USD 217.25 Billion Share Expected for Global Spas and Beauty Salons Market With 6% CAGR by 2026 – Facts & Factors

Global Spas and Beauty Salons market in 2019 was approximately USD 144.48 Billion. The market is expected to grow at a CAGR of 6% and is anticipated to reach around USD 217.25 Billion by 2026.

Pune, India - October 17, 2020 /MarketersMedia/ —

According to the Facts and Factors, Research Report, the global Spas and Beauty Salons market in 2019 was approximately USD 144.48 Billion. The market is expected to grow at a CAGR of 6% and is anticipated to reach around USD 217.25 Billion by 2026.

The spas and beauty salons provide beauty and personal care products and services for both men and women. In the modern world, the adoption of spas and beauty salons is increasing owing to the rising demand for wellness solutions to reduce stress from the hectic lifestyle. The spa professionals and beauticians present in the spas and beauty salons give advice and information related to skin and hair, which is another factor propelling the market growth.

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Market Drivers:

The growing modernization and busy lifestyle are the primary reasons fuelling the development of the global Spas and Beauty Salons market. Additionally, the high standard of living and growing disposable income help consumers opt for such services to help rejuvenate their skins and reduce stress, thereby boosting the market growth. The rising demand for natural or herbal products to keep the body healthy is estimated to expand this market further. Apart from this, the growing inclination toward personal appearance among the teenagers and geriatric population and the availability of new spa technologies is anticipated to bolster the expansion of the global Spas and Beauty Salons market. The consumers’ focus toward gaining peace of mind, pleasure, and fitness helps propagate the market. However, the expensive beauty and spa products and costly services limit the advancement of the concerned market.

Market Segment Dominance:

Resort and hotel spas category is anticipated to grow at a faster rate in the global Spas and Beauty Salons market

Resort and hotel spas category is estimated to exhibit the highest CAGR owing to the rise in tourism, frenetic lifestyles in cosmopolitan areas, and escalation in customer expenditure on beauty and wellness products. The recreational facilities such as a swimming pool offered by the resort and hotel spas to the customers also help boost the progression of the category.

Facials and skincare salon is projected to exhibit a faster growth rate

The growing demand for complex skin care treatment among the population especially teenagers and geriatric folks is the major factor propelling the evolution of the facials and skin care salon on a global level. Additionally, the busy lifestyle and high demand for personal care among the consumers are projected to bolster the expansion of the Spas and Beauty Salons market.

Market Players:

Some of the key market players of the target market are Madeline Wade, Butterfly Studio Salon and Spa, Salon U, Metropolis Salon, and Dry Bar, Paul Labrecque Salon and Spa, Metodo Rossano Ferretti Salon, The Roose Parlour & Spa, Robert James Salon, and Spa, and Muse Salon & Spa, among others.

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The report utilizes established industry analysis tools and models such as Porter’s Five Forces framework to analyze and recognize critical business strategies adopted by various stakeholders involved in the entire value chain of the Spas and Beauty Salons industry. The global Spas and Beauty Salons Market report additionally employs SWOT analysis and PESTLE analysis models for further in-depth analysis.

The report study further includes an in-depth analysis of industry players' market shares and provides an overview of leading players' market position in the Spas and Beauty Salons sector. Key strategic developments in the global Spas and Beauty Salons market competitive landscape such as acquisitions & mergers, inaugurations of different products and services, partnerships & joint ventures, MoU agreements, VC & funding activities, R&D activities, and geographic expansion among other noteworthy activities by key players of the global Spas and Beauty Salons market are appropriately highlighted in the report.

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The spas and beauty salons provide beauty and personal care products and services for both men and women. In the modern world, the adoption of spas and beauty salons is increasing owing to the rising demand for wellness solutions to reduce stress from the hectic lifestyle. The spa professionals and beauticians present in the spas and beauty salons give advice and information related to skin and hair, which is another factor propelling the market growth.

Regional Dominance:

North America is projected to dominate the global Spas and Beauty Salons market during the forecast period
North America is projected to lead the global Spas and Beauty Salons market during the forecast period. The market growth is attributed to the escalating consumer worries over personal appearance and changing lifestyle. In addition to this, the growth in the Spas and Beauty Salons market is contributed to the changing consumer perception about beauty salons and spas services. The adoption of international standards and new techniques & therapies for refining the training programs to meet up to the growing consumer needs is likely to drive the global Spas and Beauty Salons market.

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This report segments the Spas and Beauty Salons market as follows:

Global Spas and Beauty Salons Market: Type Segmentation Analysis

Spas

Day Spas
Club Spas
Medical Spas
Destination Spas
Mineral Springs Spa
Resort and Hotel Spas

Beauty Salons

Hair Salon
Waxing Salon
Nail Salon
Tanning Salon
Facials and Skin Care Salon
Full-Service Salon

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