Well, pretty much what the others have said.
Speaker sensitivity determines how loud a speaker will play for a given wattage going in. Early amps did not have a lot of power so speakers were designed to be very sensitive and not require a lot of power. There are still some high sensitivity designs out there where 30W per channel would be enough but the majority of speakers these days are closer to the 87db - 90db range that requires more power to reach reference levels.
As lovin mentioned, speaker power ratings are not about how much power they need. Those ratings state the maximum power the speaker can handle before damage will occur. You need to look at impedance and sensitivity to know how much power is required to reach a target volume and there are on-line calculators for that.
My father had a tube amp setup that only had about 28W per channel. That would not run a modern speaker very well but he had high sensitivity horns from Electrovoice that did not require a lot of power and I know from personal experience that those speakers could get very loud even with only 28W of amplification.