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.
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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.
Key players leading the global aromatherapy market include
- Air Aroma
- Nu Skin
- Tree of Life
- Zija International
- Young Living
- Neal’s Yard Remedies
- NOW Foods
Global Aromatherapy Market – Segmentation:
For enhanced understanding, the market has been segmented into four key dynamics: –
By Product : Carrier oils & Blended oils, Essential oils (Citrus, Floral, Green/Vegetative, Spicy, and Herbaceous/Camphoraceous, Spices and others), Equipment (Ultrasonic Diffuser, Nebulizer Diffuser, and Heat Diffuser, others), and others.
By Application : Tropical, Inhalation, Aerial Diffusion, and others.
By Therapeutic Application : Pain Management, Relaxation & Sleep, Skin & Hair Care, and other remedies.
By Regions : North America, Asia Pacific, Europe, and the Rest-of-the-World.
Global Aromatherapy Market – Regional Analysis
The North American region, heading with the extensive adoption in the treatment of various disorders, dominates the global aromatherapy market with the largest share. Moreover, factors such as the high per capita income and healthcare expenditures and the growing applications of aromatherapy in therapeutic applications as well as in cosmetics and personal care products are supporting the growth of the regional market. Canada and the US are major markets for aromatherapy in the region.
The aromatherapy market in the European region accounts for the second-largest market, globally. France, Italy, and Germany are the major market for aromatherapy products. Moreover, the increasing popularity of aromatherapy as therapeutics and pharmaceuticals is fostering the market growth in the region. Also, the rising disposable income and the presence of large facilities especially in France and Germany propel the growth of the regional market.
The Asia Pacific aromatherapy market is rapidly emerging as a profitable market, globally. The region is the largest producer of the essential oils, carrier oils, and blended oils which is undoubtedly impacting the market growth in the region, positively. Rapidly developing countries such as China and India have become the largest aromatherapy markets in the region due to the large unmet needs.
The aromatherapy market in the Middle East and African region led by some of the GCC countries such as Saudi Arabia and UAE will witness substantial growth over the forecast period. On the other hand, due to the poor economic and political conditions, the aromatherapy market in the African region will demonstrate a sluggish growth.
Global Aromatherapy Market – Competitive Analysis
Highly competitive, the aromatherapy market appears to be widely expanded and fragmented characterized by several small and large-scale players. To gain a competitive edge and to sustain their position in the market, these players incorporate various strategic initiatives such as partnership, acquisition, collaboration, expansion, and product launch.
The structure of the market is changing due to the acquisition of local players by multinational companies. Because of the increasing competition in the market, multinational companies are using the strategy of acquisition, which increases the profit of the company while significantly reducing the competition.
Some oil manufacturer practice extraction methods such as steam distillation or solvent extraction to extract essential oils without changing the medication value and nutrients compound of natural herbs and plants that tend to change due to heat. Oils used in aromatherapy are also extracted by the cold press to retain maximum nutrients compound from the natural plants or herbs.
Key players are focusing more on the expansion of aromatherapy business across the globe which is contributing around 40% increase in the market share. After expansion, these players are acquiring promising companies to strengthen their presence and to get an edge over the increasing competition in the market.
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