Dublin, Oct. 10, 2024 (GLOBE NEWSWIRE) -- The "Spa Industry by Type, Application, Market Type, Region - Global Market Size, Industry Dynamics, Opportunity Analysis and Forecast 2024-2030" report has been added to ResearchAndMarkets.com's offering.
The global spa market size was estimated to be around USD 98.8 billion in 2023. It is projected to grow and reach approximately USD 181.2 billion by 2030, with a compound annual growth rate (CAGR) of about 9.1% during the forecast period from 2023 to 2030.
The spa market is experiencing significant growth due to rising consumer demand for wellness and relaxation services. Factors like increasing awareness of mental and physical health, growing disposable incomes, and the expansion of tourism are driving this trend.
The shift toward holistic health and the growing popularity of wellness tourism are key contributors to market expansion. Additionally, advancements in spa technologies, personalized treatments, and eco-friendly practices have enhanced customer experiences, further boosting market demand. As consumers continue prioritizing health and wellness, the global spa market is poised for continued growth.
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The Spa market is categorized based on type, application, market type and region:
By Type
- Ayurvedic Spa
- Bootcamp Spa
- Day Spa
- Destination Spa
- Medical Spa
- Mineral Spring Spa
- Mobile Spa
- Thalassotherapy Spa
- Others
The Destination Spa segment is projected to achieve the highest CAGR over the forecast period, primarily due to its comprehensive appeal. These spas offer a variety of services, expert specialists, food and beverage options, and diverse activities, providing more flexibility compared to traditional resorts that focus on specific amenities like golf courses. Destination spas, often set in lush environments, allow nature enthusiasts to enjoy spa experiences amidst scenic surroundings. Many offer all-inclusive programs featuring fitness classes, nutritious meals, and educational seminars, similar to day spas.
In contrast, bootcamp spas emphasize physical activities in natural settings to promote weight loss and detoxification, focusing on holistic internal health rather than traditional spa offerings.
By Application
- Hotel/ Hospitality
- Gym/ Fitness and Spas
- Household
- Other
The Gym/Fitness and Spa segment is projected to experience the fastest CAGR as fitness centers begin to incorporate spa services more frequently. These offerings are often more affordable than those found in hotels or resorts, particularly in luxury gyms. By combining fitness programs with spa treatments, these facilities provide a comprehensive wellness experience.
Additionally, hotels are taking advantage of this trend by offering exclusive spa services to their guests, which enhances their appeal, especially to international tourists seeking luxury wellness experiences. This dual approach not only attracts fitness enthusiasts but also those looking for relaxation and rejuvenation, ultimately driving growth in the spa market. As consumer demand for integrated wellness experiences continues to rise, the synergy between gym services and spa offerings is likely to play a significant role in shaping the industry's future.
By Market Type
- New
- Renovation/Replacement
In 2023, the Renovation/Replacement segment dominates the global spa market, reflecting a significant need for existing facilities to update their offerings. As consumer preferences shift towards wellness and luxury, established spas invest in renovations that incorporate modern technologies, improved aesthetics, and advanced wellness treatments. This helps them attract a broader clientele and remain competitive.
Conversely, the New segment is seeing the highest CAGR due to a surge in entrepreneurs and investors entering the wellness sector. This growth is driven by rising health awareness and disposable incomes, increasing demand for new spa facilities with innovative designs and wellness technologies, particularly appealing to younger consumers. These trends highlight a dynamic spa market where renovations and new establishments play crucial roles in its evolution.
Regional Overview
- North America
- Europe
- Western Europe
- Eastern Europe
- Asia Pacific
- Middle East & Africa (MEA)
- South America
Asia-Pacific is expected to experience significant growth, driven by a burgeoning middle class and a heightened focus on wellness. As consumers increasingly prioritize healthy living and sustainable lifestyles, wellness travel is becoming an integral component of the global tourism economy, with outbound travelers from this region now accounting for over 37% of worldwide spending on wellness tourism, as reported by the United Nations World Tourism Organization.
Competitive Landscape
The Spa market is characterized by a vigorous competitive landscape, with prominent entities like CRED International Co. Ltd., Windsor Hotel, Marriott International, The Ritz-Carlton Spa, Grand Hyatt, Banyan Tree, Siam Wellness Group, Lanserhof, Hot Springs Resort & Spa and Four Mountains at the forefront, collectively accounting for more than 20% of the overall market share. This competitive milieu is fueled by their intensive efforts in research and development as well as strategic partnerships and collaborations, underscoring their commitment to solidifying market presence and diversifying their offerings.
The primary competitive factors include pricing, product caliber, and technological innovation. As the Spa industry continues to expand, the competitive fervor among these key players is anticipated to intensify. The impetus for ongoing innovation and alignment with evolving customer preferences and stringent regulations is high. The industry's fluidity anticipates an uptick in novel innovations and strategic growth tactics from these leading corporations, which in turn propels the sector's comprehensive growth and transformation.
Key Attributes
| Report Attribute | Details |
| No. of Pages | 199 |
| Forecast Period | 2023-2030 |
| Estimated Market Value (USD) in 2023 | $98.8 Billion |
| Forecasted Market Value (USD) by 2030 | $181.2 Billion |
| Compound Annual Growth Rate | 9.1% |
| Regions Covered | Global |
A selection of companies mentioned in this report includes, but is not limited to:
- Planet Beach
- Hot Springs Resort & Spa
- Bannatyne Spa
- Marriott International
- Massage Envy
- Rancho La Puerta
- Banyan Tree
- Marilyn Monroe Spas
- Miraval Resorts
- Massage Green Spa
- Siam Wellness Group
- Four Fountains
- The Ritz - Carlton Spa
- Windsor Hotel
- Lspas Spa
- Hyatt Hotels Corporation
For more information about this report visit https://www.researchandmarkets.com/r/cnynh2
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