Massage Oil Market Will Reflect Significant Growth Prospects during 2020-2030
The massage oil market is projected to exhibit a steady growth trajectory of 5% CAGR, through the forecast period (2020-2030). Adoption of massage oil formulations by professional chiropractors is an essential factor for the growth of the massage oil industry. The COVID-19 outbreak has adversely impacted the market in the short term. The problem has been compounded by the temporary closure of brick and mortar stores, disruptions in supply chains, and restrictions on trade. Growing penetration of holistic healthcare practices for pain management will bolster adoption. The demand for massage oils will steadily recover once the pandemic subsides, reveals FACT.MR.
“Frequent initiatives by the International Massage Association (IMA) generates opportunities for growth. The IMA had organized the world championship of massage event during June 2020. The event enables massage oil manufacturers to build up remunerative industry networks. However, the COVID-19 pandemic has delayed the event, temporarily hindering the industry,” says the FACT.MR analyst.
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Massage Oil Market – Key Takeaways
- Almond oil-based massage oil formulations are anticipated to provide highly remunerative opportunities owing to health benefits and easy access to raw materials.
- The spa and wellness center applications of massage oil will rise substantially on account of higher consumer awareness on holistic therapy.
- Medical therapeutics applications of massage oils are likely to gain substantial traction with growth of patient referrals and research by chiropractors.
- Europe will remain a leading regional market, while Asia Pacific is anticipated to gain major ground with growing disposable income in countries such as Malaysia, India, and Singapore.
Massage Oil Market – Key Driving Factors
- Extensive awareness campaigns conducted by international massage associations is a key factor contributing to market opportunities.
- Growing recognition of the healthcare roles of massage oils by chiropractors will generate remunerative opportunities.
- Rising popularity of holistic therapy for pain management cases, and the tech advancements in production processes also contribute to market growth.
Massage oil Market – Key Constraints
- The high costs for production and sales of massage oils is expected to hinder market growth.
- Issues associated with allergic reactions is a key challenge that all massage oil manufacturers have to contend with.
The Anticipated Impact of COVID-19
The COVID-19 pandemic has substantially restricted the growth of the massage oils market. Brick and mortar stores, including medical therapy, and spa and wellness centers have been forced to shut down temporarily. On the other hand, countries with a lower impact of the COVID-19 outbreak will be able to boost businesses sooner than other regional markets.
To mitigate losses during this crisis, market players are seeking to optimize production processes in addition to setting up strict quality standards for consumer safety. Online distribution channels will gain substantial traction among market leaders to leverage social distancing protocols. Recovery of the massage oil market is largely dependent on the normalization of raw material supplies, relaxation of trade regulations, and effective social media presence.
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The massage oil market is moderately fragmented. Key players in the massage oil market are Raven, Bon Vital, Natural Bath and Body Products, Fabulous Frannie, The Himalaya Drug Company, The Body Shop, Master Massage, Biotone, Aura Cacia, and Bath & Body Works. Majority of these players are seeking strategic collaborations with vendors in addition to investing in online distribution channels. Further, the differentiation of products on discounts, oils, and aroma are popular market strategies.
More About the Report
The FACT.MR’s market research report of 300 pages offers comprehensive insights on massage oil market. The market is analyzed on the basis of product (olive, almond, coconut, citrus, and others), demographic (adult and baby), and application (spa and wellness centers, medical therapeutics, and others) across six key regions (North America, Latin America, Europe, East Asia, South Asia & Oceania, and MEA).