The Wellness Industry: An Ever-Expanding Market
The importance of personal health and wellness has never been more emphasized than in the past few decades. With the rise of chronic diseases, mental health concerns, and a growing interest in preventive care, the wellness industry has flourished. From fitness centers and spas to health supplements and beauty products, the wellness market has become a go-to destination for consumers who want to take control of their health.
At The Covery Wellness Spa, we take great pride in offering our clients a premium wellness spa experience. Our franchise network is consistently growing to satisfy the increasing demand in the industry. Today, we will explore the wellness industry's market size, major sectors, and future. Whether you are an entrepreneur or avid wellness enthusiast looking to open a location in your area, we welcome you to our team and lucrative sector.
Wellness: A Billion-Dollar industry
The wellness industry comprises various sectors, including personal care, beauty, fitness, anti-aging, and nutrition. According to the Global Wellness Institute, the global wellness economy was worth $4.9 trillion in 2019 and is projected to reach $8.5 trillion by 2027. This proves consumers are more willing to invest in their health and well-being than ever.
When it comes to regional markets, the US has the largest market size in the health and wellness industry, followed by Europe and Asia Pacific. The US wellness market is expected to surpass $80 billion by 2027. Factors such as increased consumer awareness, a rise in chronic diseases, and a growing interest in preventive care have contributed to this significant market growth.
Pain management and injury treatments are among the most significant sectors of the wellness industry. Millions of people suffer from chronic pain, and the demand for treatment options has led to the emergence of innovative technologies and therapies. The Covery Wellness Spa is excited to offer patients an array of novel solutions and techniques, including cold therapies (from cold plunges to cryotherapy) and zero-gravity massage chairs, to help mitigate the effects of pain.
A Brief Overview of Positive Trends in the Wellness and Spa Industry
Another sector that has seen incredible growth is the health and wellness spa industry. According to the International Spa Association (ISPA), the global spa industry is on the rise. Their 2023 study showed a notable growth in the U.S. spa industry, with revenues soaring from $18.1 billion in 2021 to a record-breaking $20.1 billion, marking an increase of over 11 percent. This impressive figure eclipses the previous record set in 2019, which stood at $19.1 billion.
Furthermore, the total number of spas within the U.S. has seen a positive turnaround, reversing the declining trend evident in 2020 and into 2021. The industry welcomed an additional 280 locations in 2022 compared to the previous year.
Spa visits also surged, increasing from 173 million in 2021 to 181 million in 2022. Additionally, the revenue per spa visit witnessed a $7 rise for the second consecutive year, reaching an unprecedented figure of $111.5. In terms of employment, 2022 continued to see growth in the number of industry professionals, with the workforce expanding by 4.6 percent to 360,700 compared to the previous year.
A New Type of Spa
While The Covery Wellness Spa is a unique type of wellness spa, this broader trend bodes well for our future. The increase in revenue is largely due to the increasing popularity of luxury spas and wellness services.
We offer various services in four major categories:
- Glow (Hydrafacial, Fat Lipolysis, Heat and Salt Therapy, Lymphatic Drainage Compression)
- Evolve (Biocharger, Peptides, NAD+ Therapy, Ozone Therapy)
- Live (IV Therapy, Red Light Therapy, Guided Meditation, PEMF Therapy)
- Perform (Compression, Body Contouring or EMS Therapy, Cold Therapy, Oxygen Therapy or HBOT)
Given that the personal care, beauty, and anti-aging sectors comprise the largest part of the wellness market, we are undoubtedly well-positioned for the future. With an aging population and a growing interest in natural and organic products, our wellness offerings have tremendous upside.
We Offer An Adaptable Wellness Service
The wellness industry continues to grow and shows no signs of slowing down anytime soon. The industry is evolving rapidly with the emergence of tech-led beauty treatments and therapies. At The Covery Wellness Spa, our future looks promising, with consumers more invested in their health and well-being than ever before. If you are looking into investing directly in the industry by opening up a franchise location, we are your one-stop destination to expand, grow, and find success.
We prioritize adaptability by offering an evolving range of treatments tailored to each location's specific needs and preferences. Thanks to our spas' unique construction and design, we can adapt to any space. We realize the customer journey begins the moment one steps through our doors. Our team goes above and beyond to perfect every thoughtful detail, from the lighting to the ambiance of our IV drip sessions. We aim to create an immersive, personalized experience that keeps our clients returning – year after year.
Are you interested in joining a growing industry by becoming a franchisee with The Covery Wellness Spa? Contact our team today!
