Global Spa Market 2019-2023
About this market
Personalization of spa services is expected to help the market grow at an impressive rate. With the aim of delivering effective spa treatments, the spa industry focuses on providing personalized spa therapies or services. These services enable them to further enhance their treatment results. Technavio’s analysts have predicted that the spa market will register a CAGR of almost 6% by 2023.
Growing wellness tourism industry
The growing health and wellness consciousness are one of the major factors diving growth in the market. Many people opt for wellness tourism to travel to different countries for their physical, spiritual, and psychological well-being.
Homemade spa solutions at lower cost
Homemade solutions for spa treatment is a major challenge for the market. These solutions require low cost ingredients that are easily available at retail outlets. Thus, these homemade treatments have garnered momentum over the years among women, which is impacting the spa market.
For the detailed list of factors that will drive and challenge the growth of the spa market during the 2019-2023, view our report.
The market appears to be fragmented and with the presence of several companies including HOT SPRINGS RESORT & SPA and MARRIOT INTERNATIONAL the competitive environment is quite intense. Factors such as the increase in the availability of flotation therapy spa services and the increase in demand for organic and natural procedures, will provide considerable growth opportunities to spa companies. HOT SPRINGS RESORT & SPA, Lanserhof, Massage Envy Franchising, Rancho La Puerta, and MARRIOT INTERNATIONAL are some of the major companies covered in this report.
‘With the presence of a considerable number of companies, this market appears to be fragmented. The market research report will help clients identify new growth opportunities. The spa market is highly influenced by the emergence of several spa companies that offer services such as day or salon spa, hotel or resort spa, and the destination spa. Many vendors offer package spa treatments per customer requirements. Vendors also provide day packages.’
Technavio Announces the Publication of its Research Report – Global Spa Market 2019-2023
Technavio recognizes the following companies as the key players in the global spa market: HOT SPRINGS RESORT & SPA, Lanserhof, Massage Envy Franchising, Rancho La Puerta, and MARRIOT INTERNATIONAL.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is the personalization of spa services.”
According to the report, one of the major drivers for this market is the growing wellness tourism industry.
Further, the report states that one of the major factors hindering the growth of this market is the availability of homemade spa solutions at lower cost.
HOT SPRINGS RESORT & SPA
Massage Envy Franchising
Rancho La Puerta
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