PUBLISHER: The Business Research Company | PRODUCT CODE: 1436700
PUBLISHER: The Business Research Company | PRODUCT CODE: 1436700
Spas encompass facilities offering diverse services for health and body relaxation, including saunas, pools, steam rooms, medical spas, day spas, mineral springs spas, mud baths, and ayurvedic spas.
Spas encompass various types of services, including massage, beauty/grooming, physical fitness, and other specialized service offerings. Massage involves tissue manipulation through hand or instrument techniques, aimed at relaxation or therapeutic benefits, such as rubbing, kneading, or tapping. These spa services are available across different facilities such as hotel/resort spas, destination spas, day/salon spas, medical spas, mineral spring spas, and other diverse facility types catering to both male and female clientele.
The spa market research report is one of a series of new reports from The Business Research Company that provides spa market statistics, including spa industry global market size, regional shares, competitors with a spa market share, detailed spa market segments, market trends and opportunities, and any further data you may need to thrive in the spa industry. This spa market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The spa market size has grown rapidly in recent years. It will grow from $65.21 billion in 2023 to $72.97 billion in 2024 at a compound annual growth rate (CAGR) of 11.9%. The observed growth in the historic period can be attributed to several factors. These include an increase in the popularity of holistic and mind-body treatments among consumers, the rise of medical spa services catering to health and wellness, the growing demand for luxury and affluent lifestyle experiences, a heightened focus on beauty and aesthetics, and the adoption of corporate wellness programs promoting employee well-being. Each of these elements played a significant role in driving growth and development within the wellness and lifestyle industry during that period.
The spa market size is expected to see rapid growth in the next few years. It will grow to $111.77 billion in 2028 at a compound annual growth rate (CAGR) of 11.2%. Anticipated growth in the forecast period is expected to stem from several key factors. These include increased demands driven by the elderly population for wellness services, a growing emphasis on sustainable and eco-friendly practices within the industry, the integration of wellness offerings with fitness programs, a rise in demand for cultural wellness experiences, and the influence of government health initiatives promoting wellness. Additionally, major trends projected for this period encompass the emergence of virtual and remote spa services, the adoption of innovative wellness technologies, the provision of customized and personalized spa experiences, the integration of advanced technology in treatments, and collaborations between wellness establishments and beauty/skincare brands. These trends are likely to shape the landscape of the wellness industry and contribute to its growth in the forecast period.
Rapid urbanization is poised to drive the expansion of the spa market. Urbanization, characterized by the migration from rural to urban areas and increasing population density in urban settings, leads to changing lifestyles and heightened stress levels. Consequently, the demand for destination spas and retreats rises as individuals seek stress relief and relaxation. The United Nations Department of Economic and Social Affairs projects that by 2050, 68% of the global population, around 2.5 billion people, will reside in urban areas. This trend in urbanization is expected to fuel the growth of the spa market.
The burgeoning demand for personal care products is set to propel the spa market's growth. Personal care items, integral to personal hygiene and grooming, significantly enhance the spa experience, offering relaxation and skin nourishment. Bureau of Labor Statistics data in September 2023 indicated a 12.3% surge in average consumer expenditure on personal care products, reaching $866 in 2022 from $771 in 2021. This increased demand underscores the pivotal role of personal care products in driving the growth of the spa market.
Technological advancements define a prominent trend in the spa market, with spas leveraging various technologies to deliver innovative services. Touch-Free Wellness Spa, a US-based establishment launched in January 2021, embraces touch-free spa technology, revolutionizing the spa experience by offering services without direct therapist interaction. Employing infrared sauna pods, cryotherapy, anti-gravity robotic massage chairs, hydro-massage chairs, lymphatic compression massages, whole body vibroacoustic treatments, and near-infrared light therapy, this spa delivers a unique, hands-off experience to its clientele.
Key companies in the spa industry are innovating by introducing end-to-end software solutions to gain a competitive edge. In August 2023, Nextech AR Solutions Corp launched Med Spa software, designed to optimize workflows and enhance client experiences in medical spa operations. This comprehensive platform addresses operational challenges, prioritizes client consultations, and facilitates facility expansion, accommodating users of various skill levels with its user-friendly design.
In January 2022, Monomoy Capital Partners, a US-based private investment firm, completed the acquisition of Artesian Spas and Marquis Hot Tubs. This merger forms a comprehensive pool and spa wellness platform, establishing a multi-branded hot tub and swim manufacturer, broadening its offering of outdoor aquatic products to cater to diverse customer needs.
Major companies operating in the spa market report are Miraval Spa, Spa Montage, Hot Springs Resort & Spa, Hyatt Pure Spa, The Ritz-Carlton Spa, Clarins Group, Exhale Spa, Omni Hotels & Resorts, Aman Spa, Anantara Spa, Six Senses Hotels Resorts Spas, Banyan Tree Spa, Grand Resort Bad Ragaz AG, Massage Envy Franchising LLC, Canyon Ranch, Rancho La Puerta, Elemis, Marriott International Inc., Mandara Spa, Bliss Spa, Kersten Florian International, Harrison Hot Springs Resort, Jade Mountain Resort, COMO Shambhala, Emirates Palace, Four Seasons Hotels Limited, Lanserhof GmbH, Planet Beach Franchising Corporation, Mandarin Oriental Hotel Group, Chuan Spa
North America was the largest region in the spa market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the spa market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the spa market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The spas market consists of revenues earned by entities by providing services such as body massage, aromatherapy, hydrotherapy, and reflexology. The market does not include the sales of sports massage services. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Spa Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on spa market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for spa ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The spa market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of covid 19 on supply chains and consumption patterns.