Spa Market Insight

The global spa market is projected to grow at the rate of 5.7% during the forecast period 2018 to 2023. Increasing the focus on health and beauty and rising expenditure on luxuries is the major drivers of the market. With the growing demand for health and wellness conscious among consumers which tends to drive the global spa market. It has become an alternative trend for bachelorettes for relaxation and keep away from the hectic lifestyle. The rapid growth of the economy and rising urbanization have spawned modern class consumers with more money to spend which indulged in growing wellness services. The most targeted customers for this sector were females than male but with the changing trends and increasing wellness and health consciousness among customers is expected to drive the spa market globally.

The rise in wellness tourism will drive the global spa market revenue. Personalization of product and service will be one of the key trends responsible for the growth of the spa market during the forecasted period. Companies like Mandarin Oriental spa, Tokyo with Aromatherapy Associates offers customized time rituals, where the clients can reserve a 2.5 to 3-hour window to receive customized treatment that combines facial with the body massage. Some of the other factors for the growing spa market are the rising percentage of the geriatric population and increasing demand from emerging markets like China and India. To provide better service & customer satisfaction, the spa owner are investing in spa education and training to the employee will create an opportunity for the growth of spa market. High pricing of the spa, limited package by the service provider and getting trained professionals creates constraints for the spa market. However, there is a more significant opportunity in developing countries like Malaysia, Singapore, Indonesia, and Thailand due to a lack of certified training institute and lack of standardization.

The European region continues to be the world’s largest market for spa followed by North America over the forecasted period due to increasing demand from millennial.

Day Spa and Hotel Spa to Fuel Growth of the Spa Market

Day spa and hotel spa is gaining popularity which will lead to an upsurge in demand for the Spa market. These spa providers provide the wide range of services, treatment and relaxation treatment to the customers. Many vendors are coming up with massages and facials services more focusing on the health, beauty, and relaxation requirements of customers. These vendors also offer discounts with an exclusive package to retain their customer. Day spa provides services such as saunas, pools, and steam rooms for the consumer that drives the global spa market. Destination spa which is anticipated to expand the growth of the global Spa market over the forecast period due to rising demand for traditional spas such as Ayurveda, Swedish, And Turkish massage.

Asia-Pacific Region to Experience Robust Growth in Spa Market

The growing health and wellness trends among the consumers in the US and Europe region captured the highest share in the global Spa market.  Majority of spa vendor in Europe provide service option of short duration to the customer.  For example, Companies like Hilton Hotels & Resorts has introduced a three -journey enhancement in mini treatments includes 25 minutes’ service focusing on the specific area of the body: feet; head and face; or shoulder, neck and scalp. In the US, factors such as the growing number of women workforce and anti-aging spa treatments will attract many potential clients to spas market over the forecasted period.

The Asia Pacific is the fastest-growing region in the spa resorts market. With rising disposable income and the rise in the tourism industry especially in developing countries such as India and China is a key factor which will be the major revenue contributor to the spa market throughout the forecast period.

Key Developments in the Spa Market

• Jan 2017- Hyatt has acquired New York-based Miraval Group the renowned provider of wellness resort, from private-equity group KSL Capital Partners. As more travelers demand and expect better overall wellness and fitness experiences from their travelers.
• Nov 2017- Under an aggressive expansion strategy, Rosewood Hotels launched a new spa and wellness brand, Asaya, in Rosewood Phuket, Thailand. The Asaya Spa offers a blend of spa therapies, fitness activities, nutrition coaching, educational wellness programming, lifestyle tips, and healing practices. Additionally, the second Asaya Spa will be launched in Hong Kong with the opening of Rosewood Hong Kong in this year.

Spa Market Competitive Landscape

Major Key Players are Hot Springs Resort & Spa, Emirates Palace Spa, Four Seasons Hotel Limited, Planet Beach, Lanserhof, Massage Envy, Jade Mountain, Marriott International and Rancho La Puerta

Reasons to Purchase this Spa Market Report

• Analyzing outlook of the market with the recent trends and Porter’s five forces analysis
• Market dynamics, which essentially consider the factors, which are impelling the present market scenario, along with growth opportunities of the market in the years to come
• Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and non-economic aspects
• Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market
• Competitive landscape involving the market share of major players, along with the key strategies adopted for development in the past five years
• Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
• 3-month analyst supports, along with the Market Estimates sheet in excel

Customization of the Spa Market Report

This report can be customized to meet your requirements. Please connect with our analyst, who will ensure you get a report that suits your needs.