The Spa Global Market Report 2023 by The Business Research Company, provides spa market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.
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According to The Business Research Company’s Spa Global Market Report 2023, the market size is expected to grow from$58.09 billion in 2022 to $64.42 billion in 2023 at a compound annual growth rate (CAGR) of 10.9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of global spa is expected to grow to $95.56 billion in 2027 at a CAGR of 10.4%.
Rapid urbanization is expected to propel the growth of the spas market. Urbanization refers to the population movement from rural to an urban setting and increasing human population densities in urban areas. Changing lifestyles and rising stress levels associated with rising urbanization are promoting demand for destination spas and spa getaways.
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The spa market is segmented:
1) By Service Type: Massage, Beauty/Grooming, Physical Fittness, Other Service Types
2) By Facility Type: Hotel/Resorts Spa, Destination Spa, Day/Salon Spa, Medical Spa, Mineral Spring Spa, Other Facility Types
3) By End User Sex: Male, Female
Technological advancements are the key trends gaining popularity in the spa market. Many spas are using various technologies to provide innovative services to customers. For instance, in January 2021, Touch-Free Wellness Spa, a US-based new spa business was opened with touch-free spa technology to provide spa services without the touch of a therapist or massage practitioner. The spa uses infrared sauna pods, cryotherapy, anti-gravity robotic massage chairs, hydro-massage chairs, lymphatic compression massages, whole body vibroacoustic treatments, and near-infrared light therapy to deliver a hands-off spa experience.
The spa market report table of contents includes:
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