Spa Services Market: Movements by Trend Analysis and Company Profiles
The global spa services market size was valued at USD 87.63 billion in 2023. The market is expected to grow from USD 99.79 billion in 2024 to USD 375.54 billion by 2032, growing at a compound annual growth rate of 18.02% during the forecast period. This increase is attributed to increased consumer interest in hydrotherapy, sound treatments, innovative cryotherapy, and LED therapy. Another factor supporting the expansion of the industry is a change in customer perception, who traditionally viewed spa services as a luxury item.
Information Source: https://www.fortunebusinessinsights.com/spa-services-market-103490
Major players in the spa market:
- Hyatt Hotels Corporation, United States
- Four Seasons Hotels Limited, Kanada
- Marriott International (USA)
- Hilton Hotels & Resorts (USA)
- Once operated holding company Sliminated (USA)
- Siam Wellness Group (Thailand)
- InterContinental Hotel Group, United Kingdom
- Massage them (USA)
- Kempinski Hotel SA, Schweiz
- Blenners Park Hotel & Spa, Deutschland
Segment:
The full-day segment is expected to witness significant demand due to its affordability and easy accessibility.
Based on facility type, the market is segmented into resort/hotel, day care, medical care and others. The day care segment is predicted to witness commendable growth during the forecast period. Increasing affordability of facilities is driving the growth as the packages do not include meals or accommodation.
Significant growth is expected in the massage segment due to traditional use
By service, the market is segmented into massage, beauty/gesture, fitness, etc. (hydrotherapy, diet, etc.). The massage segment is expected to grow significantly during the study period. This rapid growth is driven by rising beauty trends and growing demand for pedicure, manicure, facials, and other services.
The popularity of wellness offerings among women is increasing, especially women.
By end user, the market is segmented into women and men. The women segment is expected to account for the majority of the market during the forecast period. This expansion is attributed to the growing popularity of the product among women.
Based on geography, the market is segmented into five regions: North America, South America, Europe, Asia Pacific, and Middle East & Africa.
Reported scope:
The report comprehensively analyses the key factors determining the global market trends in the coming years. We also get insight into the important actions that key industry players are taking to strengthen their position in the market. In addition, it also covers key trends that are favoring the market expansion throughout the estimate period.
Driver and restraint system:
The market value increases with increasing interest in wellness tourism
One of the major factors driving the growth of the spa services market is the increasing focus on lifestyle. Another aspect driving the expansion of the industry is the growing awareness about mind and body health.
However, the growth of the market may be hampered by strict enforcement of regulations by government authorities.
Local insights:
Europe is experiencing favourable growth due to rising disposable income
The market share of spa services in Europe is expected to grow significantly during the study period. This rapid growth is driven by an increase in disposable income in the region.
The North American market is expected to witness significant growth during the forecast period. This growth is attributed to the increasing demand for beauty treatments and body massages.
Competitive landscape:
Large company signs partnership agreement to expand product range
Leading companies in the industry are focusing on carrying out various strategic transactions to strengthen their position. These include the formation of merger agreements, acquisitions and alliances. Further steps include strengthening research activities.
Development of important industries:
February 2021 – Pool Troopers signed a partnership agreement with Aloha Pool and Spa Service Inc. The goal of the agreement was to expand operations in the Naples and Fort Myers areas.
