Massage Oil Market Registers 1.5X Growth amid COVID-19 Impact
Intensive awareness campaigns by international associations such as the America Massage Therapy Association (AMTA), and the International Massage Association (IMA) will present favorable growth opportunities for the massage oil market. The global massage oil market exhibits a steady growth trajectory with 5% CAGR during the forecast period (2020-2030).
Increasing recognition from the chiropractor community contributes significantly to massage therapy revenue. Prevalence of holistic healthcare for pain management, and physical injuries will continue to bolster growth for massage therapies, and massage oils.
Tech-driven advancements in extraction processes equip manufacturers with the right set of tools to garner sales. Market players are differentiating products on essential oil ingredients and product packaging.
Spa & Wellness Give Financially Rewarding Tailwinds to Massage Oil Market
Spa & Wellness centers account for the largest market value share with over 54% revenues coming from this application segment. Further, the increasing awareness about the medical benefits of massage therapy play an important role in the growth of the massage oil market.
On this backdrop, the medical therapeutics application segment offers the most remunerative opportunities with an impressive 6% CAGR through 2030. Uptake in medical research of massage therapies such as deep tissue, Thai, and Swedish massage, acts as a central factor for adoption of massage oils in medical therapeutics.
Surging number of health conditions such as prenatal depression, autism, hypertension, dementia, and Parkinson’s syndrome warrant the use of massage therapy and massage oils from the medical community.
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Europe to Remain in Forefront of Global Sales
Europe holds more than 35% share of the total market value. Increasing disposable income of millennial consumers gives massage therapists the opportunity to attract, engage, and delight customers. Rapid expansion of spa salons in countries such as the UK, France, Italy, and Germany drive demand from this region.
Golf ball, hot stone, lymphatic, and sports massage are a few eminent massage therapies that generate maximum demand for massage oils. Prosperous opportunities can be seen in Asia Pacific countries with a flourishing digital economy.
Countries such as Indonesia, India, Singapore, and Malaysia are witnessing an increase in disposable income of consumers. When coupled with rising work pressure and hectic lifestyles, consumers are likely to increase spending on massage therapies.
Impact of COVID-19 Pandemic
COVID-19 limits growth potential considerably. Stores, and public facilities are under the microscope of medical authorities. Brick and mortar retail has come to a standstill in many countries.
For instance, Italy has the maximum number of COVID-19 cases, and the government has imposed strict lock-down measures resulting in the closure of spa & wellness centers, and medical therapy centers. Similar situations across the globe pose strong restraints to the growth of the massage oils market during the forecast period.
Manufacturers will find gainful opportunities in developing countries with low COVID-19 impact such as India. These countries will resume business as usual sooner than other regional markets.
Considering the adverse effect of COVID-19 pandemic, market players are shifting their focus on streamlining production processes, and installing stringent quality standards to ensure consumer safety. Online distribution channels will be a top priority for major players.
Consumer trends such as social distancing will result in the uptake of online modes of shopping as consumers look to avoid crowded areas. Enhancements in retail store experience by restructuring the store layouts of spa & wellness centres, and medical massage therapy centres is a financially rewarding initiative.
The recovery post COVID-19 is dependent on various stakeholders of the massage oil market such as raw material suppliers, customers, trade regulations of import and export routes. However, massage oil manufacturers can utilize this situation to establish an online presence.
Social media, video streaming, and online shopping have gained significant traction for every type of product. Effective content marketing strategies will support massage oil manufacturers withstand the COVID-19 impact on world economy.
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Competition Drivers and COVID-19 Impact
Competition in the massage oil market is driven by capacity expansion and strengthening the raw material supply chain. Industry leading organizations are capturing profitable revenues by forging strategic partnerships with vendors and investing in online distribution channels.
Differentiating products based on essential oils, aroma, and discounts are most popular strategies. Major players that shape the competitive landscape of the massage oil market are, but not limited to, Bon Vital, Fabulous Frannie, The Body Shop,Biotone, Bath & Body Works, Aura Cacia, Master Massage, The Himalaya Drug Company, Natural Bath and Body Products, and Raven.
Global Massage Oil Market: In-Depth Assessment on Key Segments
The global massage oil market is segmented on the basis of product, demographic, application, and region.
- Spa and Wellness Centers
- Medical Therapeutics
- North America
- Latin America
- East Asia
- South Asia & Oceania
- Middle East & Africa
This taxonomy and the detailed TOC prepared are confidential and intended exclusively for the individual or entity with whom it is being shared. Reading, disseminating, distributing, or copying this to any party other than the addressee(s) is unauthorized and prohibited.
Global Massage Oil Market – Scope of the Report
The following report provides forecast and analysis of the global massage oil market along with the historical data of 2015, estimated data 2020 and forecast data up to 2030 in terms of value (US$ Mn), according to a Fact.MR study. The research propounds critical trends that are currently influencing growth within the global massage oil market along with several macro-economic indicators.
This newly published and insightful report on massage oil sheds light on key dynamics, and their impact on the overall value chain from suppliers to end-users, which are expected to transform the future of the global massage oil market.
The report also comprises the study of current issues with end users and opportunities for massage oil. It also contains value chain analysis, including the key market participants. To provide users of this report with a comprehensive view of the market, we have included a detailed competitive analysis about the key players involved in the market and strategic overviews.
The dashboard included in the report provides a detailed comparison of massage oil manufacturers on parameters such as total revenue, product offerings, and key strategies. A list of key companies operating in the massage oil market provided in the report adds to the credibility of this exhaustive research study.
Country-specific assessment on demand for massage oil has been provided for each regional market, along with the market size valuation and forecast price point assessment, price index and impact analysis of key regional and country-wise dynamics, which were obtained through quotes from numerous massage oil manufacturers, experts, and suppliers.
Y-o-Y growth projections have also been offered on all regional markets incorporated in the report. Moreover, future trends, growth prospects, and other possibilities related to the market have been answered in the report.
Global Massage Oil Market: Research Methodology
A number of primary and secondary sources were consulted during the course of the study. Secondary sources include Factiva, Morningstar and Hoovers, and company annual reports and publications. Comprehensive interviews have been conducted by our analysts, and the intelligence and insights obtained have been used for validating the information gained through secondary research.
The report also includes a description of assumptions and acronyms utilized for research purposes. Data gathered has been validated using the triangulation method to offer useful quantitative and qualitative insights into the massage oil market.
A short market viewpoint offered in the report elucidates the macro-economic aspects that influence the growth of the massage oil market, which includes global GDP growth rate, urbanization growth, retail sector growth and others. This report serves as an authentic resource of intelligence on the massage oil market, enabling the readers to take fact-based decisions on the future direction of their businesses
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