Press release
Spa Market Forecast 2024-2033 - Major Trends, Segments And Fastest Growing Regions | Miraval Spa, Spa Montage, Hot Springs Resort & Spa, Hyatt Pure Spa
Spa Global Market Report
The Business Research Company presents an extensive market research report on the Spa Global Market Report 2024 , furnishing businesses with a competitive edge through a detailed examination of the market structure, encompassing estimates for various segments and sub-segments.
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the industry. This report market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
Market Sizing:
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 growth in the historic period can be attributed to rise in holistic and mind-body treatments, medical spa services, luxury and affluent lifestyle, beauty and aesthetics, corporate wellness programs.
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%. The growth in the forecast period can be attributed to elderly population demands, sustainable and eco-friendly practices, integration with fitness programs, cultural wellness experiences, government health initiatives. Major trends in the forecast period include virtual and remote spa services, innovative wellness technologies, customized and personalized spa experiences, advanced technology in treatments, collaborations with beauty and skincare brands.
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Key Market Players:
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
Market Drivers:
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. For instance, according to the Department of Economic and Social Affairs, United Nations, 68% of the world's population i.e., 2.5 billion people are projected to live in urban areas by 2050. Therefore, rapid urbanization will drive the growth of the spa market.
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https://www.thebusinessresearchcompany.com/report/spa-global-market-report
The spa market covered in this report is segmented -
1) By Service Type: Massage, Beauty/Grooming, Physical Fitness, 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
The report answers the following questions:
What are the primary factors propelling the market during the projected period?
In which region is the most substantial growth expected?
Which trend will take center stage in the upcoming period?
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