Industry Outlook

Body oils market projected to grow at a CAGR of 4.2% during the forecast period from 2021 to 2029. In 2020, Asia Pacific held the leading market share in terms of revenue. Body oils function as an emollient and an occlusive thus preventing cell cohesion and transepidermal water loss. It has essential ingredients such as vitamins, fatty acids, antioxidants, and polyphenols among others.

There is a continuous spending on beauty care products among the consumers across globe. Within the cosmetic products, skin care dominated the market. Awareness towards having healthy skin is driving the demand for different types of body oil. Body oils are important substitutes of body lotions that are applied on the skin and has several benefits such as maximizing the amount of moisture content, cleansing, and exfoliating the skin. In addition to this, body oils is beneficial for muscle pain, which is prevalent at different ages. Modern medicines prescribed often results in side effects such as stomach irritation and drowsiness among others. Treatment of the muscle pain with essential body oils acts as an alternative medicine and provides relief, relaxation and blood circulations.

Increasing number of spas and wellness centers across the globe is a major factor driving the demand for global body oils market. Rise in the wages of people experiences conflicting pulls regarding decisions of work and leisure. However, hectic schedules demand relaxation and there is an increasing trend to visit spa and wellness centers among the consumers. Additionally, preferences for organic products is another factor boosting the demand for the body oils. Consumers seek natural ingredients instead of the artificial ones thus influencing the manufacturers to focus upon product innovation and new product launch. In 2021, Just Herbs launched virgin coconut oil, which is 100% natural and the product has natural antifungal, antibacterial and antiviral compounds that protects the skin from skin infections.

However high cost of production of body oils possess a major restrain to the market. The processes such as cold pressing of oils is expensive as they are processed without chemical extraction thus maintaining high nutrient value.

"Wet Oils Captured the Major Chunk of the Body Oils Market in 2020"

In 2020, wet oils segment accounted for the largest in terms of value share of over 30% and expected to maintain its dominance during the forecast period although the market share for the products is expected to decline on account of increased shift towards usage of dry oils. Wide availability of wet oils across various retail chains results in high purchase of wet oils. Under the wet oils segment, almond and coconut oils are widely used by consumers across the globe. Almond oils consists of hypoallergenic properties that are beneficial for sensitive skin. In addition to this, the oils is rich in vitamin E and combats harmful ultra violet rays and stress from hectic work schedules. On the other hand, coconut oils has natural antibacterial and antifungal properties and acts as a moisturizer for the skin.

Dry oils segment identified as the fastest growing segment during the forecast period. These oils easily absorbed within the skin and are high in polyunsaturated acids.

"Easy Accessibility and Availability across all Distribution Channels Triggering the Overall Market Growth"

Hypermarket and supermarket captured the largest market share by distribution channel in 2020, followed by specialty stores and online channel. Efficient advertisement, point of sale displays, wide array of products propels the impulse of buying among the customers. In developing economies, manufactures of body oil are focusing on selling products through supermarket and hypermarket in order to grab more number of customers, which in turn expected to trigger the growth of this segment during the forecast period. Online channel expected to witness fastest growth during the forecast period. E-commerce platforms enables the customers to explore best products while at home without visiting the shop physically to buy the same products. Therefore, convenience factor of consumer expected to increase the growth of online channel segment during the forecast period. Recent trends show that the companies are focusing on expansion of the e-commerce platforms as part of their strategy in order to increase the revenue of body oil products as it reduces their maintenance cost of the stores.

"Increasing Number of Spas and Wellness Center across the Globe is to propel the Growth of Body Oils"

Spa and wellness centre captured the largest market share by end-use application in 2020, followed by personal use and medical therapeutics. Rise in services such as body massages triggering the demand for body oils among the consumers. With the rising consumer demand and their discretionary spending, personalized services, spas are focussing upon strengthening their brand positioning in order to support premium prices.

Personal use segment expected to witness the fastest growth during the forecast period. High prices in spas often refrains the consumers to visit on regular basis. They prefer home spas and massages as they are more affordable compared to professional treatment.

"Rising Disposable Income and Huge Population Base in Asia-Pacific, Making it the leading Region for Body Oil Products"

Asia Pacific region accounted for the largest share in global body oils market and projected to witness promising growth during the forecast period from 2021 to 2029. Increasing demand for body oils products from millennial, rising awareness related to health, rising discretionary spending & living standard, and growing population are some of the factors propelling the growth of body oils in the region. Presence of leading brands such as Unilever, Patanjali, Himalaya, Sephora Singapore, etc. coupled with rising distribution channel in counties such as Japan, India Singapore, etc. also contributing to the growth of body oils market in the region.

Europe and North America followed Asia Pacific region in 2020. Shift in consumer preference towards environment friendly and natural products is triggering the demand for body oils. Penetration of premium products, strong awareness pertaining to the health problems, and constant introduction of personalised variant products by the companies are other factors driving the demand for body oils.

"New Product Development is the Key Strategy by the Global Players"

Body oils market characterized by intense competition among the manufacturers. The growth of the market mainly attributed to new product launches, supported by promotional activities, and advertisements carried out by major manufacturers. Trend shows that manufacturers are striving to introduce multi-benefit value-added products in order to grab more number of customers across the globe. Some of the major players operating in the body oils market are Avon Products Inc.,Aveda Corporation,Bath & Body Works,Clarins Group, Dessert Essence,E.T. Brown Drug, Suki Skincare, Nutregena Company among others

Historical & Forecast Period

This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.

The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Body Oils market are as follows:

• Research and development budgets of manufacturers and government spending
• Revenues of key companies in the market segment
• Number of end users and consumption volume, price and value.
• Geographical revenues generate by countries considered in the report
• Micro and macro environment factors that are currently influencing the Body Oils market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.

Key questions answered in this report

• What are the key micro and macro environmental factors that are impacting the growth of Body Oils market?
• What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
• Estimated forecast and market projections up to 2032.
• Which segment accounts for the fastest CAGR during the forecast period?
• Which market segment holds a larger market share and why?
• Are low and middle-income economies investing in the Body Oils market?
• Which is the largest regional market for Body Oils market?
• What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
• Which are the key trends driving Body Oils market growth?
• Who are the key competitors and what are their key strategies to enhance their market presence in the Body Oils market worldwide?