Spa Services Market to Reach $423.2Bn, Globally, by 2031 at 17.3% CAGR: Allied Market Research

Hectic lifestyle in urban areas, rise in demand from emerging markets, new developments in spa services, and surge in demand from teenagers drive the growth of the global spa services market.

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Allied Market Research

Mar 16, 2022, 09:20 ET

PORTLAND, Ore., March 16, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Spa Services Market by Type (Salon Spa, Hotel Spa, Medical Spa, Destination Spa, Mineral Spa, and Other Spa), and End User (Women and Men): Opportunities and Forecasts, 2022 – 2031". According to the report, the global Spa Services industry generated $73.5 billion in 2020, and is anticipated to generate $423.2 billion by 2030, witnessing a CAGR of 17.3% from 2022 to 2031.

Prime determinants of growth

Hectic lifestyle in urban areas, rise in demand from emerging markets, new developments in spa services, and surge in demand from teenagersdrive the growth of the global spa services market. However, high cost of skilled therapy professionals and low penetration in the underdeveloped countries hinder the market growth. On the other hand, increase in percentage of geriatric population and growth in demand from emerging markets present new opportunities in the coming years.

Covid-19 Scenario

The outbreak of the COVID-19 pandemic has had a negative impact on the growth of the global spa services market, owing to implementation of lockdown.
As all salons and parlors were temporarily closed, the demand for spa service had a major decline.
Nevertheless, the market is going to recover soon as salons have reopened.

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The salon spasegment to maintain its leadership status throughout the forecast period

Based on type, the salon spa segment held the highest market share in 2020, accounting for nearly two-fifths of the global spa services market, and is estimated to maintain its leadership status throughout the forecast period. This is attributed to increase in disposable income among the middle-income class, affordable services, and innovative marketing strategies used by salons. Moreover, the medical spa segment is projected to manifest the highest CAGR of 17.6% from 2022 to 2031, owing to the technological advancement in medical treatments such as laser technology, dermal fillers, cellfina, ultratherapy, and others.

The mensegment to maintain its lead position during the forecast period

Based on end user, the men segment accounted for the largest share in 2020, contributing to more than half of the global spa services market, and is projected to maintain its lead position during the forecast period. This is due to increase in awareness about health, grooming, and personal care & beauty among men. However, the women segment is expected to portray the largest CAGR of 17.3% from 2022 to 2031, because women are the prominent members of spa services.

Europe, followed by Asia-Pacific & North America, to maintain its dominance by 2031

Based on region, Europe, followed by Asia-Pacific & North America, held the highest market share in terms of revenue 2020, accounting for nearly two-fifths of the global spa services market, owing to higher demand in Western European countries such as Germany, France, UK, and others. Moreover, the LAMEA region is expected to witness the fastest CAGR of 17.6% during the forecast period, owing to rise in investments in tourism industry in countries such as Brazil and UAE.

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Leading Market Players:

Emirates Palace
Four Seasons Hotel Limited
Trailhead Spa
Massage Envy Franchising LLC
Jade Mountain
Six Senses Hotels Resorts Spas
Clarins Group
Lanserh of Tegernsee
Belmond Maroma Resort & Spa

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