Data from Allied Market Research on the global spa services industry indicates that the industry generated $73.5 billion in 2020 and is anticipated to reach $423.2 billion by 2030, growing at a 17.3% CAGR during the forecast period. The rise in demand from emerging markets, including teenagers, and new developments in the industry are identified as factors driving the market. Despite the negative impact of the COVID-19 pandemic on the spa services industry, the market is expected to recover and grow as salons reopen.
Per the report, the salon spa segment held the highest market share in 2020 and is estimated to maintain its leadership status throughout the forecast period. The medical spa segment is projected to grow at a 17.6% CAGR through 2031, the highest growth rate in the spa services industry. The growth for both segments can be attributed to increasing disposable income, affordable services, innovative marketing strategies and technological advancements in treatments.
The men segment accounted for the largest market share in 2020, contributing to more than half of the global spa services market, and is projected to maintain its lead position during the forecast period due to increased awareness about health, beauty and personal care among men. The women segment is expected to grow at a 17.3% CAGR during the forecast period due to women being the main consumer base for spa services.
Europe, followed by Asia-Pacific and North America, held the highest market share in terms of revenue in 2020, owing to higher demand in Western European countries such as Germany, France, and the United Kingdom. The LAMEA (Latin America, Middle East and Africa) region is expected to grow at a 17.6% CAGR during the forecast period, the highest among any region.
The market leaders in the spa services industry include Emirates Palace, Four Seasons Hotel Limited, Trailhead Spa, Massage Envy Franchising LLC, Jade Mountain, Six Senses Hotels Resorts Spas, Clarins Group, Lanserh of Tegernsee and Belmond Maroma Resort & Spa.