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Global Spa Market to Surpass US$ 145.75 Billion by 2025 – Coherent Market Insights

Monday, December 10, 2018

SEATTLE, Dec. 10, 2018 (GLOBE NEWSWIRE) -- The global spa market was valued at US$ 88.53 billion in 2017, and is projected to exhibit a CAGR of 5.9% over the forecast period (2018–2026).

To know the latest trends and insights prevalent in this market, click the link below:

https://www.coherentmarketinsights.com/market-insight/spa-resort-market-913

Key Trends and Analysis of the Spa Market:

  • Natural and organic spa products are preferred over others due to increasing awareness about synthetic chemicals in cosmetics and toiletries. Consumers check through the labels to avoid certain ingredients and prefer using natural products such as Mayan clay, rhassoul mud, essential oils, and herbal extracts.
  • Personal care product companies are launching natural products or acquiring natural product offering companies as a part of growth strategy. For instance, in February 2018, Procter & Gamble Co. acquired New Zealand skin care company Snowberry, which specializes in natural ingredients. Unilever purchased a brace of natural personal care brands in the last few years, including Schmidt’s Naturals (2017), Sundial Brands (2017), Seventh Generation (2016), and REN Skincare (2015).
  • Total healthcare expenditure includes spending by both public and private sources such as on medical goods and services, prevention programs, and administration. The public healthcare expenditure are usually financed through social security contributions, and from external sources. On the contrary, the private healthcare expenditure encompasses private insurance premiums and prepaid schemes, mandated enterprise health expenditure, expenditure on health through non-profit health services and direct of pocket expenditure on health goods, which includes co-payments as well as direct payments by uninsured individuals.
  • Language remains the major barrier for spa therapist, as international tourist visit spas. According to Global Wellness Institute, 47% of wellness tourism was spa tourism and 19% was international spa tourism. Spa industry leaders gathered for the first global spa summit at NewYork’s Waldorf Astoriain in May 2007, reported that major challenge faced by spa industry is the shortage of high quality staff with the right training.

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Key Market Takeaways:

  • The market is expected to exhibit a CAGR of 5.3% during the forecast period (2018–2025), and this is attributed to the rising healthcare awareness and increasing per capita spending on health and wellness.
  • The Americas accounted for the significant market share of 30.2% in 2017, and is projected to remain lucrative throughout the forecast period. This is due to the popularity of Hawaiian Lomi-Lomi massage, therapeutic recreation common in the U.S. and Canada.
  • Use of organic and herbal products is gaining significant traction in global spa market. Due to various agro climatic regions, India has a potential to produce wide variety of organic products. According to Wellness India 2018 Expo report, India produced around 1.35 million metric tons of certified organic products and exported around 263,687 metric tons of organic edible products.

Key players operating in the global spa market include Four Seasons Hotel limited, Massage Envy Franchising LLC, Emirates Palace, Six Senses Hotels Resorts Spas, Jade Mountain Resort, Gaia Retreat & Spa, Ananda, and Lanserhof Tegernsee

About Coherent Market Insights:

Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.

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