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In 2020, the market size of mineral and thermal springs in Japan amounted to an estimated **** billion U.S. dollars, declining significantly compared to the previous year. The advent of the COVID-19 pandemic had adverse effects on the thermal spring and spa industry.

Hot spring sources

The thermal spring and spa industry in Japan is profiting from the vigorous geological activity prevalent in the area and the plentiful thermal sources resulting from it. As of March 2021, approximately ** thousand hot spring sources were identified in Japan, the majority of which gushed out water that was above ** degrees Celsius. These are ideal circumstances to harness the resources directly with relatively minimal need for intervention. Currently, roughly half of the identified hot spring sources are being used.

Hot bathing destinations

Thermal baths, also referred to as onsen, are popular holiday destinations for domestic and international tourists alike. Japan has a few thousand designated hot spring areas scattered throughout the country. Before the advent of the COVID-19 pandemic, overnight stays at hot spring facilities amounted to more than *** million, adding up to a substantial chunk of the total number of overnight stays in the lodging industry. Prefectures with a high number of overnight stays at hot spring facilities mostly coincided with those prefectures that recorded high tourism overall. This suggests that trips to onsen facilities constitute a popular choice when it comes to leisure travel.