Market Size of Spa Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| CAGR | > 4.10 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Spa Market Analysis
The spa market is one of the large hit markets in 2020 due to the sudden COVID-19 pandemic. The tourism, accommodation, and food and beverages service sectors, which performed well during 2019, have slowed down due to the lockdowns and the temporary ban on international travel and domestic travel restrictions across the world. The spa market records a sudden drop in revenue and is reviving comparatively slow due to the second wave of the virus across many nations.
Changing lifestyles and interests and increasing disposable incomes have been changing the face of the spa market globally. The health benefits associated with the spa services, such as relief from stress, minimization of body pain, and the calmness offered, have made spa services a major part of people's lives. The growing interest in personal pampering and perception of a spa as a self-improvement investment is expanding the spa market in dimensions across the world. Spa services include a range of services for health management and body relaxation. They include but are not limited to massages, facials, body scrubs, steam baths, waxing, and nail care.
Globally, the rising consumer interest in experiencing wellness services during vacation trips is driving the destination and leisure wellness businesses. Offering a wider range of services to appeal to well-seasoned spa-goers, spas have increasingly begun to diversify and branch into health and aesthetics, in order to complement their regular spa services, in addition to the formerly 'alternative' health treatments, including acupuncture, following the global shift toward a more holistic approach to health and beauty. In order to reduce psychological stress, several corporate organizations have also been advising various stress-relieving practices to employees, which is also acting as a driving factor for market growth. Owing to the growing demand for beauty enhancements among most customers, several spas offer various non-invasive cosmetic medical procedures, along with their usual spa treatments, to capture the growing demand trend.
