The personal care and wellness industries have exploded in recent years and are projected to continue their upward trajectory for many more to come. Thanks to influencers on social media and a growing awareness of the impact personal care can have on mental health and overall wellbeing, the spa, skincare, and nutraceutical business categories are perfectly positioned for growth in 2024.
Let’s dive into some industry projections and explore why now is the perfect time to enter the wellness industry as a business owner.
Spa Services Outlook
Consumer demand for looking and feeling good remains robust in 2024. Globally, the spa services market is estimated to generate $88 billion in revenue annually, expected to grow 17% by the year 2030.
Once seen by many as a luxury, therapeutic massage has become increasingly mainstream. Twenty-five percent of American adults received a massage in the past 12 months ending June 2023, with 95% of consumers believing that massage therapy is an effective way to reduce pain. Many are adding it to their wellness routines on an ongoing basis, and some health insurance plans are even covering it for rehabilitation and recuperation.
There’s no doubt that our collective stress levels have grown exponentially over recent years, which is another driver of demand for spa services. Plus, the growing influence of Millennials and Gen Z - generations that prioritize personal care - is driving the market forward.
Skincare Outlook
Of the overall beauty industry, skincare represents a substantial 42% of market activity, and the global skincare market is projected to reach $273 billion by the year 2030, up from $146 billion in 2021. The rise of skincare and beauty influencers once again cannot be ignored as they have inspired millions of followers to not only become interested in taking care of their skin, but to learn more about the ingredients in their products and the science behind various products and treatments. The skincare market is extremely dynamic, and consumers are fully invested in experimenting with new products and treatments to find their perfect routine, driving demand higher than ever.
Nutraceuticals Outlook
According to data and statistics compiled by San Global Research, there’s a lot to look forward to in the nutraceutical market. The total revenue generation in nutraceuticals is expected to surpass $300 billion in the U.S. by the year 2030. That’s more than double the industry’s market value in 2022.
In October of last year, Massage Heights announced a new partnership with Promise Nutraceuticals, a cause-driven company co-founded by one of the greatest athletes of all time – former professional baseball and football player Vincent E. "Bo" Jackson. This became our latest “elevation,” or add-on service, designed to enhance the guest experience at our Retreats.
In related news, there’s plenty of optimism to be found in the current U.S. economy as well. Both the stock market and S&P 500 have notched new performance records, inflation continues to wane, and unemployment remains at historic 50-year lows. Plus, consumer sentiment – a measure of how the general public views the economy – has surged nearly 30% in the last two months, the biggest increase in the past three decades.
There may never be a better time to consider business ownership of your own. And if you’re looking for the right opportunity, Massage Heights is ready to help you join the exploding wellness industry.
We invite you to take the first step in becoming a Massage Heights franchise owner today.
Let’s Chat!
Massage Heights, a leading North America spa franchise, has been offering high-quality massage, skincare, and wellness services since 2014. With 100+ franchises across the nation, the company is a family-owned massage and wellness franchise focused on offering the best in massage, skincare, and wellness services. If you’d like to explore an entrepreneurial future as a Massage Heights franchise owner, we invite you to contact us today and one of our qualified franchise development representatives will follow up with you shortly.