Market Research Future (MRFR) in its recently published study report asserts that the already booming Aromatherapy Market is expected to gain prominence over the forecast period. The market is forecasted to reach USD 4.3 billion by the end of 2023, growing at a CAGR of ~ 6.18 % during 2017-2023.
Global Aromatherapy Market – Competitive Analysis
The key players operating in the Aromatherapy market compete based upon pricing, Technology, and services. Vendors operating in the Aromatherapy Market strive to deliver the best quality products based on innovative technologies, and best practices. Aromatherapy market demonstrates a high growth potential which is likely to attract many entrants to the market resulting in intensified competition further.
Some oil manufacturer practice using steam distillation or solvent extraction because it is an easier way to extract essential oils as the natural herbs and plants may change its medication value and nutrients compound due to heat. Hence oils used in Aromatherapy are extracted by the cold press or cold process to retain maximum nutrients compound from the natural plants or herbs.
Key players are more focusing on the expansion of Aromatherapy business across the globe which is contributing around 40% of strategy share. After expansion, key players are acquiring companies to strengthen their presence and to get an edge over increasing competition. R&D, partnership, and product launch contribute equally (~10%) in the strategic share of key players in Aromatherapy market.
Global Aromatherapy Market – Key Players
Key players profiled in the report are Nu Skin, Air Aroma, Muji, Tree of Life, Young Living, Zija International, dōTERRA, NOW Foods, Neal’s Yard Remedies and others.
Global Aromatherapy Market – Overview
Aromatherapy has long been recognized as an alternative treatment, being offered in therapeutic practices, including yoga studios & spas, massage centers, even in hospice settings and chiropractic facilities. Utilizing aromatic oils, and other aroma compounds this medicine practice is helpful in treating health conditions ranging from chronic stress, anxiety, and depression to insomnia and trouble sleeping and from muscle pain, respiratory infections skin problems or disorders, to blood sugar fluctuations, and even cancer.
Over the period, there have been some product additions in the space of Aromatherapy. Products such as aromatherapy diffusers, beaded ornaments made of lava stones soaked in various essential oils that release fragrances and beer essential oils are becoming the current market trends. This presages that people are well aware of the benefits of aromatherapy and increasingly prefer it, relying on the usages of natural oils.
Resultantly, the global Aromatherapy market is growing pervasively, witnessing augmented uptake of aromatherapy as an alternative medicine practice. Today, online and store-based distribution channels are availing various therapeutic-grade aromatherapy products and oils, offering the convenience of purchasing. All these factors such as advantages, awareness, and accessibility cumulatively drive the aromatherapy market on the global platform.
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Global Aromatherapy Market – Segments
MRFR has segmented the Aromatherapy Market into 4 Key dynamics for an easy grasp and enhanced understanding.
By Products: Essential Oils (Citrus, Floral, Green/Vegetative, Spicy, and Herbaceous/Camphoraceous, Spices and others), Carrier oils & Blended oils, Equipment (Ultrasonic Diffuser, Nebulizer Diffuser, and Heat Diffuser, others), among others.
By Applications: Inhalation, Tropical, and Aerial Diffusion among others.
By Therapeutic Applications: Relaxation & Sleep, Pain Management, Skin & Hair Care, among other remedies.
By Regions: North America, Europe, APAC and Rest of the World.
Global Aromatherapy Market– Regional Analysis
The US region is estimated to dominate the market with the largest market share in terms of revenue and size both, followed by Europe and the Asia Pacific respectively. Owing to the high per capita income and healthcare expenditures, the U.S. and Canada are major markets for Aromatherapy in the North America region. Strong potential of Aromatherapy products to be used for rising application areas and therapeutic applications as well as in cosmetics and personal care supporting market growth among the various regions in the world.
Whereas, in Europe, the second largest market for Aromatherapy, France, Italy, and Germany are major Aromatherapy products market. Increasing popularity of Aromatherapy as therapeutics and pharmaceuticals is supporting the Aromatherapy market in America and Europe region. High disposable income and presence of large facilities especially in France and Germany drive the regional market growth.
Led by China and India Asia Pacific region is expected to emerge as the fastest growing market for Aromatherapy, owing to the large unmet needs. Besides APAC region is the largest producer of the Essential Oils, Carrier oils and Blended oils which is undoubtedly going to impact the regional market growth positively.
Led by some of the GCC countries, mainly Saudi Arabia and UAE, The Middle East and Africa market for Aromatherapy will be witnessing substantial growth. On the other hand, due to the poor economic and political conditions in the regions, Africa market is expected to demonstrate a sluggish growth.
Major Table of Content
Chapter 1. Report Prologue
Chapter 2. Market Introduction
2.2 Scope of the Study
2.2.1 Research Objective
Chapter 3. Research Methodology
3.2 Primary Research
3.3 Secondary Research
3.4 Market Size Estimation
Chapter 4. Market Dynamics
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