Global Spa Market is projected to reach US$ 185.5 Billion, at a CAGR of 7.6% by 2030 | Astute Analytica

NEW DELHI, April 25, 2022 /PRNewswire/ --  According to the study undertaken by Astute Analytica, the Global Spa Market is estimated to witness a major leap forward in its revenue from US$ 95 Bn in 2021 to US$ 185.5 Bn by 2030. The market is registering a growth at a CAGR of 7.6% over the forecast period. Spas helps in stress relieving, health management and body relaxation. Spas provide various services such as massages, body scrubs, steam baths, facials, waxing, and nail care among others. According to the World Health Organization, depression is a common illness worldwide, with an estimated 3.8% of the population affected, including 5% among adults and 5.7% among adults older than 60 years. Thus, rising health concerns such as anxiety, depression and stress due to changing & hectic lifestyles is triggering the demand for spa services across the globe.

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The growing impetus of the market is attributed to factors such as increasing shift towards health & wellness activities and increase in lifestyle-related ailments. Due to urbanization, rising working population, and hectic lifestyles more and more individuals are switching towards wellness and other personal care activities like spa therapies, sauna treatments, and other body therapies. Spa services offers tremendous benefits such as - helps to de-stress, make skin more radiant, enhances sleep, releases dopamine & serotonin, helps with anti-aging issues, reduces headaches, helps to relive pain, improves blood flow & circulation, and enhances confidence, among others. Furthermore, rising disposable income and increasing tourism activities is also accelerating the market growth. Moreover, rising mental & physical health issues; such as depression, dementia, cardio vascular diseases; have further propelled the market growth as people are more and more aware about their wellbeing. However, the spread of diseases and other health risks associated with spa treatments are hindering the overall market growth.

Segmentation Analysis

Bootcamp Spa type has the highest share in the Global Spa Market in 2021

Based on spa type, the market is segmented into ayurvedic spa, bootcamp spa, day spa, destination spa, medical spa, mineral spring spa, mobile spa, thalassotherapy spa, and others. Among these, the bootcamp spa has the highest share in the Global Spa Market in 2021 as it involves more of physical activities in a natural surrounding that helps in weight loss and detoxification. However, the destination spa segment registers the highest CAGR over the projection period. Destination spa, a small group of all-inclusive health spas, offer good nutrition and exercise balanced with relaxing spa treatment.

Hotel/hospitality application leads the Global Spa Market in 2021

In terms of application, the spa market is categorized into hotel/hospitality, Gym/fitness and spas, household, and others. The hotel/hospitality segment holds the highest share in the Global Spa Market in 2021. This is because hotels offer luxurious spa treatments to their guests. Rising tourism related activities helps propel the growth of this segment. Further, the gym/fitness segment has the highest CAGR over the projection period as these centers offer dual benefit to their customers by offering both physical activity programs and relaxing spa treatments at one place.

Renovation/replacement market type holds the highest share in the spa market

Based on market type, the spa market is divided into new and renovation/replacement. Out of these, the renovation/replacement segment has the highest market share in 2021, whereas, the new segment has the highest CAGR over the projection period. It is often seen that old hotels and fitness centers are renovating or restoring their infrastructure to meet the growing demand of their clients.

Europe dominates the Global Spa Market in 2021

Europe has the highest share in the Global Spa Market in 2021 and is further expected to continue its dominance over the projection period. This is due to increasing popularity of wellness among ordinary people. Further, six of the top 10 wellness tourism destinations worldwide are in Europe. However, Asia Pacific registers the highest annual growth rate over the forecast period, due to rising disposable income and growing awareness on wellbeing.

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Competitive Insight

• Hot Springs is a 100-acre Resort & Spa located in North Carolina that feature jetted hot tubs, primitive camping cabins, more than hundred tent sites & Full RV Hookups. The health-giving properties of Hot Springs Resorts & Spa resort's hot mineral waters have been renowned since 1778. The resort offers spa service hours and mineral bath hours. Further, Hot Springs, offers a wide variety of outdoor recreation activities such as Whitewater Rafting, Tree Top Zip-line Tours, Hiking, Biking and Horseback Riding.
• Marriott International, Inc. encompasses a portfolio of more than 7,000 properties in 30 leading hotel brands spanning 131 countries and territories. The brand portfolio of the company offers the most compelling range of brands and hotels in hospitality - Luxury, Premium, and Select. Marriott brand hotels feature some of the world's most luxurious spas. The company owns 172 spa hotels in the U.S. and over 300 Marriott spa hotels outside of the U.S. The company operates through three reportable segments U.S. & Canada, Asia Pacific and Europe, and MEA.
• Four Fountains De-Stress Spa is India's chain of affordable day spas. The company has over 28 spas and 500 employees across Mumbai, Bangalore, Pune and Delhi and have offered their professional and De-stress spa therapies to over 4,00,000+ guests from all around the world. Generally, their spa treatments are affordably priced and their membership discounts makes these treatments even more affordable by their strong customer base across India and others.
• Hyatt Hotels Corporation is a hospitality company that offers its luxurious hotels and accommodations made with sophisticated architecture, luxury spas, superior service and amenities for grand gatherings and various other purposes. The company encompasses a portfolio of more than 1,000 hotels and all-embracing properties in 69 countries worldwide. The company's resorts and spas under various brands like Secrets, Dreams, Breathless, Zoetrys, Sunscape and Alua Hotels & Resorts.
• Siam Wellness Group Public Company Limited is a wellness spa company based in Thailand. The company largely operates under two business segments; Day Spa under Let's Relax and Destination Spa under RarinJinda Wellness Spa.

Segmentation Overview

By Type

• Ayurvedic Spa
• Bootcamp Spa
• Day Spa
• Destination Spa
• Medical Spa
• Mineral Spring Spa
• Mobile Spa
• Thalassotherapy Spa
• Others

By Application

• Hotel/ Hospitality
• Gym/ Fitness and Spas
• Household
• Other

By Market Type

• New
• Renovation/Replacement

By Region

• North America
• The U.S.
• Canada
• Mexico
• Europe
• The UK
• Germany
• France
• Italy
• Spain
• Poland
• Russia
• Asia Pacific
• China
• Taiwan
• India
• Japan
• Australia & New Zealand
• ASEAN
• Rest of Asia Pacific
• Middle East & Africa (MEA)
• UAE
• Saudi Arabia
• South Africa
• Rest of MEA
• South America
• Brazil
• Argentina
• Rest of South America

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About Astute Analytica 

Astute Analytica is a global analytics and advisory company which has built a solid reputation in a short period, thanks to the tangible outcomes we have delivered to our clients. We pride ourselves in generating unparalleled, in depth and uncannily accurate estimates and projections for our very demanding clients spread across different verticals. We have a long list of satisfied and repeat clients from a wide spectrum including technology, healthcare, chemicals, semiconductors, FMCG, and many more. These happy customers come to us from all across the Globe. They are able to make well calibrated decisions and leverage highly lucrative opportunities while surmounting the fierce challenges all because we analyze for them the complex business environment, segment wise existing and emerging possibilities, technology formations, growth estimates, and even the strategic choices available. In short, a complete package. All this is possible because we have a highly qualified, competent, and experienced team of professionals comprising of business analysts, economists, consultants, and technology experts. In our list of priorities, you-our patron-come at the top. You can be sure of best cost-effective, value-added package from us, should you decide to engage with us.

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