Press release
Spa Market Set to Reach $124.11 Billion by 2029 with 11.4% Yearly Growth
Spa Market Share
The surge in urbanization is projected to stimulate the expansion of the spa market. This refers to the shift in population from rural environments to urban spaces, and the subsequent rise in population density in these urban areas. Escalating stress levels and lifestyle changes that accompany this urbanization surge have resulted in a heightened demand for destination spas and spa getaways. For example, the World Bank, a US-based international financial institution, reported in April 2023 that approximately 4.4 billion individuals, accounting for 56% of the world's total population, currently live in cities. Projections for 2050 anticipate that around 7 in every 10 individuals will reside in urban spaces, pushing the urban population to more than double its current size. Consequently, this swift urbanization is expected to fuel the growth of the spa market.
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What is the projected compound annual growth rate (CAGR) of the spa market from 2025 to 2034, and what factors influence it?
In recent times, there has been a swift increase in the size of the spa market. This market is predicted to sling up from $72.32 billion in 2024, reaching $80.67 billion by 2025 with a compound annual growth rate (CAGR) of 11.5%. The growth observed in the historic period is primarily a result of an upturn in holistic, mind-body treatments, medical spa services, luxury lifestyle, aesthetics, and corporate wellness programs.
Anticipated to experience a swift expansion in the upcoming years, the spa market is projected to escalate to a worth of $124.11 billion by 2029, progressing at a compound annual growth rate (CAGR) of 11.4%. The predicted enlargement in this period can be credited to factors such as demand from the ageing population, adoption of sustainable and environmentally-friendly methods, combination with fitness schedules, cultural wellness events, and government health strategies. The forecast period will likely see key trends like virtual and distant spa services, pioneering wellness technologies, tailor-made and individual spa experiences, cutting-edge technology in treatments, and affiliations with beauty and skincare brands.
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How are the latest trends influencing the growth of the spa market?
The surge in technological evolution emerges as a principal trend being embraced in the spa sector. Numerous spas are exploiting different forms of technology to offer inventive services to their clientele. To illustrate, Aescape, a firm specialized in lifestyle robotics based in the US, unveiled its initial hospitality collaboration at R+R Wellness, the high-end spa in Grand Hyatt Nashville, in October 2024. This effort exemplifies the introduction of AI controlled massage technology, giving visitors complete control over their massage experiences according to personal preferences. This satisfies the increasing need for bespoke wellness solutions in the spa market.
What are the major segments of the spa market and their role in driving growth?
The spa market covered in this report is segmented -
1) By Service Type: Massage, Beauty Or Grooming, Physical Fitness, Other Service Types
2) By Facility Type: Hotel Or Resorts Spa, Destination Spa, Day Or Salon Spa, Medical Spa, Mineral Spring Spa, Other Facility Types
3) By End User Sex: Male, Female
Subsegments:
1) By Massage: Swedish Massage, Deep Tissue Massage, Aromatherapy Massage, Hot Stone Massage
2) By Beauty Or Grooming: Facials, Hair Treatments, Nail Services (Manicures And Pedicures), Body Treatments (Scrubs And Wraps)
3) By Physical Fitness: Yoga Classes, Pilates Sessions, Personal Training, Aqua Aerobics
4) By Other Service Types: Hydrotherapy, Spa Packages, Wellness Programs, Meditative Services
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Which regions are key players in the growth of the spa market?
North America was the largest region in the spa market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the spa market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Who are the key firms paving the way for growth in the spa market?
Major companies operating in the spa market include 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
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What Is Covered In The Spa Global Market Report?
•Market Size Forecast: Examine the spa market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the spa market for a structured understanding.
•Key Players Overview: Analyze major players in the spa market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the spa market.
•Segment Contributions: Evaluate how different segments drive overall growth in the spa market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the spa market.
•Industry Challenges: Identify potential risks and obstacles affecting the spa market.
•Competitive Landscape: Review strategic developments in the spa market, including expansions, agreements, and new product launches.
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