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Spa Products Market Size, Share, & Trends Analysis Report (2023 – 2030)
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Report Overview
The global spa products market was valued at USD 4.7 billion in 2020 and is anticipated to expand at a CAGR of 6.1% from 2021 to 2028. An increasing number of spas and salons are being opened due to the rising demand for spa products and services. This has resulted in an increase in the demand for spa products globally. Additionally, the trend of spa treatments that offer relaxation and better health has gained popularity, which is further driving the growth of the market.
In the past few years, the demand for skincare products, cosmetics, and other beauty products has increased significantly. This is mainly attributed to the increasing focus of people on their personal appearance. Furthermore, the growing popularity of home-spa treatments is expected to fuel the demand for spa products. Moreover, some of the leading market players are focusing on launching innovative products to cater to the changing needs of consumers. For instance, in February 2021, The Body Shop launched its new Brazilian Cupuaçu range of skincare products.
The increasing number of resort and hotel spas is expected to propel the demand for various spa products. Hotels and resorts are investing significantly in the luxury spa services segment to engage their customers and increase their guest loyalty. Furthermore, the growing popularity of spa vacations and weekend spa trips is further driving the growth of the market. Additionally, the surge in medical tourism has led to a rise in the number of spa resorts, which is expected to fuel the demand for spa products in the coming years.
The growing popularity of organic spa products has increased significantly in recent years. This is mainly attributed to the rising health consciousness among consumers. Additionally, increasing demand for organic spa products from vegan consumers is further driving the market growth. Furthermore, the rising trend of spa-at-home services is expected to fuel the demand for spa products. Moreover, the growing popularity of the internet of things (IoT) in the spa industry is expected to provide new growth opportunities for the market.
Product Insights
The facial spa segment is anticipated to expand at the fastest CAGR of 8.9% over the forecast period. The rising demand for facial spa treatments and skin rejuvenation services has been a major factor propelling the growth of the facial spa segment. Moreover, the growing trend of natural and organic spa products, rising awareness among consumers regarding skin care, and the increasing popularity of facial spa treatments are some of the key factors driving the demand for facial spa products. According to an article published by the International Spa Association, in January 2020, 57% of respondents said they had visited a spa in the past 12 months.
The body spa segment held the second-largest share in the market in 2019. Increasing demand for body spa treatments such as massages, scrubs, and wraps are driving the growth of the segment. According to an article published by the Global Wellness Institute, in December 2018, the global spa industry was valued at almost USD 120 billion, with massages leading the list of most popular spa services. Furthermore, rising awareness among consumers regarding the benefits of body spa treatments, such as relaxation and improved blood circulation, is driving the demand for body spa products.
Distribution Channel Insights
The retail stores segment accounted for the largest market share in 2022. This is primarily due to the increasing demand for spa products from the consumers. In addition, the availability of a variety of products in physical stores, such as beauty stores and drug stores, is driving the growth of the segment. The rising consumer awareness of spa products and services is driving the demand for these products. Moreover, the emergence of e-commerce platforms and the rapid growth of online shopping is also contributing to the growth of the segment.
The online segment is anticipated to expand at the highest CAGR over the forecast period. This is mainly due to the rising acceptance of online shopping among consumers. The number of internet users has been increasing, which is expected to boost the growth of the segment. Moreover, the increasing availability of spa products on various e-commerce platforms and the presence of several spa product manufacturers on these platforms are driving the growth of the segment.
Type Insights
The organic segment accounted for the largest revenue share of 72.3% in the year 2022. The growing consumer preference for organic spa products is driving the market. Organic spa products offer various benefits such as being free from artificial ingredients, offering better skin hydration, and providing antioxidant and anti-inflammatory properties. Consumers are also increasingly conscious of their health and wellness, which is driving them to opt for organic spa products.
The synthetic segment is expected to expand at the highest CAGR of 10.5% over the forecast period. The increasing demand for synthetic spa products is attributed to their low cost and convenience. Manufacturers are also launching innovative products with unique features such as improved textures, long-lasting hydration, and effective protection from environmental hazards. For instance, in April 2021, Walgreens launched a new range of synthetic spa products, including facial cleansers, masks, and serums.
Regional Insights
Europe dominated the market and accounted for the largest revenue share of over 44.3% in 2022. This growth is attributed to the increasing demand for high-end beauty and spa products in the region. Consumers in the region are increasingly opting for natural and organic products, which is further driving the growth of the market. In addition, the presence of major players, such as L’Oreal, Unilever, and Estee Lauder, is expected to further fuel the market growth in the region.
Asia Pacific is expected to witness the fastest growth in the coming years. Increasing disposable income and rising awareness regarding personal care are the primary factors driving the growth of the market in the region. In addition, the presence of domestic players, such as Kao Corporation, Shiseido Co., Ltd., and Rohto Pharmaceutical Co., Ltd., is expected to further boost the market growth in the region. For instance, in October 2021, Shiseido Co., Ltd. launched its spa-exclusive line of products in the Asia Pacific region.
Financial Projections
In this part of the spa products business plan, we will provide a detailed breakdown of all income and expense categories of the business. This will include cash flow projections and capital requirements for your spa products venture. Usually, these projections are drafted for a 5-year period.
Revenue Assumptions
The main source of revenues for a spa products business comes from sales of products such as facial creams, bath bombs, body lotions, and other spa products. Here you will find a list with a description of each of them and other possible sources of profit such as discount programs, special promotions, and subscription services.
Projecting Expenses
In this section, all the regular expenses related to keeping the spa products business running will be described. The list of operating expenses includes rent, wages, inventory, marketing, advertising, taxes, insurance policies, utilities, and others.
