Market Research Future (MRFR) has published a research report about global Aromatherapy Market. The theory of this report anticipates 6.18% CAGR (Compound Annual Growth Rate) between 2017 and 2023. In terms of cash, the market growth is expected to reach the US $ 4.3 bn by the end of the forecast period. This report analyzes the market structure with the forecast for six years, factors affecting market growth, on the basis of porters five force analysis, price analysis, and supply chain analysis. It also lists the key players and explores their business strategies. Market developments that are competitive in nature include the development of new treatments, joint ventures, mergers and acquisitions, and strategic alliances.
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Drivers and Constraints Impacting the Market
An alternative medicine therapy, aromatherapy is used to treat several disorders. The medical applications incorporate anxiety, respiratory disorders, cardiovascular disorders, digestion problems, cold & cough, skin-related problems, immune system functioning, insomnia, wound healing, and pain management. People suffering from acne problems usually opt for therapeutic grade essential oils. Essential oils are extracted from plants and hence are non-toxic and safe for inhalation. This is anticipated to generate high demand for aromatherapy products thus driving the market growth during the assessment period.
A large number of the population are opting for aromatherapy products due to its non-invasive nature. The growing lifestyle is facing ushered problems such as stress and sleep disturbances which have inflated the aromatherapy market to a large extent. Also, several adverse effects of pharmaceuticals are encouraging the use of aromatherapy among the people. For instance, rosemary oil can cure both headache and cough & cold if inhaled. Pharmaceuticals can also damage healthy cells along with the diseased cell in case of cancer therapy. Research is being carried out to study the benefits of essential oils in treating brain cancer owing to the fact that the molecular size of several drugs are large and hence is ineffective as a treatment solution. Whereas, essential oils have tiny sized molecules and are estimated to work effectively without harming the healthy brain cells.
On the flip side, increasing strict mandates like indication which a market player has to provide are estimated to act as a restraining factor over the review period. For instance, market players require to mention whether a particular essential oil falls under cosmetic grade or therapeutic grade. Moreover, lack of guidelines and the toxic nature of essential oils is considered to be another factor inhibiting the market growth during the review period. For instance, Cineole essential oil can be poisonous if consumed above the recommended dose and overdose may result in dizziness, vomiting, nausea, suffocation, muscular weakness, burning of the epigastric, and rapid heartbeat.
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).
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.
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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