and others.
The mensegment to maintain its lead position during the forecast period
Based on end user, the men segment accounted for the largest share in 2020, contributing to more than half of the global spa services market, and is projected to maintain its lead position during the forecast period. This is due to increase in awareness about health, grooming, and personal care & beauty among men. However, the women segment is expected to portray the largest CAGR of 17.3% from 2022 to 2031, because women are the prominent members of spa services.
Europe, followed by Asia-Pacific & North America, to maintain its dominance by 2031
Based on region, Europe, followed by Asia-Pacific & North America, held the highest market share in terms of revenue 2020, accounting for nearly two-fifths of the global spa services market, owing to higher demand in Western European countries such as Germany, France, UK, and others. Moreover, the LAMEA region is expected to witness the fastest CAGR of 17.6% during the forecast period, owing to rise in investments in tourism industry in countries such as Brazil and UAE.
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Leading Market Players:
Emirates Palace
Four Seasons Hotel Limited
Trailhead Spa
Massage Envy Franchising LLC
Jade Mountain
Six Senses Hotels Resorts Spas
Clarins Group
Lanserh of Tegernsee
Belmond Maroma Resort & Spa
Key Findings Of The Study
Europe was the highest revenue-generating region in the global spa services market in 2020.
LAMEA is anticipated to witness the highest CAGR during the forecast period.
Salon spa was the largest revenue-generating segment in 2020.
Medical spa is anticipated to be the fastest growing spa segment due to rapid advancements in medical field.
Key Benefits of the Report
The study provides an in-depth analysis of the global spa services market to elucidate the imminent investment pockets in the market.
Current trends and future estimations are outlined in the report to determine the overall market potential and single out profitable trends to gain a stronger foothold in the market.
The report provides information regarding drivers, restraints, and opportunities with a detailed impact analysis.
Quantitative analysis of the current market and estimations from 2022 to 2031 are provided to showcase the financial competency of the market.
Porter's Five Forces model of the industry illustrates the potency of the buyers & suppliers.
Value chain analysis provides a clear understanding of the roles performed by various intermediaries involved in the value chain.
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Allied Market Research (AMR) is a full-service market research and business consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides end-to-end solutions along with information, education, advocacy, and networking resources to SMEs and early-stage start-ups to bring excellence to their processes. In addition, we offer a nurturing environment required to develop and grow businesses, including business planning; virtual support; market intelligence; acquiring resources; and getting direct access to finance, suppliers, and other experts to boost the growth of businesses and entrepreneurs.
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