Global Spa Market Trends
The global spa market size reached US$ 56.0 Billion in 2023, and it is expected to reach US$ 136.9 Billion by 2032, exhibiting a growth rate (CAGR) of 10.1% during 2024-2032. Attractive packages for couples are being offered at destination spas which are also driving the spa services market growth. The growing popularity of beauty services among teenagers is positively impacting the market.
Spa Industry in Europe
According to the Spanish Association of Spa and Wellness, the country’s spa industry generated approximately €1.6 billion in revenue in 2021. Germany is another important spa destination in Europe, with a thriving spa industry that includes a wide range of facilities.
Spa Industry Growth
The spa industry in the United States is a booming market with an estimated size of 18 billion US dollars. People are increasingly turning to therapeutic spas to relieve stress and anxiety, with the destination spa segment expected to experience the fastest growth in the coming years.
Market Statistics
According to data, the total market size for the pool and spa industry in the US alone was estimated to be around $37.1 billion in 2018, with projections to reach over $39 billion by 2023.
Spa Services Market Expansion
The symbiotic relationship between the spa market and the tourism and travel industry is a key driver of spa market expansion. The increased inclination of women toward spa therapies is also driving lucrative opportunities for industry players in the United States.
Industry Outlook
The massage segment is anticipated to dominate the industry with a 35% market share in 2023. The hotel spa segment is expected to emerge as one of the most lucratively growing segments in the global spa services market. Furthermore, the global spa services market has witnessed launches of new budget hotel spas, targeting potential customers from middle-income class groups. The spa resorts market is anticipated to flourish, holding a market share of US$ 166.4 billion by 2033.
Market Worth
The spa industry worldwide was expected to grow at compound annual growth rate of 12 percent between 2023 and 2033, with a projected size of over 416 billion U.S. dollars by 2033. The United States spa industry generated approximately $20.8 billion in revenue in 2022.
Conclusion
In general, spa services refer to various treatments for body relaxation and health management. Average revenues per spa location have been on a steady advance, reaching $803,000 in 2017. The spa industry globally employs over 2.5 million people and the market is projected to reach over $133 billion by 2027.