Spa Global Market Opportunities and Strategies to 2033

This report describes and explains the spa market and covers 2018-2023, termed the historic period, and 2023-2028, 2033F termed the forecast period. The report evaluates the market across each region and for the major economies within each region.

The global spa market reached a value of nearly $114 billion in 2023, having grown at a compound annual growth rate (CAGR) of 2.30% since 2018. The market is expected to grow from $114 billion in 2023 to $168.4 billion in 2028 at a rate of 8.11%. The market is then expected to grow at a CAGR of 7.43% from 2028 and reach $241 billion in 2033.

Growth in the historic period resulted from increased disposable income per capita, rise in medical and wellness tourism, influence of social media platforms and increase in demand for personal care products. Factors that negatively affected growth in the historic period included stringent regulations.

Going forward, the increasing aging population worldwide, rise in urban populations, growing demand for anti-aging treatments and products and expansion in the tourism and travel industry will drive the market. Factors that could hinder the growth of the spa market in the future include competition from alternative wellness practices.

The spa market is segmented by service type into massage, beauty/grooming, physical fitness and other service types. The massage market was the largest segment of the spa market segmented by service type, accounting for 40.52% or $46.2 billion of the total in 2023. Going forward, the massage segment is expected to be the fastest growing segment in the spa market segmented by service type, at a CAGR of 8.56% during 2023-2028.

The spa market is segmented by facility type into hotel/resorts spa, destination spa, day/salon spa, medical spa, mineral spring spa and other facility types. The hotel/resorts spa market was the largest segment of the spa market segmented by facility type, accounting for 49.67% or $56.6 billion of the total in 2023. Going forward, the hotel/resorts spa segment is expected to be the fastest growing segment in the spa market segmented by facility type, at a CAGR of 9.37% during 2023-2028.

The spa market is segmented by end user sex into male and female. The female market was the largest segment of the spa market segmented by end user sex, accounting for 74.63% or $85.1 billion of the total in 2023. Going forward, the male segment is expected to be the fastest growing segment in spa market segmented by end user sex, at a CAGR of 9.73% during 2023-2028.

Western Europe was the largest region in the spa market, accounting for 32.4% or $36.9 billion of the total in 2023. It was followed by North America, Asia-Pacific and then the other regions. Going forward, the fastest-growing regions in the spa market will be Africa and the Middle East, where growth will be at CAGRs of 12.32% and 12.00% respectively. These will be followed by South America and Asia-Pacific, where the markets are expected to grow at CAGRs of 11.40% and 8.57% respectively.

The global spa market is fairly fragmented, with a large number of players in the market. The top ten competitors in the market made up to 18.37% of the total market in 2022. Caesars Entertainment Inc. was the largest competitor with an 8.28% share of the market, followed by Four Seasons Hotel Limited with 4.72%, Omni Hotels & Resorts with 2.78%, Clarins Group with 1.84%, Hotel Sofitel Pvt. Ltd. with 0.26%, Shangri-La International Hotel Management Limited with 0.26%, COMO Hotels and Resorts with 0.08%, Mandarin Oriental Hotel Group with 0.06%, Banyan Tree Spa with 0.05% and Aman Spa with 0.05%.

The top opportunities in the spa market segmented by service type will arise in the massage segment, which will gain $23.4 billion of global annual sales by 2028. The top opportunities in the spa market segmented by facility type will arise in the hotel/resorts spa segment, which will gain $32 billion of global annual sales by 2028. The top opportunities in the spa market segmented by end user sex will arise in the female segment, which will gain $37.3 billion of global annual sales by 2028. The spa market size will gain the most in the USA at $11.9 billion.

Market-trend-based strategies for the spa market include opening of new spa and wellness centers to offer revitalizing and relaxing treatments, focus on medical spa software for enhanced efficiency and client experience, strategic partnerships and acquisitions among market players, introduction of supermarket spa to offer beauty treatments alongside a healthy meal and increasing investments to grow and support franchise networks.

Player-adopted strategies in the spa market include focus on strategic partnerships to enhance service offerings and maintain a competitive edge in the luxury hospitality sector, strategic partnerships to extend brand presence and enhance customer experience by integrating premium skincare products into luxury spa offerings and enhancing guest experience and increasing revenue streams through the launch of high-end spa services.

To take advantage of the opportunities, the analyst recommends the spa companies to focus on new spa offerings for holistic wellness, focus on innovative spa concepts, focus on massage and beauty or grooming segments, focus on hotel or resort spa and day or salon spa segments, expand in emerging markets, continue to focus on developed markets, focus on collaborative growth strategies, focus on franchise network expansion, provide competitively priced offerings, engage in social media marketing, continue to use B2B promotions, focus on catering to aging populations and focus on targeting urban populations.