A Broad Analysis of the “Global Aromatherapy Market Research Report- Forecast To 2023“methodology of qualitative as well as quantitative aspects by various industry experts, key opinion leaders to gain a deeper insight of the industry performance.
Aromatherapy Market – Overview
Aromatherapy is the usage of volatile liquid plant materials and various other aroma compounds extracted from plants that is used to affect the mood and health of individuals. It is generally associated with complementary and alternative medicine (CAM).
The aromatic oils coupled with the aroma compounds of plants help improve the psychological and physical well-being of individuals. The latest in-depth research conducted by the team of Market Research Future, reveals a positive growth phase for the aromatherapy market with an expected reach of $4.3 billion by the end of 2023 and a projected CAGR of 6.18% during the review period of 2017-2023.
The research also identifies the various factors and constraints that are supporting or pulling down the market growth of aromatherapy. The global aromatherapy market is influenced by key factors such as the large percentage of population opting for aromatherapy measures, the non-invasive nature of aromatherapy, the burgeoning lifestyle industry, and other factors.
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The modern-day lifestyle has brought forward problems such as stress, anxiety, sleep disturbances, etc. that have inflated the market. Moreover, various essential oils (EO) help increase the immunity level, fight against cold and breathing disorders.
Some of the market constraints include the increasing stringency of regulations like indications that a market player needs to provide. For instance, market players have the task cut out to mention whether the particular essential oil comes under cosmetic grade or therapeutic grade.
Also, the lack of precise guidelines and the toxic nature of essential oils is another big hindrance to the sector. Furthermore, there is little to no medical evidence concerning how effective aromatherapy is in preventing or curing diseases.
Leading Key Leaders
The global aromatherapy market includes various key players that are consistently coming up with new and innovative additions to the market. Some of the key players herein include Young Living (USA), Neal’s Yard Remedies (United Kingdom), Tree of Life (made by Jaroma), dōTERRA (USA), Muji (Japan), Nu Skin (USA), Air Aroma (USA), NOW Foods (USA), and Zija International (China).
Aromatherapy Market – Segmentation
The global Aromatherapy market is segmented on the following basis: product, equipment, application, and therapeutic application.
By product: The market includes therapeutic application, equipment, application, and essential oils. Essentials oils are further narrowed down into citrus, green/vegetative, floral, spicy, herbaceous/camphoraceous, and others.
By equipment: The market includes ultrasonic diffuser, nebulizer diffuser, and heat diffuser.
By application: The market comprises inhalation, tropical, and aerial diffusion.
By therapeutic application: The market includes pain management, relaxation, skin and hair care, and other remedies.
Detailed Regional Analysis
The regional market segmentation of the global aromatherapy market includes North America, Asia-Pacific, Europe, and Middle East & Africa (MEA).
The North American region holds the largest share of the global Aromatherapy market with the US being the most prominent nation contributing to the region’s growth. The dominance of the US region is due to the high per capita disposable income and increasing expenditure on the healthcare sector.
Europe stands tall as the second largest market owing the presence of big hospitals and large disposable income. The market in Europe is spearheaded by France, followed by Germany.
The Asia-Pacific region is slated to the fastest growing region owing to the large unmet needs that is led by economic powerhouses like China and India. The Middle Eastern market will be led by countries like Saudi Arabia and UAE. Whereas, in Africa the region is expected to experience little to no growth owing to the poor economic and political situation.
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Competitive Analysis
On January 2019, a new smart gadget named AROM was launched for the purpose of aromatherapy and scent layering. The gadget boasts the ability to mix and match your own personalized scents and one can even share the same via mobile application, AROM is said to be the next generation of aromatherapy and scent layering.
On January 2019, Major Brands, one of the premier retailers in India, launched the first ever Bath & Body Works store in Mumbai. The latter is regarded as one of the biggest and the most sought-after personal essentials and fragrance brands worldwide. The move will further expand the market for skin care products in India.
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