Published on : May 10, 2016
The changing perception of consumers towards personal care to improve general well-being is generating high revenues for the spas and beauty salons industry. The growing desire for an improvement in personal appearance has promoted the growth of the spas and beauty salons industry in the North, South, and Central America. According to a report published by a market intelligent company called Transparency Market Research, the global spas and beauty salons market is expected to rise from US$85.1 bn in 2013 to be worth US$138.2 bn by 2020, expanding at a CAGR of 7.2% between 2014 and 2020.
The benefits of beauty enhancements associated with spa and beauty salons is fast catching up and being recognized by consumers increasingly, thus boosting the market. Moreover, growing economy has allowed consumers for an increased spending on personal appearance, thus driving the spas and beauty salons market.
Mexico to Emerge as the Leading Market for Spas and Beauty Salons Market
On the basis of geography, the spas and beauty salons market is segmented into North America, South America, and Central America. Out of these, North America emerged as a dominant region in the Americas spas and beauty salons market in 2013 and is estimated to retain its dominant hold for the coming years. The factor leading up to the growth of the market in North America is higher expenditure on aesthetic appeal. The U.S. is currently holding a dominant position in the North America region but Mexico will emerge as the leading market for spas and beauty salons market in the coming years.
Argentina and Colombia dominate the South America spas and beauty salons market. Nicaragua and Panama dominate the Central America spas and beauty salons market. Nicaragua and Panama dominate the Central America spas and beauty salons market.