Spa Market Analysis

Spa Market Analysis

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Based on service type, the spa market is divided into massage therapies, facial treatments, body scrubs & wraps, medical & cosmetic procedures, and others. The massage therapies segment is expected to grow at a CAGR of over 11% by 2032. Investments in technologically advanced massage therapy ventures are augmenting the industry expansion. These investments are revolutionizing the traditional spa experience by integrating cutting-edge technology into massage therapy treatments. For instance, in November 2022, Aescape, a tech firm specializing in the development of fully automated & data-centric massage therapy encounters, completed its Series A funding round worth USD 30 million. This funding round was spearheaded by Valor Siren Ventures and Valor Equity Partners, an early financier in Tesla and SpaceX.

Based on spa type, the spa market is categorized into day spas, resort/hotel spas, medical spas, destination spas, wellness retreats , and others. The resort/hotel spas segment held around USD 19 billion in market revenue in 2022. The rising tourist attractions are fueling the resort/hotel spas segment progression. For instance, in June 2023, Wyndham Hotels & Resorts, a global leader in hotel franchising that owns around 9,100 hotels across more than 95 countries, inaugurated the Ajul Luxury Hotel & Spa resort. The launch of such new luxury hotel/resort spas will allow the spa industry to register growing by 2032.

North America led the spa market with a share of over 35% in 2022. The concept of wellness was being integrated into various aspects of the spa experience. Spas were offering holistic wellness programs that combined traditional treatments with fitness classes, mindfulness sessions, nutritional guidance, and more. This integrated approach aimed to address not only physical relaxation but also mental and emotional well-being. Spas were starting to leverage technology to enhance customer experiences. This included online booking systems, mobile apps for service selection, and even incorporating wellness tracking devices to provide personalized recommendations based on clients' data.