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.
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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.
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High work pressure and a hectic lifestyle is increasing the adoption of massage therapies on a regular basis. This is spurring sales of massage oils. The global massage oil market will grow 1.5X during the projection period (2020 – 2030). 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.
- 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.
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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.
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.
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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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