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CO_161502
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Pages: 105
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Aug 2016 | 19869 Views
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Author's :
Yukti Chaturvedi
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Tables: 33
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Global Spa Services Market projects that the market would reach $154.6 billion by 2022. Medical spa is expected to register the fastest growth, during 2016-2022. Spa services refer to a collective term assigned for various services such as facial, body massage, manicure, pedicure, body treatment and others provided under expert administrations that revitalizes the brain and body.
These personalized services are efficiently designed to deliver fitness, peace of mind, pleasure, health, and wellness to its end users. Moreover, they are beneficial in managing stress, treating medical ailments, detoxifying the body, reducing weight, and boosting the immune system. The global spa services market is witnessing constant innovations such as use of hybrid spa technology, which utilizes its gas generated hybrid system to keep the spa heated up. The technology involves lesser usage of carbon and other chemicals, compared to other such heating systems and is cost effective as well.
The market is driven by hectic lifestyle in urban areas, rising demand from emerging markets, new developments in spa services, and rising demand from teenagers. Lucrative opportunities prevail in the spa industry owing to rising percentage of geriatric population and increasing demand from emerging markets. However, the market growth is hindered by high cost of skilled therapy professionals and low penetration in the underdeveloped countries.
Segment Overview:
The report segments the global spa services market on the basis of type and geography. According to type, it is classified into salon spa, hotel spa, destination spa, medical spa, mineral/thermal spa, and other spas (airport spa and cruise spa). In, 2015 salon spa occupied a prominent market share owing to affordable services offered by them. Geographic breakdown of the market includes North America (US, Canada, Mexico), Europe (Germany, Russia, France and Rest of Europe), Asia-Pacific (China, Japan, Thailand, Indonesia, Rest of Asia-Pacific), and LAMEA (Brazil, Middle East, Rest of LAMEA). In 2015, Europe held the largest market share due to huge demand arising from Russian middle income groups and rising tourism in the Eastern countries. LAMEA is expected to register the highest CAGR during 2016-2022, with increasing demand from developing countries and rising expenditure on tourism.
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Hotel Spa segment to lead the market growth
The hotel spa segment would emerge as one of the most lucratively growing segments in the global spa services market during the analysis period. Rapid growth in travel & tourism industry will continue to generate significant revenue for this segment. Ongoing investments into tourism infrastructure majorly in countries of Middle East and Asia would also act as growth accelerator for hotel spa services market in the coming years. Moreover, the global spa services market is also witnessing launches of new budget hotel spas, where the pricing policies are designed in order to target potential customers from middle-income class groups.
Destination spa has also gained considerable popularity owing to rising demand of traditional spas such as Ayurvedic, Swedish, and Turkish massage. Growth in inbound & outbound tourism for the purpose of wellness is also driving the growth of destination spa service market.
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Top Factors Impacting Global Spa Services Market
Innovative marketing strategies
Players operating in the market have consistently adopted innovative marketing strategies in order to gain a competitive advantage. Companies have regularly involved themselves in promoting spa services not only amongst higher income groups but also in middle income groups through adjusting their pricing policies. The players have enhanced the operations and support services to build a better brand image. Major support services include spa consulting, spa education, capital investments and investments on exquisite and signature cuisines which attracts huge number of visitors. With the spa industry undergoing rigorous growth, the innovative marketing & positioning strategies are expected to increase in future in order to create diversity and attract consumers.
Increasing demand from emerging economies
Rising demand from emerging markets is expected to propel the demand for spa in future owed to rising personal disposable income of the people. Moreover, developing economies are also witnessing a rise in number of working population which is exhibiting high stress levels and unhealthy lifestyles. Thus, need for stress management is contributing to the demand of spa in these countries. In order to meet the rising demand for spa facilities, the trend for budget spas is getting prevalent in emerging markets.
Lack of trained personnel
The global spa services market is restrained by the lack of presence of skilled labor. Presently, in majority of the developing countries the massage therapists employed in the spas lack professional training required to deliver effective and satisfactory spa facilities. Moreover, spas have to incur huge cost in order to employ well trained therapists. Owing to rising competition in the market, spa owners have started to invest into spa education such as on the job training programs of international standards for better service. Thus, in order to deliver better services & customer satisfaction the spas would continue to invest more on education and training of the employees.
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Competition Overview
Major market players in the global spa service market include Emirates Palace, Four Seasons Hotel Limited, Trailhead Spa, Massage Envy Franchising LLC, Jade Mountain, Six Senses Hotels Resorts Spas, Clarins Group, Lanserhof Tegernsee, Belmond Maroma Resort & Spa and Gaia Retreat & Spa. These players are focused on delivering customized and innovative services targeted to gain more customers. The customization is based on factors such as brands of products used, duration of service and others. Spas also invest in imparting professional training programs to their employed therapists to improve the quality of services delivered. Investments in various support services such as restaurants, lounges, and fitness centers, is being carried out by destination and other spas, which attracts more customers.
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