Spa services market to reach $154.6 billion, globally, by 2022
2nd Oct, 2016 | Tourism Mail Crew
PORTLAND, Oregon - A new report published by Allied Market Research, titled, Spa Services Market - Global Opportunity Analysis and Industry Forecast, 2014 - 2022, projects that the global spa services market would reach $154.6 billion by 2022. Medical spa is expected to register the fastest growth, during 2016-2022, owing to massive developments in medical field. Europe accounted for the largest market share of about 39.1%, followed by Asia-Pacific and North America, in 2015. LAMEA region is expected to witness the highest growth, owing to rising investments into tourism industry in countries such as Brazil and UAE.
Growth of the market is fostered by factors such as increasingly hectic lifestyles, rising wellness tourism, rising demand from teenagers and improving standards of living. Moreover, increase in population of working women and rising popularity of spa among male customers is also supplementing the growth of world spa services market. However, scarce availability of skilled labor and lesser penetration in underdeveloped regions limit the market growth to a certain extent. Furthermore, the cost of employing skilled labor in the world spa services market is high, thereby adding to the operation costs incurred by the firms.
Medical spas with a motive to provide medical treatments within a relaxing environment would witness increase in demand across the world. Increasing popularity of the medical spa is attributed to rising wellness tourism in countries such as US, Germany, Japan and others.
The salon spa segment accounted for the largest market share of around 41.8% in 2015. Increase in disposable income among the middle-income class, affordable services, and innovative marketing strategies used by salons contribute to the growth of this segment. However, the highest CAGR of 10.7% is expected to be witnessed by the medical spa segment during the forecast period. Technological advancement in medical treatments such as laser technology, dermal fillers, cellfina, ultratherapy and others are driving the demand for medical spa. Hotel spa and destination spa would also witness notable growth during the forecast period, owed to massive investments in tourism infrastructure in Asia and Middle East.
The world spa services market was dominated by Europe in 2015, owed to higher demand in Western European countries such as Germany, France, UK and others. In addition, extensive demand arising from Eastern Europe countries due to rising income of middle class customer groups has also contributed significantly to the market growth. Asia-Pacific is the second largest region in the world spa services market owed to huge contribution by countries such as Japan and China, which are highly concentrated with mineral spa. Growth in Asia-Pacific market would also be fostered by booming hospitality industry and the rising popularity of traditional spas such as Ayurvedic and Thai massage in the region.
LAMEA region is expected to witness the fastest growth, with a CAGR of 10.0% during the forecast period, owing to rising investments in tourism industry in countries such as Brazil and UAE. The tourism sector in Brazil is attaining more proficiency and professionalism posing huge avenues for the world spa services market to expand in future.
Key Findings of Spa Services Market Study:
- Europe was the highest revenue-generating region in the world spa services market in 2015.
- LAMEA is anticipated to witness the highest CAGR during the forecast period.
- Salon spa was the largest revenue-generating segment in 2015.
- Medical spa is anticipated be the fastest growing spa segment due to rapid advancements in medical field.
- The report provides actual historical figures for 2014 and 2015 and provides Y o-Y forecasts for 2016 to 2022, considering 2015 as base year.
Key companies profiled in this report include Four Seasons Hotel Limited, Emirates Palace, Trailhead Spa, Jade Mountain Resort, Massage Envy Franchise LLC, Six Senses Hotels Resorts Spas, Clarins Day Spa, Belmond Maroma Resort & Spa, Lanserhof Tegernsee Spa, and Gaia Retreat & Spa.(TDNEWS)