Research and Technological Innovations to Bolster Developments in Massage Oil Market
Increasing consumer awareness about medical benefits of massage oil such as improved blood circulation, and relaxation is driving the demand for massage therapy. Growth of the massage oil market is dependent on continuous medical research that substantiates its benefits. Hence, organizations are investing in developing products that follow international quality standards.
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Key Takeaways of Massage Oil Market Study
Europe leads global sales with more than 35% share of the total market value. Penetration of spa & wellness centres in countries such as the UK, France, and Italy are strengthening market growth in this region.
Spa & Wellness Centers are the most financially rewarding applications of massage oil products. The application segment holds overs 54% share of the total market revenues.
Increasing support from the medical community in terms of research and patient referrals from chiropractors position medical therapeutics as a high growth application. The segment will continue to generate revenues at an impressive ~6% CAGR through 2030.
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Adults form the maximum number of consumers of massage oils. The adult consumer demographic accounts for a lion’s share of over 77% of the total market sales. Hectic lifestyles paired with higher disposable income are major drivers of growth in this segment.
Growth in the number of millennial parents is driving the demand for massage oils for baby massage. This consumer demographic segment presents a strong 7% CAGR through 2030.
Almond oil offers the most lucrative growth opportunities with a significant 6% CAGR during the forecast. Easy availability of raw material, and health benefits drive the demand from this product type.
Healthcare Applications- Key Growth Areas
Growing prevalence in healthcare applications is a central factor that drives massage oil sales. A study by the American Massage Therapy Association (ATMA) found that more than 1/2 of customers engage in massage therapies as a part of health conditions such as injury rehabilitation and pain management.
Frequent initiatives from the International Massage Association (IMA) present favorable growth opportunities for market players. For instance, the IMA organized the world championship of massage in June 2019. The event presents opportunities for massage oil manufacturers to forge financially rewarding connections. However, due to the current COVID-19 pandemic, this year’s world championship may be postponed to the second half of 2020.
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Battling Uncertainty amid COVID-19
Market players must prepare for a rough road ahead due to ubiquitous COVID-19 lock down of import and export of non-essential items. Market places, shops, spa & salons are decommissioned across the globe to stop the spread of coronavirus. However, normalization trends post pandemic show increasing healthcare expenditure by consumers which will ripple down to a steady increase in demand for massage therapies and massage oils.
International trade lock-downs to mitigate the pandemic, hinder distribution, manufacturing, and sales of massage oils for 2020. Market players must withstand the headwinds and utilize this time to strategize contingency and recovery plans. Online distribution, advancements in material extraction, and industrial automation are a few remunerative investment opportunities.
Find More Valuable Insights on Massage Oil Market
Fact.MR, in its new offering, brings to fore an unbiased analysis of the massage oil market, presenting historical demand data (2015-2019) and forecast statistics for the period, 2020-2030. The study divulges compelling insights on the massage oil market on the basis of product (olive, almond, coconut, citrus, and others), demographic (adult and baby), application (spa & wellness centers, medical therapeutics, and others), and across six major regions (North America, Latin America, Europe, East Asia, South Asia & Oceania, and Middle East & Africa).
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