The Global Wellness Institute (GWI) has released an overview of the global spa and hot springs markets from 2007 to 2022, along with growth projections.
The data is part of GWI’s new time-series reports based on the 11 markets tracked in its annual Global Wellness Economy Monitor (last published in November 2023 – see www.spabusiness.com/gwem2023).
Spa view
GWI unveiled its first industry numbers in the Global Spa Economy 2007 report. Back then, there were 71,672 spas worldwide generating revenues of US$46.8 billion (€42.4 billion, £35.7 billion). In 2022, GWI recorded 181,175 spas globally with a value of US$104.5 billion (€94.6 billion, £79.6 billion).
The time-series report revealed the global spa industry was hit hard by the pandemic. Revenues plunged by 39 per cent in 2020 and there was a net decrease of 5,600 spas.
Despite this, GWI is optimistic about the market. Between 2021 and 2022, spa revenues steadily rebounded worldwide, nearing their pre-pandemic peak of US$113.8 billion (€103 billion, £86.7 billion).
Between 2022 and 2027, GWI projects a global spa industry growth rate of 8.3 per cent a year – compared to a predicted 4.7 per cent annual growth in global GDP – and estimates the market will be worth US$156.1 billion (€141.2 billion, £118.9 billion).
Hot springs in focus
GWI gave its first overview of the thermal/mineral springs market in the 2014 Global Spa & Wellness Economy Monitor, observing 26,800 facilities in 2013, bringing in US$50 billion (€45.3 billion, £38.1 billion).
Before COVID-19, it was one of the quickest-growing segments in the wellness economy. It peaked in 2019 with 34,960 facilities and was valued at US$65.7 billion (€59.5 billion, £50.1 billion). However, thermal/mineral springs revenue also decreased by 39 per cent in 2020.
By the end of 2022, most hot springs businesses had recovered to 75 to 90 per cent of their pre-lockdown levels and the global market was worth US$46.3 billion (€41.9 billion, £35.3 billion).
Between 2020 and 2022, at least 150 new thermal and mineral springs establishments opened worldwide and more than 250 projects are now in development. What’s more, GWI predicts it will be the third fastest-growing wellness economy in the coming years – growing by 14.3 per cent annually from 2022 to 2027, amounting to US$90.5 billion (€81.9 billion, £69 billion) in revenues.
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