Today, chronic diseases are a major public health problem worldwide especially in Nauru, Cook Island and Niue. According to World Health Organization (WHO), it is estimated that by 2030, the proportion of total global deaths due to chronic diseases is expected to increase to 70%. According to the United Nations World Tourism Organization, outbound Asia-Pacific travelers now represent 37% of the world’s total international travel spending.
The study of the report published by Astute Analytica, the global spa market recorded a revenue of US$ 95 Billion in the year 2021 and is expected to increase at a compound annual growth rate of 7.6% over the forecast period of 2022 to 2030. The market is majorly influenced by growing factors in the spa market such as rising shift towards health and wellness activities. For the past few years, there has been a striking shift of people’s preference towards healthy and sustainable living. More and more people are switching towards wellness and other personal care activities like spa therapies, sauna treatments, and other body therapies. Among the regions which saw the most shift towards healthy living in the Asia-Pacific region. Further, growing tourism for wellness around the world in increasing, according to the global wellness institute, in 2017, China accounted to the top country in Asia Pacific region for highest of number of arrivals for wellness, around 7,724 inbound, 62,442 domestic arrivals recorded for wellness and treatments, totaling an expenditure of US$ 31,705.90 Bn. Followed by Japan and India, Japan is the most sought-after wellness destination for tourists. These countries are known to have world-class spa facilities. The Japan National Tourism Organization (JNTO) is developing wellness tourism in lesser-known destinations, such as Misugi, with forest bathing; and Beppu, on the southern island of Kyushu.
Market Dynamics:
Drivers:
The global spa market growth is supported by increasing deposable income among middle class families and rising lifestyle-related ailments. According to the Centers for Disease Control and Prevention, 2019, the heart disease is the leading cause of death in the U.S. as well, causing approximately 647,000 deaths per year. More than 75% of cardiovascular diseases (CVD) related deaths occur in low-and middle-income countries. In addition, in 2020, the total expenditure on health care in China reached over US$ 11.32 trillion. Furthermore, as the income of the middle-class population is rising, their expenditure on various basic needs like food, groceries, healthcare, and clothing are also increasing gradually. For the past 5 years, it is observed that now the spending of the middle class is not limited to these basic needs but, it has extended to other things like personal care, wellness activities, and social well-being. Asian countries have always been the heart and soul of wellness and personal care services. Their sprawling luxury hotels and resorts that cater to a rise in intra-Asian tourism, both local and international, have enabled robust economic growth across the region’s economies. These middle-class consumers are increasingly seeking spa treatments as a panacea for their hectic, urban lifestyles. Strikingly there is a growing demand for spa services from male consumers is also observed across the region.
Restraint:
If the spa treatments are not done with proper supervision and necessary care, they can prove to be life-threatening. According to the Consumer Product Safety Commission, in 2019, around 12,600 people were recorded for spa drowning injuries which include children younger than 5 years to 14 years. The spread of Infection is a real risk in the spa industry. While many spas run a nice clean shop and take proper safety precautions, unfortunately not all spas live up to those standards. Sharing common rooms and wearables can easily help to spread bacteria and viruses from one customer to another.
Trend:
After the covid outbreak, there has been a drastic change in consumer behavior from going to public wellness clinics and spa centers to home isolating themselves and utilizing their home space as a new trend of personal wellness are and other personal care activities. The pandemic has revolutionized the way people used online services. Many hotels and spa centers have started offering their customers online booking and in-home services, that too with proper precautions and sanitization measures.
Geographical Analysis of the Global Spa Market
Major Players in the Global Spa Market
Major companies like Marriott International, Grand Hyatt, The Ritz-Carlton Spa, Windsor Hotel hold the highest market share in the global spa market, having a cumulative ratio of 17.11%. The companies have strategized towards consistently innovating new ways and novel production lines to ensure that its customer and clients receive the highest possible quality spas at reasonable prices and aiming to expand their business expansion by creating Spa standards that are generally accepted worldwide and adapting the knowledge and science of the East and the West therapy to add value to Thai local knowledge and products.
Segmentation Overview in Global Spa Market
The segmentation of the global spa market is segmented into:
By Type
By Application
By Market Type
By Region
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