Spa Market Size, Share , Covid19 Impact Analysis, And Regional Forecast 2018 -2026

The global Spa Market was worth USD 105.18 billion in 2019 and is expected to grow to USD 133.28 billion by 2026, with a CAGR of 4.1 percent throughout that time.

The spa, which is still regarded a luxury, has gradually begun to spread its roots among the middle class. This opulent service is translated from the Latin word 'Solus Per Aqua' to imply 'therapy via the use of water.' Spa services were first developed in ancient Europe, when it was believed that the water could cure any sickness. Taking a dip in thermal springs used to be part of the treatment. The desire to experience the confluence of the body, mind, and spirit has led to the availability of a variety of therapies, ranging from tried-and-true aromatherapy to cutting-edge cryotherapy, LED therapy, hydrotherapy, and sound therapy, among others. As a result, shifts in consumer attitudes are expected to boost Spa Market.

During the COVD-19 outbreak, strict lockdown measures have a significant impact on the wellness industry.

To combat the virus, governments around the world have enacted strict regulations. Customers had to cancel their trips to the personal care service facilities due to shelter-in-place directives. To prevent virus infection, the government has established physical separation restrictions that require a minimum distance of around 6 feet between two people. Furthermore, in order to provide services such as body massages and facials, the therapist must be in close proximity to the guest and must touch the guest's body/face to complete the treatment. Physical distancing rules cannot be followed at such facilities because physical contact is required during the treatment process. These issues, as well as the discontinuance of services, will have a negative impact on the market.

Furthermore, hotel/resort and destination spas have been severely harmed as a result of the government's lockdown laws, which forced these facilities to close. For example, OneSpaWorld, Southeast Asia's largest service provider, was forced to close all of its destination resort facilities in the United States and Caribbean, as well as in the majority of Asian countries, with company officials estimating a revenue loss of US$ 35 million in the first quarter of 2020 as a result of the pandemic.