LONDON--(BUSINESS WIRE)--According to the latest market research study released by Technavio, the global spa market is expected to exceed USD 130 billion by 2020, growing at a CAGR of 8.7% during the forecast period.
This research report titled ‘Global Spa Market 2016-2020’, provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes an up to date analysis and forecast for various market segments and all geographical regions.
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The report segments the global spa market by type and can be divided into five broad categories:
- Global day/club spa market
- Global hotel/resort spa market
- Global destination spa market
- Global medical spa market
- Global other spas market
Global day/club spa market
The global day/club spa market is expected to exceed USD 20 billion by 2020, growing at a CAGR of over 5%.
Saunas, pools, and steam rooms are the facilities that find the highest demand among customers. According to Brijesh Kumar Choubey, lead analyst at Technavio for general retail goods and services research, “Rising disposable income, particularly among the growing middle class population is an important contributing factor for the growth of the market.”
In India, day spas are one of the fastest growing spa formats. Players are introducing new offerings such as fusion therapies and use of unique product ingredients to attract footfall. With nearly 170 skin spas (day spas) at a global level, Clarins is the top player in this market.
Global hotel/resort spa market
The global hotel/resort spa market is likely to reach USD 39 billion, growing at a CAGR of over 8%. Hotel spas are increasingly becoming a key source of revenue for hotels. Spas in urban hotels have enjoyed stronger growth rates than resort-based spas. Massage services continue to generate the highest revenues for hotel spas.
The acquisition of skilled labor is an important aspect for these spas. However, labor costs are also very high, accounting for nearly 55%-60% of the total revenue of these spas.
“Favorable economic conditions, growth in tourism, and boom in the hotel industry will help the growth of this spa segment,” says Brijesh.
Global destination spa market
The global destination spa market is likely to reach USD 15 billion, growing at a CAGR of almost 9%.
Backed by improving economic conditions worldwide, the destination spa segment is poised for significant growth over the next five years. Customers look for personalized and immersive wellness in this segment. Wellness tourists are the primary customers for destination spas, with approximately 15% of them visiting these spas during their trips.
Some of the top destination spas include the Chiva Som in Thailand, Canyon Ranch in the US, and the Rancho La Puerta in Mexico. More destination spas are likely to open over the forecast period, with reputed brands such as the Miraval in the US and the Lanserhof in Austria investing significantly in expansions.
Global medical spa market
The global medical spa market is likely to reach USD 10 billion, growing at a CAGR of 9%.
Medical wellness spas are gaining popularity worldwide, urged on by the growth of medical tourism. Massachusetts in the US has over 245 medical spas ranging from high-end salons to university-affiliated medical practices. Microdermabrasion, botox, and dermal filling are some of the services most commonly requested by clients. Technological advancement is also playing a major role in driving this segment. For instance, the diamond microdermabrasion peel machines with LED Bio face lift technology and Baby Quasar's Plus Red Light therapy, which allow technicians to treat specific areas effectively.
Global other spas market
The global other spas market (thermal/mineral spring spas) is likely to reach USD 14 billion, growing at a CAGR of over 9%.
The growth in tourism worldwide with subsequent interest in nature-based experiences is a major driver for this market. Vendors are investing significantly to build new resorts and recreational facilities around therapeutic springs. Many countries are marketing their thermal/mineral springs primarily to attract the wellness tourism sector.
A number of thermal/mineral springs are located in Europe and Asia. China and Japan are the top leading countries in this segment. Spa services at thermal/mineral springs represent a significant amount of revenue to the market. In addition to bathing, spa treatments such as facials, massages, and hydrotherapy contribute significantly to the growth of the market.
Technavio consumer and retail research analysts highlight the following five vendors as the top contributors to the global spa market:
- Hot Springs Resort and Spa
- Lanserhof
- Massage Envy
- Rancho La Puerta
- St. Regis Aspen Resort
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About Technavio
Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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