Spa Market Size Expected to Reach $117.9 Billion by 2028 | CAGR: 12.1% | Grand View Research, Inc.

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According to a new report released by Grand View Research, the growing need to maintain a physically and mentally healthy lifestyle is expected to drive the market.

The Global thermal baths market the size is expected to reach USD 117.9 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to grow at a CAGR of 12.1% from 2021 to 2028. Unhealthy lifestyles have increased the need for stress management, mental clarity and system detox. The growing need to maintain a physically and mentally healthy lifestyle is expected to drive the market. Additionally, rising disposable incomes, changing lifestyles, and increasing population are expected to propel the growth of the market.

The coronavirus (COVID-19) pandemic has had a significant impact on the industry, as businesses have been forced to close or enforce strict hygiene requirements and regulations for their workers and visitors. In a March 2020 survey of spa industry professionals worldwide, 31.0% predicted that the number of spa visits had decreased by more than 70.0% during the pandemic compared to the same period the previous year.

The ability to avoid unwanted interactions can lead to setting new standards for the hospitality industry. Sanitizers are the new table priority and all staff must wear masks and gloves. Hotel owners and asset managers plan new SOPs and security measures during hotel closure and ensure transparency and direct contact with guests.

New wellness-based digital platforms, including online yoga sessions via livestreaming to clients, are creating an opportunity to invest in digital health. Companies are increasingly focusing and investing in sponsorships and strategic partnerships, as these growth strategies help target a wider audience and increase brand visibility. Moreover, these strategies allow businesses to interact with the right audience. Moreover, the growing sustainability and popularity of brands helps generate more revenue.

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Hot Tubs Market Report Highlights

  • The hotel/resort spa segment dominated the market and accounted for the largest revenue share in 2020 owing to the rise in wellness tourism globally
  • On the other hand, the destination spa segment is expected to witness the fastest growth over the forecast period owing to the increasing demand for traditional spas such as Swedish, Ayurvedic and Turkish massage. The majority of people visit destination spas for week-long programs to start their fitness or work on a particular issue
  • In 2020, Asia-Pacific held the majority of the regional market share owing to increasing disposable income, increase in wellness tourism, and availability of advanced technological infrastructure
  • In Europe, the market is expected to witness the fastest growth over the forecast period. Due to the growing trend of clients to control, minimize and relieve stress, lose weight and take a more positive and holistic approach to their well-being
  • The major players account for a huge market share and have a strong presence across the globe. The growing trend of digitalization in the industry is increasing the competition among players and also presenting opportunities for new entrants in the market

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Spa market segmentation

Grand View Research has segmented the global spa market based on service type and region:

Spa Service Type Outlook (Revenue, USD Billion, 2016 – 2028)

  • Hotel/Spa Resorts
  • destination spa
  • Day spa/salon
  • medical spa
  • Mineral spring spa
  • Others

Spa Regional Outlook (Revenue, Billion USD, 2016 – 2028)

  • North America
  • Europe
    • UK
    • Germany
    • France
    • Italy
    • Spain
  • Asia Pacific
  • Central and South America
  • Middle East and Africa

List of key players in the spa market

  • Planet Beach
  • Hot Springs Resort and Spa
  • Four Seasons Hotel Limited
  • Want a massage
  • Lanserhof
  • jade mountain
  • Rancho La Puerta
  • Mandarin Oriental Hotel Group
  • Omni Hotels & Resorts
  • Emirates Palace Spa

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Browse more related report:

Medical Spa Market Size, Share & Trend Analysis Report by Service (Facial Care, Body Sculpting & Contouring, Hair Removal, Scar Revision, Tattoo Removal), By Region & Segment Forecast, 2021 – 2028

About Grand View Research

Grand View Research is a full-time market research and consulting firm registered in San Francisco, California. The company offers comprehensive, customized and syndicated market reports based on in-depth data analysis. It also offers consultancy services to business communities and academic institutions and helps them understand the global and business scenario to a great extent. The company operates in a multitude of fields such as chemicals, materials, food and beverages, consumer goods, healthcare and information technology to offer consultancy services.

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