Acumen Research and Consulting, a global provider of market research studies, in a recently published report titled “Spa Market– Global Industry Analysis, Market Size, Opportunities and Forecast, 2021-2028”
LOS ANGELES, Aug. 23, 2021 (GLOBE NEWSWIRE) -- The Global Spa Market is anticipated to grow at a CAGR of around 13.2% from 2021 to 2028 and expected to reach around US$ 167.8 Bn by 2028.
Asia Pacific registers fastest maximum revenue share for spa market
Asia Pacific has a reasonable share of the spa market in APAC provinces and will continue to do so throughout the forecast period. According to the Global Wellness Summit Report's 2019 Wellness Trends, interest in wellness-related packages is increasing among outbound Chinese travelers. According to a 2017 survey conducted by one of the PRC's leading travel powerhouses, more than 70% of travelers seek local experiences or wellness-related activities that include spa treatment as a major treatment. Aside from that, GWI estimated that Thailand earned approximately US$12 billion from wellness tourism, with 12.5 million wellness-related arrivals, ranking the country 13th as a wellness tourism destination market in the world. Such factors contribute to regional growth, which in turn contributes to the overall spa market.
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Europe, on the other hand, is expected to have the fastest growing CAGR in the spa market in the coming years. According to a UNESCO World Heritage Center report, the transnational site of the Great towns of Europe consists of 11 towns spread across seven European countries. As a result, grand international resorts have emerged, influencing urban typology in the EU. This identifies the broader urban context, which includes a carefully managed recreational and therapeutic environment. Furthermore, these sites promote the exchange of human values and advancements in medicine, science, and balneology.
COVID-19 impact on global spa market
The United Nations World Tourism Organization (UNWTO) reported in April 2020 that COVID-19 caused widespread travel cancellations and restrictions in every destination worldwide. As a result, COVID-19 will almost certainly show a significant decline in the global spa market. Because spa and wellness tourism is a valuable sector for destinations, wellness travelers spend approximately 58 percent more than any other type of traveler. According to the Trades Exhibitions Ltd report, corona virus had a significant impact on more than 90% of spas in the UK, according to statistics released by the UK Spa Association (UKSA), with 54% planning to reopen as soon as the lockdown restrictions were lifted. As expected, 92% reported that COVID-19 had a significant impact on the spa business since the lockdown began. Such factors have a negative impact on the overall growth of the spa market during the forecast period.
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Market Trends
Virtual reality gained significant attention in the worldwide market amid a pandemic
Because of its diverse applications in healthcare and treatment, virtual reality has emerged as a stand-alone example for the global spa market during the COVID-19 pandemic. For example, during a pandemic, this new trend provides customers with a relaxing experience. Furthermore, such a new treatment satisfies the "no-touch therapy client" as well as clients who may want to supplement their spa experience. Furthermore, VR has shown promising results by stimulating the brain to produce melatonin while decreasing cortisol levels, allowing people to better manage stress and sleep. As small businesses faced greater challenges during pandemics, virtual reality (VR) emerged as a new trend for wellness treatment. Such factors are to blame for the global spa market's positive growth during COVID-19.
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Segmental Overview
The global spa market is segmented by service type. Service type is segmented as hotel/resorts spa, destination spa, day/salon spa, medical spa, mineral spring spa, and others.
Some of the leading competitors are Planet Beach, Hot Springs Resort & Spa, Four Seasons Hotels Limited, Massage Envy Franchising LLC, Lanserhof, Jade Mountain, Rancho La Puerta Inc., and among others
Some of the key observations regarding Spa market include:
- In March 2021, Zenoti announced a partnership with Sutherland Global, allowing over 12,000 global customers to resolve support needs in minutes. The collaboration with Sutherland allows Zenoti to improve the customer experience by expanding real-time support across both chat and phone-based channels, with the goal of resolving a significant portion of customer support needs within minutes.
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