According to Fortune Business Insights, the global spa services market size is expected to reach USD 133.28 billion by 2027, exhibiting a CAGR of 4.1% during the forecast period. The emphasis on enhanced customer experience and relationships in spa services can be an essential factor augmenting the growth of the market, states Fortune Business Insights, in a report, titled “Spa Services Market Size, 2020-2027.” The market size stood at USD 105.18 billion in 2019.
Information Source - https://www.fortunebusinessinsights.com/spa-services-market-103490
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Fortune Business Insights™ lists out all the spa services market companies that are presently striving to reduce the impact of Covid-19 pandemic on the market:
- Hyatt Hotels Corporation (Chicago, U.S.)
- Four Seasons Hotel Limited (Toronto, Canada)
- Marriott International, Inc. (Maryland, U.S.)
- Hilton Hotels & Resorts (McLean, U.S.)
- OneSpaWorld Holdings Limited (Coral Gables, U.S.)
- Siam Wellness Group (Bangkok, Thailand)
- InterContinental Hotels Group plc (Denham, U.K.)
- Massage Envy (Scottsdale, U.S.)
- Kempinski Hotels S.A. (Geneva, Switzerland)
- Brenners Park-Hotel & Spa (Baden-Baden, Germany)
The report on the spa services market includes:
- Insights into the hospitality industry
- Important strategies adopted by key players
- Present market value with future projects
- Dominant region in the world in terms of share
- COVID-19 effect on the industry
Market Driver:
Flourishing Tourism Industry to Improve Business Prospects
The increasingly hectic lifestyle has influenced the need for body and mind wellness, which, in turn, will foster the growth of the market. The number of tourists seeking spa treatment during their travel time can be an essential factor accelerating the revenue of the industry. As per data released by the Global Wellness Institute in 2018, the number of wellness trips increased from 691 million in 2015 to about 830 million in 2017. The growing attractiveness towards destination spas among couples will consequently spur opportunities for the market. The growing demand for quick spa facilities at airports such as XpressSpas will promote the growth of the market. Similarly, ship/cruise-based facilities offered by OneSpaWorld is expected to foster healthy growth of the market in the near future. Additionally, the rising mindfulness for health and wellness will facilitate the market in the forthcoming years.
Disruption in Hospitality Industry to Severely Affect Spa Business During COVID-19
The imposition of stringent regulations by the government to curb the spread of the infection will impede the hotels and hospitality sector during the forecast period. The rules involving physical distancing along with masks and gloves to avoid virus transmission can limit the customers, in turn, dwindling market growth. The services including body massage and facials must follow the rules implemented by the government during operations. The tourism industry has hit the bottom threshold due to lockdown rules. For instance, OneSpaWorld closed all its destination resort facilities in the U.S and Caribbean region. The company officials declared an estimated loss of S$ 35 million in the first quarter of 2020 due to the pandemic.
Regional Analysis:
Rising Number of Massage Centers to Influence Growth in North America
The market in North America is expected to witness a rapid growth rate during the forecast period owing to the growing number of luxurious massage services and facilities in the US. The inflated demand for full body massage and beauty treatments in the U.S. and Canada will support the growth of the market in North America. According to the American Massage therapy Association’s ‘Massage Profession Research Report 2019’, in the U.S., about 47.5 million people had a total of 214 million massages in 2018, where about 33% of messages were offered through the spa. This number increased from 179 million massages availed by 47.1 million people in 2017. Europe is expected to lead the global market in the forthcoming years owing to the increased spending on health and wellness. The rising awareness about body and mind will spur opportunities for the market in Europe. The well-established travel and tourism industry is expected to contribute to the growth of the market in Europe.
Rеаѕоnѕ to Get thіѕ Rероrt:
- A qualitative and quantitative market study based on segmentation that includes both economic and non-economic factors
- Data on market value for each section and sub-segment
- Indicates the region and market segment that is likely to expand the fastest and dominate the market.
- The consumption of the product/service in each region is highlighted, as are the factors affecting the market within each region.
- The competitive landscape includes the top players' market rankings, as well as new service/product launches, collaborations, company expansions, and acquisitions made by the companies profiled in the last few years.
Frequently Asked Questions (FAQs):
1. Is the Spa Services Industry growing?
Answer: Fortune Business Insights says that the global market size was valued at USD 105.18 billion in 2019 and is projected to reach USD 133.28 billion by 2027.
2. Who are the key players in the Spa Services Market?
Answer: Hyatt Hotels Corp, Four Seasons Hotel, and Marriott International among others are a few major players in the global market.
3. What are Key Factors Raising the Market?
Answer: Blooming concept of wellness tourism and rising middle-class population are major factors driving the growth of the market.
