Product ID: SQSG25J2012
Global Spa Market Size, Share, Growth Analysis, By Facility Type(Hotel Spa, Medical Spa), By End-User(Women, Men), By Service(Massage, Beauty/Grooming) - Industry Forecast 2024-2031
Report ID:
SQSG25J2012 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|
Tables:
91 |
Figures:
76
Global Spa Market Insights
Spa Market size was valued at USD 53.4 billion in 2019 and is poised to grow from USD 60.22 billion in 2023 to USD 155.61 billion by 2031, growing at a CAGR of 12.6% in the forecast period (2024-2031).
The change in lifestyles in urban areas, high growth in inbound and outbound tourism for the wellness purpose, and increasing awareness among people regarding health problems are the key driving factors of the global spa market during the forecast period. Moreover, for the maintenance of a physically and mentally healthy lifestyle across the globe the demand for spa therapies are likely to increase at a significant speed in the next few years.
Furthermore, rapid growth in the adoption of western culture and growing urbanization in the emerging economies such as India, China, and Indonesia have created lucrative growth opportunities for the spa market. According to our findings, currently India has around 6500 spas, which generates a revenue of around over USD 2 billion annually, and the market is set to continue this with more than 10,000 spas in next 5 years. The growth in the spa centers in the developing nations are projected to have positively impact on the global spa market over the forecast period.
In addition, the presence of international hotel chains in the market and increasing development in the spa centers is likely to help spa market to remains strong. Major factors such as an extensive rise in women population and increasing number of anti-aging spa treatments across the globe would help spa industry by providing potential clients over the forecast period. For instance, Starwood Hotels, an leading hotel chain in the global market has 65 spas in the region which are under construction, while Hilton has around 124 expected across the globe.
US Spa Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Spa Market Report Snapshots
Want to customize this report?
Our industry expert will work with you to provide you with customized data in a short amount of time.
REQUEST FREE CUSTOMIZATION
USA (+1) 351-333-4748
