Market Scenario
Market Research Future (MRFR) postulates that the aromatherapy market is estimated to garner USD 4.3 billion, grabbing a healthy CAGR of 6.18 % during the forecast period (2017-2023). The non-invasive nature of aromatherapy is encouraging the market growth. Aromatherapy is practiced across the globe to treat several conditions like burns, eczema, acne, skin rashes, etc. and is also being gradually approved for pain management. Aromatherapy is common among the geriatric population as they help to heal chronic pain. The procedure is progressively being used at homes for instant relief from cold and flu, relaxation and sleep, mood enhancement, and pain relief. They are cost-effective, offer privacy and convenience. Aromatherapy finds application in the skin and hair care, relaxation, cold and cough, pain management, scar management, insomnia, and others.
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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.
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.
Competitive Analysis
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).
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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