CLEVELAND, Oct. 7, 2019 /PRNewswire/ -- New pool and spa sales are expected to grow 3.5% per year to 4.9 million units in 2023. The Asia/Pacific region will account for 53% of new sales, supported by the key Chinese market, which itself will account for 22% of new pools and spas sold globally in 2023 due to rising incomes and related investment in recreational facilities, such as public swimming pools, aquatics facilities, and amusement parks. These trends and more are analyzed in Global Pools & Spas published by The Freedonia Group.
For more information regarding pool sales and water treatment trends visit: https://www.freedoniagroup.com/industry-study/global-pools-spas-3778.htm
However, advances will be restrained by sharp decelerations in the large, mature US and West European markets following the rapid growth that resulted from the release of pent-up demand during their respective post-recessionary recoveries between 2013 and 2018.
Global demand for pool and spa water treatment products – equipment and chemicals – is forecast to increase 3.6% per year to $12.1 billion in 2023, supported by:
- increases in new pool and spa installations in developed markets, such as the US and Western Europe
- anticipated healthy growth in the number of pools and spas in use in the Asia/Pacific region
- expanding tourism industries in developing countries such as Mexico, which will lead to the increasing use of water treatment products to meet the standards of higher income countries
- rising consumer standards for water treatment globally
- innovation raising the value of products if not necessarily the frequency of replacement purchases
Restraining gains will be the decelerated growth expected for the global number of pools and spas in use through 2023. Additionally, market maturity in affluent countries – as well as low incomes and lax water quality standards in developing markets such as China – will continue to restrict global sales growth for water treatment products.
Contact Corinne Gangloff for an interview with the analyst Peter Kusnic or Project Director Jennifer Mapes-Christ.
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SOURCE The Freedonia Group