The global spa market size is expected to reach USD 89.40 billion by 2028 according to a new study by Polaris Market Research. The report “Spa Market Share, Size, Trends, Industry Analysis Report, By Type (Hotel/Resorts Spa, Destination Spa, Day/Salon Spa, Medical Spa, Mineral Spring Spa, Others), By Service, By End Use, By Region; Segment Forecast, 2021 - 2028” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The global market is spurring due to some prominent factors such as rapid urbanization and development of the economies coupled with the considerable demand for opting these facilities for maintaining health and wellness drives the industry growth. Moreover, increasing sedentary lifestyles as well as working professional’s chaotic schedules to pick these wellness centers for relaxing and relieving stress will further propel the industry growth. As a result, spas that embrace modified premium proficiencies through numerous facilities and treatments are gaining huge traction, which boosts the market.
Based on service type, the hotels/resorts segment has conquered the market with a leading revenue. Owing to the increasing numbers of hotel chains in the international market as well as the rising number of traveling and tourism activities lifts the segment growth. While the destination segment is expected to account for spotting the fastest growth rate due to availability of the varied type of these massages.
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The growth is hastening by the growing awareness among people regarding healthy and well routines tied with the rising affordability for these facilities in emerging markets. Emerging economies are also perceiving a significant upsurge in the number of the working population, which is unveiling unhealthy lifestyles and high-stress levels. The requirement for appropriate stress management is essential, which can intensify people's interest in these services.
Augmenting consumer inclination towards healthy and standard lifestyles, many people are frequently searching for amenities that can release strain generated due to a busy lifestyle. Accordingly, these services are gaining significant traction, which, in turn, is growing the demand for spa and massage centers.
Major participants such as Clarins Group, Belmond Maroma Resort & SPA, Emirates Palace Spa, Four Seasons Hotel Limited, Gaia Retreat & SPA,Grand Resort Bad Ragaz AG, Hot Springs Resort & Spa, Jade Mountain, Mandarin Oriental Hotel Group, Lanserhof, Massage Envy, Omni Hotels & Resorts, Marriott International Inc., Planet Beach, Rancho La Puerta Inc, Six Senses Hotels Resorts SPAs, Trailhead SPA. are some of the key players operating in the global spa industry.
Polaris Market Research has segmented the spa market report on the basis of type, service, end-use and region:
Spa, Type Outlook (Revenue - USD Billion, 2016 - 2028)
Spa, Service Outlook (Revenue - USD Billion, 2016 - 2028)
Spa, End-Use Outlook (Revenue - USD Billion, 2016 - 2028)
Spa, Regional Outlook (Revenue - USD Billion, 2016 - 2028)