Spa Services Market is valued at 105.18 billion US dollars in the year 2021 and is expected to reach a valuation of 133.28 billion US dollars by the end of 2027 projecting to have a compound annual growth rate of 4.1% during the forecast period of 2021 to 2027. The market value of Spa Services is expected to increase more during the forecast period.
In general, spa services refers to a collective term that is assigned for various services such as facial, manicure, body massage, pedicure under expert administrations.
One of the major driving factor of Spa Services market is the hectic lifestyle in urban area helps the growth of the market of Spa Services market.
Rising demand from emerging markets as well as new developments in spa services are some other major driving factors of Spa Services equipment market revenue rate in the next few years.
Another major factor that propels the growth of the spa services market revenue rate is the rising of demand from teenagers.
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The rising percentage of the geriatric population and increasing demand from emerging markets are some of the major driving factors which help the growth of the market of spa services revenue rate.
Factors such as innovative marketing strategies, rising demand for spa facilities, growing attractiveness of destination spas among couples are some of the major growth factors which propels the market of spa services revenue rate to grow much further.
The high cost of skilled therapy professionals is one of the major restraints affecting the growth of the Spa Services market.
Another major restraint that is affecting the growth of the market was low penetration in underdeveloped countries.
Factors such as Lack of trained personnel and lack of presence of skilled labor are some of the restraints which hinder the growth of the market of spa services revenue rate.
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Spa Services Market Segmentation:
The Spa Services market is segmented on the basis of facility type, on the basis of service, on the basis of end-user and on the basis of region.
On the basis of facility type, the Spa Services market is segmented into day, hotel, resort, medical and other facility types. Among these segments, the hotel spa services segment holds the major share of the market as these are gaining more popularity across the globe
On the basis of service, the market of Spa Services is bifurcated into massage, beauty, grooming, physical fitness and other services. Among these segments, the massage and beauty segment holds the major share of the market especially in some of the emerging economies since there is rapid increase in the demand for these services and it is also expected to hold the dominance during the forecast period.
On the basis of end user, the market of Spa Services is bifurcated into men and women. Among these segments, the women segment holds the major share of the market among others. The men segment is expected to increase the market value during the forecast period.
The Spa Services market is elaborated in various regions all around the world such as North America (US, Mexico, Canada and rest of North America), Europe region (Spain, UK, Italy, Germany and France), Asia Pacific region (China, India, Japan, Australia and rest of Asia Pacific).
Among these regions, the North American region holds the major share of the market of Spa Services owing to the growing number of luxurious massage services and facilities especially in some of the countries such as the United States and Canada propels the growth of the revenue rate of Spa Services market in North America region.
Asia Pacific region holds the second-largest share of the market of Spa Services owing to the rising awareness about body and mind propels the growth of the market in the Asia Pacific region. However, the stringent government regulations hamper the growth of the market of Spa Services in the Asia Pacific region.
European region is expected to increase the market growth during the forecast period owing to the increase of investments by the major key players across the Europe region propels the growth of the market of Spa Services in this region.
Key market players:
Some of the key market players of Spa Services market are: Clarins Group, Lanserhof Tegernsee, Trailhead Spa, Massage Envy Franchising LLC, Emirates Palace, Four Seasons Hotel Limited, Jade Mountain, Six Senses Hotels Resorts Spas, Belmond Maroma Resort & Spa and Gaia Retreat & Spa
Covid-19 impact on Spa Services market:
Due to the Covid pandemic, all the companies are suffering from the production and demand, supply chain and market disruption, and also financially and most of the Companies have halted their manufacturing units because of the strict government lockdown regulations which were imposed by the government authorities of respective countries.
Almost all the companies have closed and due to the financial crisis since March 2020, they have terminated almost all the employees as they are not in a position to pay their salaries to their employees who are working in their company and are also facing severe financial problems due to the covid pandemic.
As we all are aware that all the countries have lifted the lockdown and gave permissions to the companies to restart their manufacturing units with strict rules and regulations. Major companies have restarted their manufacturing units which in turn started the supply chain of their products and helping them to recover from their financial crisis.
In the field of Spa Services s market, the companies related to the market were expecting that the market will gain some profits in the upcoming two to three years with an increasing need for compliance and collaborations as well as increasing of investments by the major key players propels the growth of the Spa Services market during the forecast period.