Market Research Future (MRFR) in its recently published study report asserts that the already booming market of Aromatherapy 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 – 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.
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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.
Improving economic conditions worldwide are fuelling the urbanization, further ushering the problems about the changing lifestyle such as sleep disturbances, stress, etc. Simultaneously, the improved economy has also fostered the lifestyle industry, enhancing the quality of life of people making the best healthcare available to them. The non-invasive nature of aromatherapy is also one of the key factor fostering the market growth exclusively.
Conversely, there are some growth restraining factors as well that are expected to hinder the market growth. These factors are stringent regulations about the obligatory differentiation label on the product citing therapeutic grade or cosmetic grade products, lack of expertise among the therapists and toxic nature of some of the essential oils like Cineole which is poisonous above the recommended dose and an overdose may cause some severe respiratory symptoms. Also, the fact that is impeding the market growth up to some extent is that there is no solid medical evidence that aromatherapy prevents or cures diseases mentioned above.
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.
Industry/innovation/Related News:
May 29, 2018 – Aspen Valley Hospital (AVH – US) launched an opioid reduction initiative with a multi-pronged attack. Including aromatherapy and other therapies like acupuncture, heat, etc., the hospital is all set to help cut into opioid use.
May 9, 2018 – Wis. Ambulance Service in Tri-State (US) introduced aromatherapy instead of medication for minor pains and thus to cut down on opioid use.
August 23, 2017 – doTERRA International, LLC (US), one of the leading global manufacturer of Aromatherapy and Essential Oils announced the expansion of its corporate campus including the new medical clinic and corporate building, along with the expansion of the company’s manufacturing facility.
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.
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