Key companies & market share insights
Some of the key companies operating in the spa products market are increasingly focusing on product launches and expansion of the distribution channel to gain prominent visibility among consumers. Some of the initiatives are:
– In April 2022, Estee Lauder Companies, Inc. launched the Advanced Night Repair Synchronized Recovery Complex II, a new line of skin care products designed to provide maximum hydration and nourishment to the skin.
– In June 2022, L’Oréal launched the Hydra Genius line of skin care products, which are designed to provide long-lasting hydration and nourishment to the skin.
– In August 2022, Kao Corporation launched the Biore UV Aqua Rich Watery Essence sunscreen, which provides SPF50+ protection against sun damage.
Some of the prominent players in the spa products market include:
– Estee Lauder Companies, Inc.
– L’Oréal SA
– Kao Corporation
– Shiseido Co., Ltd.
– Procter & Gamble Co.
– Unilever PLC
– Coty, Inc.
– Johnson & Johnson
– Beiersdorf AG
– Avon Products, Inc.
Global Spa Market Segmentation
This report forecasts growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global spa products market based on product, distribution channel, type, and region:
1. Product Outlook (Revenue, USD Million, 2017 – 2030)
– Skin Care
– Facial Care
– Nail Care
– Hair Care
– Aromatherapy
– Massage Oils
– Others
2. Distribution Channel Outlook (Revenue, USD Million, 2017 – 2030)
– Supermarkets & Hypermarkets
– Online
– Specialty Stores
– Others
3. Type Outlook (Revenue, USD Million, 2017 – 2030)
– Mass
– Premium
4. Regional Outlook (Revenue, USD Million, 2017 – 2030)
– North America
– Europe
– Asia Pacific
– Central & South America
– Middle East & Africa
Frequently Asked Questions
[Q]: What are the Factors Driving the Global Spa Products Market?
[A]: The global spa products market is driven by factors such as increasing consumer awareness about the benefits of spa services, rising disposable incomes, and a desire to look and feel better. Additionally, the growing popularity of spa treatments in developing markets is expected to have a positive impact on the market.
[Q]: What are the Major Market Segments?
[A]: The global spa products market is segmented on the basis of product type, end user, and region. The product type segment includes skincare, hair care, makeup, body care, and fragrances. The end user segment includes hotels, resorts, and wellness centers.
[Q]: What are the Major Regional Markets for Spa Products?
[A]: North America, Europe, Asia-Pacific, and the rest of the world are the major regional markets for spa products. North America is the largest spa products market, followed by Europe and Asia-Pacific. The growth of the spa industry in Asia-Pacific is expected to be the highest due to increasing consumer demand for spa treatments in the region.
[Q]: Who are the Key Players in the Global Spa Products Market?
[A]: Major players in the global spa products market include L’Oréal S.A., The Estée Lauder Companies Inc., Unilever, Procter & Gamble Co., Shiseido Co., Ltd., Kao Corporation, Clarins Group, Beiersdorf AG, and Amway Corporation.
[Q]: What are the Growth Opportunities in the Spa Products Market?
[A]: The global spa products market is expected to register significant growth in the coming years. Growing consumer awareness about the benefits of spa services, rising disposable incomes, and a desire to look and feel better are expected to drive market growth. Additionally, the growing popularity of spa treatments in developing markets is expected to provide further growth opportunities.
Research Methodology
Impact Analytix employs a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. The company utilizes a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. In Addition, a recurring theme prevalent across all our research reports is data triangulation which looks market from three different perspectives. Critical elements of the methodology employed for all our studies include:
Preliminary data mining
Raw market data is obtained and collated on a broad front. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. For a comprehensive understanding of the market, it is essential to understand the complete value chain and in order to facilitate this; we collect data from raw material suppliers, distributors as well as buyers.
Technical issues and trends are obtained from surveys, technical symposia, and trade journals. Technical data is also gathered from an intellectual property perspective, focusing on white space and freedom of movement. Industry dynamics with respect to drivers, restraints, and pricing trends are also gathered. As a result, the material developed contains a wide range of original data that is then further cross-validated and authenticated with published sources.
Statistical model
Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously. These factors are studied on a comparative basis, and their impact over the forecast period is quantified with the help of correlation, regression, and time series analysis. Market forecasting is performed via a combination of economic tools, technological analysis, industry experience, and domain expertise.
Econometric models are generally used for short-term forecasting, while technological market models are used for long-term forecasting. These are based on an amalgamation of the technology landscape, regulatory frameworks, economic outlook, and business principles. A bottom-up approach to market estimation is preferred, with key regional markets analyzed as separate entities and integration of data to obtain global estimates. This is critical for a deep understanding of the industry as well as ensuring minimal errors. Some of the parameters considered for forecasting include:
Market drivers and restraints, along with their current and expected impact
Raw material scenario and supply v/s price trends
Regulatory scenario and expected developments
Current capacity and expected capacity additions up to 2030
We assign weights to these parameters and quantify their market impact using weighted average analysis, to derive an expected market growth rate.
Primary validation
This is the final step in estimating and forecasting our reports. Exhaustive primary interviews are conducted, face to face as well as over the phone to validate our findings and assumptions used to obtain them. Interviewees are approached from leading companies across the value chain including suppliers, technology providers, domain experts, and buyers so as to ensure a holistic and unbiased picture of the market. These interviews are conducted across the globe, with language barriers overcome with the aid of local staff and interpreters. Primary interviews not only help in data validation but also provide critical insights into the market, current business scenario, and future expectations and enhance the quality of our reports. All our estimates and forecast are verified through exhaustive primary research with Key Industry Participants (KIPs) which typically include:
Market-leading companies
Raw material suppliers
Product distributors
Buyers
The key objectives of primary research are as follows:
To validate our data in terms of accuracy and acceptability
To gain an insight into the current market and future expectations
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