The global spa market is expected to expand at a CAGR (Compound Annual Growth Rate) of 12.1% from 2021 to 2028, reaching a value of $117.9 billion, according a new report by Grand View Research, Inc.
Unhealthy lifestyles have increased the need for stress management, mental clarity and system detoxification, according to the report. The growing need to maintain a physically and mentally healthy lifestyle is expected to drive the market. Moreover, rising disposable incomes, changing lifestyles and an increasing population are expected to propel market growth.
The coronavirus (COVID-19) pandemic had a significant impact on the industry, as businesses were forced to close or enforce stringent hygiene requirements and regulations for their workers and visitors. In a March 2020 survey of spa industry professionals worldwide, 31% predicted that the number of spa visits would decrease by more than 70% during the pandemic, compared to the same period the previous year.
New standards for the hotel industry are being set during the pandemic, driven by the aim of avoiding unwanted interaction. Sanitisers are the new tabletop focus and all staff members are expected to wear face masks and gloves. Hotel owners and asset managers are planning new SOPs (Standard Operating Procedures) and safety measures during the hotel closures and ensuring transparency and direct contact with guests.
New wellness-based digital platforms, including online yoga sessions via live stream to customers, create an opportunity to invest in digital health. Companies are increasingly focusing on and investing in sponsorships and strategic partnerships, as these growth strategies help target a larger audience and increase brand visibility. Also, these strategies allow companies to interact with the right audience. Moreover, the growing sustainability and popularity of brands aid in generating more revenue.
The Grand View Research report maintains that the destination spa segment is likely to witness the fastest growth over the forecast period (2021 – 2028) due to the growing demand for traditional spas such as Swedish, Ayurveda, and Turkish massage. It found that the majority of people visit destination spas for week-long programmes, to start their fitness or work on a particular problem.