The global spa services market size was valued at USD 87.63 billion in 2023. The market is anticipated to expand from USD 99.79 billion in 2024 to USD 375.54 billion by 2032 at a CAGR of 18.02% during the forecast period. The rise is due to the growing consumer inclination toward LED therapy, novel cryotherapy, sound therapy, and hydrotherapy. Additional factor favoring industry growth is the change in traditional consumer mindset, which considered spa services a luxury.
Fortune Business Insights™ provides this information in its research report, titled “Spa Services Market, 2024-2032”.
Top Key Companies Covered in the Spa Services Market:
- Hyatt Hotel Corporation (U.S.)
- Four Seasons Hotel Limited (Canada)
- Marriot International, Inc. (U.S.)
- Hilton Hotels & Resorts (U.S.)
- OneSpaWorld Holdings Limited (U.S.)
- Siam Wellness Group (Thailand)
- InterContinental Hotels Group Plc. (U.K.)
- Massage Envy (U.S.)
- Kempinski Hotels S.A. (Switzerland)
- Brenners Park-Hotel & Spa (Germany)
Information Source: https://www.fortunebusinessinsights.com/spa-services-market-103490
Segments:
Day Segment to Register Notable Traction Driven by Affordability and Easy Access
Based on facility type, the market is subdivided into resort/hotel, day, medical, and others. The day segment is estimated to record commendable expansion throughout the forecast period. The growth is propelled by the rising affordability of facilities as the package does not constitute food and staying charges.
Massage Segment to Depict Appreciable Surge Propelled by Traditional Usage
By service, the market is categorized into massage, beauty/grooming, physical fitness, and others (hydrotherapy, diet, and others). The massage segment is slated to depict appreciable growth over the study period. The surge is driven by the escalating trend of beautification and an increasing demand for pedicure, manicure, facials, and other services.
Women Segment to Lead Considering Surging Popularity of Spa Services among them
By end-user, the market is categorized into women and men. The women segment is anticipated to hold a major share of the market over the estimated period. The expansion is on account of the growing popularity of the product among women.
Based on geography, the market is classified into five regions, North America, South America, Europe, Asia Pacific, and the Middle East & Africa.
Report Coverage:
The report offers a comprehensive analysis of the major factors propelling the global market landscape over the forthcoming years. It further gives an insight into the pivotal initiatives undertaken by major industry participants for strengthening their market positions. Additional aspects include the key trends favoring market expansion throughout the estimated period.
Drivers and Restraints:
Market Value to Escalate Owing to Rising Inclination toward Wellness Tourism
One of the prominent factors propelling the spa services market growth comprises an escalation in lifestyle-associated concerns. Additional aspect driving industry expansion is the surging awareness regarding mind and body wellness.
However, the market growth could be hampered by the enforcement of stringent regulations by governing authorities.
Regional Insights:
Europe to Depict Lucrative Growth Propelled by Rising Disposable Income
The Europe spa services market share is estimated to depict substantial expansion over the study period. The surge is impelled by the soaring disposable income in the region.
The North America market is expected to record appreciable growth throughout the projected period. The rise is due to the escalating demand for beauty treatments and full body massage.
Competitive Landscape:
Major Companies Ink Partnership Agreements to Expand Product Reach
Leading industry participants are focused on adopting an array of strategic deals for strengthening the positions of their businesses. These include merger agreements, acquisitions, and the formation of alliances. Additional steps comprise an escalation in research activities.
Key Industry Development:
- November 2022 – Monomoy Capital Partners LP, a private equity firm, acquired Nordic Products Inc., a West-Michigan, U.S.-based hot tub manufacturer’s 111,000 sq. ft. facility. The facility operates in the affordable-luxury residential massage hot tub industry in North America and Europe. The acquisition would help the company expand its business in America.
