Global Spa Services Market report published by Accurize Market Research forecast that the global market is expected to reach $192 billion by 2025; growing at a CAGR of 7.9% from 2017 to 2025. By geography, the Asia Pacific and North America are expected to grow at a CAGR of XX% and XX%, respectively, during the forecast period.
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The rising tourism industry, advancement in the standard of living and hectic lifestyle to drive the growth of the market
The rising tourism industry, advancement in the standard of living and hectic lifestyle fuels the demand for the global spa services market. Furthermore, growth in demand from emerging markets with numerous growing opportunities also boosts the growth of the market.
Market Segmentation
The global spa services market has been bifurcated on the basis of type and geography. The type segment comprises salon, destination, hotel, medical, mineral, and other types. By geography, the market is segmented into North America, Europe, Asia-Pacific, and Rest of the World (RoW). North America is further bifurcated into the U.S., Canada, and Mexico whereas Europe segment consist of Germany, Russia, France, and Rest of Europe. Asia-Pacific is segmented into Japan, China, Thailand, Indonesia, and Rest of Asia-Pacific while RoW is bifurcated into South America, Middle East, and Africa.
“Salon accounted for the major market share in the type segment”, says Accurize
In the type segment, salon accounted for the major market share in 2017 and is expected to continue its dominance during the forecast period 2017 – 2025. The growth is accredited to reasonable services, growing disposable income among the middle class people and advanced marketing strategies by salons.
“Europe dominated the global market with the highest market share over the forecast period", says Accurize
Europe dominated the market with a 35% market share in 2017and is expected to continue its dominance during the forecasted period. The growth is attributed to huge demand in western European countries like Germany, France, and varied demand rising from Eastern Europe nations owing to the growing income of middle class consumers.
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Top players in the market
The key market players include Trailhead Spa, Four Seasons Hotel Limited, Jade Mountain, Massage Envy Franchising LLC, Six Senses Hotels Resorts Spas, Gaia Retreat & Spa, Clarins Group, Emirates Palace, LanserhofTegernsee, Belmond Maroma Resort & Spa, and Massage Envy Franchising LLC, among others.
