IMARC Group, a leading market research company, has recently releases report titled “Spa Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028” The study provides a detailed analysis of the industry, including the global spa market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
How big is the spa market?
The global spa market size reached US$ 50.2 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 97.0 Billion by 2028, exhibiting a growth rate (CAGR) of 10.5% during 2023-2028.
What is a spa?
Spa refers to a commercial enterprise that provides personalized wellness treatments for body relaxation and health management. These services usually include restorative treatments, such as body scrub and massages, steam baths, sauna baths, facials, manicures and pedicures. Spas are efficiently designed to promote fitness, health, and peace of mind to their customers. Moreover, they are beneficial in boosting immunity, treating medical ailments, managing stress, detoxifying the body, improving blood circulation, and weight management.
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What are the growth prospects and trends in the spa industry?
The global spa market is primarily being driven by the increasing need to maintain a healthy mental and physical lifestyle due to a rise in the number of various health problems, such as stress, anxiety and depression among individuals. This factor is further supported by rapid urbanization and the hectic schedules of the working population. Moreover, the growing availability of personalized, natural, and organic treatments and floatation therapies to promote relaxation and healing of the skin is acting as another growth-inducing factor.
The market is also driven by constant developments in spa services, including the advent of hybrid spa technology that utilizes its gas generated hybrid system to maintain the temperature of the spa, thus minimalizing the use of carbon and other chemicals. Other factors, such as the expansion of the wellness tourism industry, rising consumer expenditure capacities, and the growing trend of medical spa, are creating a positive outlook for the market. Looking forward, the market is expected to grow at a CAGR of 10.5% during 2023-2028.
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Type:
- Salon Spa
- Hotel and Resort Spa
- Medical Spa
- Destination Spa
- Thermal Spring Spa
Breakup by End User:
Breakup by Region:
- North America (U.S. Canada)
- Europe (Germany, United Kingdom, France, Italy, Spain, Russia, and Others)
- Asia Pacific (China, India, Japan, South Korea, Indonesia, Australia, and Others)
- Latin America (Brazil, Mexico)
- Middle East Africa
Who are the key players operating in the industry?
The report covers the major market players including:
- Canyon Ranch Inc.
- Emirates Palace
- Four Seasons Hotels Limited
- Grand Resort Bad Ragaz AG
- Harrison Hot Springs Resort & Spa Corp.
- Lanserhof GmbH
- Marriott International Inc.
- Massage Envy Franchising LLC
- Planet Beach Franchising Corporation
- Rancho La Puerta Inc
- Six Senses Hotels Resorts Spas (InterContinental Hotels Group).
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