Spa Resort Market to Receive overwhelming hike in Revenues, 2017 – 2025
Europe is the dominant region for the spa resort market and is expected to sustain its dominance throughout the forecast period. Growing focus and awareness on health and beauty, increasing expenditure on services such as massages, and facials, along with relatively high revenue generated in the region are the major factors fueling the spa resort market growth. Moreover, customized and mini treatments are driving growth of the market in this region, owing to the busy and sedentary lifestyle. Furthermore, tourism boost demand for spa resorts in the region. The region witnesses the presence of a large number of certified nutrients and cosmetics experts in spa resorts, in turn contributing to significant growth of the market in the region. According to the European Spa Association, Europe has over 1200 medical spa and health resorts in the region. European tourism statistics stated that over the period of 2006-2015, the average stay at tourist accommodation increased by 22%.
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Asia Pacific is the fastest growing region in the spa resorts market. Economic growth has led to the increasing personal disposable income in the region, which in turn, is expected to boost growth of the spa resorts market in the region. Emerging economies in the region such as Malaysia, Singapore, Indonesia, and Thailand are lucrative tourist destination and are emerging as major spa resort spots in Asia Pacific. The profound impact on the spa industry of the region is a result of various regional practices such as Thai massage, Yoga, and Ayurvedic medicines that attract various tourists, annually. In 2015, international tourist arrival in the region increased by 6%, recording 279 million from around 110 million in 2000. Number of spa resorts are expected to reach 535 million by 2030, as stated by United Nations World Tourism Organization (UNWTO).
Key players are adopting various inorganic growth strategies. For instance, Hyatt acquired New York-based Miraval group, a wellness resort and spa company in 2017. Major players operating in the spa resorts market include Emirates palace, Four Seasons Hotel limited, Massage Envy Franchising LLC, Jade Mountain Resort, Six Senses Hotels Resorts Spas, Lanserhof Tegernsee, and Gaia Retreat & Spa.
Spa is a body relaxing activity, which makes use of mineral rich water for medicinal baths. Spa offers various medical treatments known as balneotherapy. Spa resorts are special places where treatments and various facilities are provided for health and wellness. These places are popular destinations for body relaxation and health management processes. Spa provides massages, salon services, skin treatments, Ayurveda medicines, and yoga therapy, among others. Spa is often used as a medium for managing stress, treating medical problems, reducing weight, boosting immune system, and detoxifying the body.
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Increase in travel and tourism activities coupled with increasing global health awareness are driving major growth of the spa resort market. Fast paced lifestyle, hectic work ethics, and high costs associated with healthcare are further expected to drive growth of the spa resorts market over the forecast period. Furthermore, increasing working population in emerging economies, have resulted in unhealthy lifestyle characterized by high levels of stress, coupled with increasing disposable income among the populace have boosted the demand for spa services, in turn propelling market growth.
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