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Global spa market set to reach $40.42 billion by 2027

A new report from Technavio predicts that the spa market will grow at a CAGR of 6.09% during the next four years.

As per the report, an increase in the availability of flotation therapy spa services is a key trend influencing the spa services market industry. The concept of levitation therapy is based on the elimination of gravity and is increasing in popularity with more demand for spa flotation tanks and pools. Furthermore, notes the Technavio report, flotation has several medicinal benefits, including treating blood pressure and energising the body, regulating blood circulation, and improving skin. The water and air temperatures are kept within a specific range that is neutral to the skin during the treatment.

The global spa market is also witnessing the growing popularity of treatments for the face, body and hair. Spa facials typically include treatments such as steam, masks, moisturizers, scrubs, and massages, while body treatments include body wraps, Vichy showers, and aromatherapy. Additionally, body treatments as hot stone massages, are being offered by vendors to cater to the needs of customers.

However, the competition from beauty salons and a lack of skilled labor are major challenges impeding the spa services market. The Technavio report states: “Spa administrators and other professionals are not properly trained and most spa companies limit their investments in resources and lack the necessary efforts to conduct training workshops, courses and other professional development activities for their staff. This in turn makes it difficult for owners to find professional and qualified therapists. Furthermore, there is also a shortage of skilled labor in the market due to the lack of proper academics and training for students pursuing careers in the spa industry. Hence, such challenges hinder the market growth during the forecast period.”

Source: https://www.prnewswire.com/news-releases/spa-market-size-to-grow-by-usd-40-42-billion-at-a-cagr-of-6-09-from-2022-to-2027–the-increasing-popularity-of-treatments-for-the-face-body-and-hair-to-drive-the-market-growth—technavio-301819811.html