Spa Market Size, Share & Trends Analysis Report By Service Type (Hotel/Resorts Spa, Destination Spa, Day/Salon Spa, Medical Spa, Mineral Spring Spa), By Region, And Segment Forecasts, 2021 - 2028

Report Overview

The global spa market size was valued at USD 47.5 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 12.1% from 2021 to 2028. The rise in hectic lifestyle in urban areas, growth in inbound and outbound tourism for the purpose of wellness, rising demand from emerging markets, and awareness are the factors propelling the market growth. The coronavirus (COVID -19) pandemic had a significant impact on the industry, as businesses were forced to close or enforce stringent hygiene requirements and regulations for their workers and visitors.

In a March 2020 survey of spa industry professionals worldwide, 31% predicted that the number of spa visits decreased by more than 70% during the pandemic compared to the same period the previous year. Maintaining a physically and mentally healthy lifestyle is expected to increase spa therapies' demand. Moreover, changing lifestyles, rising disposable income, and increasing population are anticipated to drive the market over the forecast period.

Sedentary lifestyles, rapid urbanization, and working professionals' hectic schedules have increased therapeutic spas' preference to relieve anxiety and stress. As a result, spas that include customized best and super-premium capabilities through several spas services and treatments are gaining momentum.

With international hotel chains in the market, the industry's growth remains strong. Factors such as the growing female population and anti-aging spa treatments would add a significant number of potential clients to the spa industry over the forecast period. Spas in the Asia Pacific region accounted for more than half of all spas constructed worldwide. For instance, Starwood Hotels has 65 spas in the area under construction, while Hilton Worldwide has 124 expected.

Service Type Insights

The hotel/resorts spa segment dominated the market and held the largest revenue share of 37.4% in 2020 owing to the rising wellness tourism around the world. Based on type, the market is categorized into hotel/resort spa, destination spa, day/salon spa, medical spa, mineral spring spa, and others.

The large hotel companies have continued to add wellness-oriented brands into their portfolio over the past decade. For instance, in 2017, Hyatt Hotels Corporation purchased two wellness brands, Exhale and Miraval Group, to incorporate their services into the Hyatt guest experience. Miraval's portfolio in the U.S. has recently grown to include new locations in Austin and Lenox.

On the other hand, the destination spa segment is likely to witness the fastest growth over the forecast period due to growing demand for traditional spas such as Swedish, Ayurveda, and Turkish massage. The majority of people visit destination spas for week-long programs to -start their fitness or work on a particular problem.

The ability to avoid unwanted interaction can lead to set new standards for the hotel industry. Sanitizers are the new tabletop focus, and all staff members are expected to wear face masks and gloves. Hotel owners and asset managers are planning new SOPs and safety measures during the hotel closure and ensuring transparency and direct contact with guests.

Regional Insights

In 2020, Asia Pacific dominated the spa market and accounted for the largest revenue share of 28.0%. Rising disposable income and the expansion of the tourism industry, especially in developing countries such as India and China, is a key factor that is expected to drive the market over the forecast period. Emerging economies in this region, including Japan, India, and China are exhibiting strong economic growth. The flourishing hospitality industry and the growing popularity of traditional spas such as Thai massage and Ayurveda in the region would continue to drive the market.

On the other hand, in Europe, the market is expected to witness the fastest growth over the forecast period from 2021 to 2028. The government initiatives and favorable regulatory environment are further boosting the market growth. With the increasing popularity of wellness among ordinary people, many spa vendors in Europe have developed a wide range of services to encourage healthy living.

Key Companies & Market Share Insights

Major players in the industry are focusing on introducing various packages in the spa segment. Premium and luxury spa packages are gaining traction among higher-income consumers. The growing trend of digitalization in spa services is increasing the competition among players and is also presenting opportunities for new entrants in the market.

Several companies are adopting strategies such as mergers and acquisitions as an effective way of maintaining or increasing market share. For instance, in March 2021, Zenoti, a Cloud-based spa and salon software supplier announced a strategic partnership with Sutherland Global. This strategic plan allows the company to improve the customer experience by expanding real-time service in both chat and phone-based platforms to address a large portion of customer support issues in minutes. Some of the prominent players in the spa market include:

• Planet Beach

• Hot Springs Resort & Spa

• Four Seasons Hotel Limited

• Massage Envy

• Lanserhof

• Jade Mountain

• Rancho La Puerta

• Mandarin Oriental Hotel Group

• Omni Hotels & Resorts

• Emirates Palace Spa

Spa Market Report Scope

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2028. For this study, Grand View Research has segmented the global spa market report based on service type and region:

• Service Type Outlook (Revenue, USD Billion, 2016 - 2028)

  • Hotel/Resorts Spa

  • Destination Spa

  • Day/Salon Spa

  • Medical Spa

  • Mineral Spring Spa

  • Others

• Regional Outlook (Revenue, USD Billion, 2016 - 2028)

  • North America

    • U.S.

    • Canada

  • Europe

    • U.K.

    • Germany

    • France

    • Italy

    • Spain

  • Asia Pacific

    • China

    • Japan

    • India

  • Central & South America

    • Brazil

    • Mexico

  • Middle East & Africa

    • South Africa