The ‘ Spas And Beauty Salon market’ research report added by Report Ocean, is an in-depth analysis of the latest developments, market size, status, upcoming technologies, industry drivers, challenges, regulatory policies, with key company profiles and strategies of players. The research study provides market overview, Spas And Beauty Salon market definition, regional market opportunity, sales and revenue by region, manufacturing cost analysis, Industrial Chain, market effect factors analysis, Spas And Beauty Salon market size forecast, market data&Graphs and Statistics, Tables, Bar &Pie Charts, and many more for business intelligence.
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The global spas and beauty salon market size was US$ 151.9 billion in 2021. The global spas and beauty salon market is forecast to grow to US$ 251.7 billion by 2030 by registering a compound annual growth rate (CAGR) of 6.1% during the forecast period from 2022 to 2030.
Factors Influencing the Market
The beauty and personal care sector is going through a transformation as a result of constantly changing consumer expectations for various products. The demand for natural personal care and cosmetic products that do not contain any dangerous substances like parabens, phthalates, aluminium salts, or petrochemicals is growing substantially. As a result, it will be opportunistic for the spas and beauty salon market during the study period.
Growing awareness related to the health benefits of spas will also drive the growth of the spas and beauty salon market. Apart from that, the wellness tourism sector is gaining significant traction, which will be opportunistic for the spas and beauty salon market.
Increased demand for effective spas and beauty salon services from millennials will prompt market growth. Other factors such as hectic lifestyles in metropolitan areas and increased consumer spending on wellness and beauty products will contribute to the growth of the market.
Rising disposable income and shifting consumer preference towards personal well-being will be opportunistic for the market. On the flip side, the high cost of qualified therapy may limit the market growth during the study period.
COVID-19 Impact Analysis
The COVID-19 pandemic has had a notable negative impact on the spas and beauty salon market. The growth of the market was impeded by continuous lockdown in several countries, which remained for more than a year. Moreover, the terror of the virus changed consumer preference as they become more health-conscious. Thus, it strictly declined the demand for spas and other treatments, which may result in disease transmission.
Regional Analysis
North America is forecast to hold the highest share in the spas and beauty salon market. The growth of the market is attributed to the rising expansion of the beauty sector and the growing focus on personal appearance. In addition, evolving lifestyles of people may have a significant impact on …….