Increasing Number Of Spas And Wellness Centers Driving The Demand For Body Oils Across The Globe
According to the latest report published by Credence Research, Inc. “Global Body Oils Market - Growth, Future Prospects and Competitive Analysis, 2018-2026,” the global body oils market expected to grow at a CAGR of 4.2% from 2018 to 2026.
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Body oils refer to the skincare products that are applied on the skin for treatment or prevention of dry skin. The main ingredients in the body oils includes natural sources such as vegetable or fruit seeds, fatty acids and vitamin E. The fatty acids are the essential components in oils that helps in enhancing the metabolic activities and consists of skin protection capabilities. Usage of body oils helps to smoothen the skin and prevents the moisture loss.
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Preference for aromatherapy is driving the demand for body oils in recent years. Aromatherapy acts as an alternative medicine and has several useful properties. For instance, patients diagnosed with acute leukemia prefers aromatherapy that alleviates the symptoms such as pain, anxiety, insomnia among others. Moreover, factors such as increasing number of spas and wellness centers across the globe is also boosting the growth of the global body oils market.
The global market for body oils segmented into different product types that include dry oils and wet oils. Dry oils segmented into rosehip seed oil, evening primrose oil, sesame oil, grape seed oil and others. Wet oils further segmented into coconut oil, almond oil, jojoba oil, hemp oil and others. Dry body oils expected to witness the fastest growth during the forecast period. These oils include all the essential ingredients derived from seeds, vegetables and herbs. In 2017, Avon Products Inc. launched dry oil for skin care that also acts as an insect repellent. This product is used by the Royal Marines and it helps in preventing mosquito bites.
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This product launch enhanced Avon’s product portfolio in the body oils segment and strengthened its position among other competitors. In the wet oils segment, coconut and almond oils are widely preferred among the consumers. Rise in awareness towards maintaining healthy skin among the population has resulted in the increasing demand for wet body oils. Due to its smooth and thick texture, it improves the appearance of the skin. In 2018, Neighborhood Botanicals launched a new body oil for both male and female population. The ingredients used are purely natural and the texture of this oils intends to keep the skin hydrated and prevents dryness.
Distribution channel includes online channel, supermarkets, hypermarkets, specialty stores among others. Online channel expected to witness the fastest growth during the forecast period. Retailers offer wide array of global and domestic brands through online channels in order to grab attention from the customers. Companies such as Bath & Body Works realized 31% online sales growth in 2018 while its offline channel had a major setback with 7% growth rate.
Based on end-use applications, the market segmented into personal use, spa and wellness centers and medical therapeutics. Spa and wellness center dominated the market in 2017. Massage helps to stimulate the tissues of the body and to maintain proper moisture content in the skin. Chronic diseases such as heart disease, arthritis, cancer among others are countered with the application of essential oils in the body thus reducing anxiety and level of stress.
Based on geography, Asia Pacific held the leading market share owing to the rising number of population, manufacturers and discretionary spending on premium products. Europe followed Asia Pacific region and grabbed a significant market share in 2017. Europe recorded more than 1500 health resorts and spas across the countries such as Italy, France and Germany.
Some of the major players operating in this market includes Avon Products Inc. Aveda Corporation, Bath & Body Works, Clarin’s Group, Dessert Essence, E.T. Browne Drug Company Inc., Unilever Plc, Suki Skincare, Nutregena Company among others.