Aromatherapy Market Trends, Size, Share, Growth, Revenue, Demand, Regional Overview, Key Players and Forecast by 2023
Apr 08, 2019 (AB Digital via COMTEX) —
Aromatherapy Market – Overview
Aromatherapy has been recognized as an alternative treatment since ages and it is being offered in many healing and therapeutic practices, including yoga studios & spas, massage centers, and even in hospice settings & chiropractic facilities.
Using aromatic oils, and other aroma compounds this medical practice helps to heal several health conditions ranging from chronic stress, anxiety, depression, insomnia, trouble sleeping, and muscle pain to respiratory infections, skin problems or disorders, blood sugar fluctuations, and cancer even.
Resultantly, the global aromatherapy market is growing pervasively, witnessing augmented uptake as an alternative medicine practice. Factors such as spreading awareness towards aromatherapy’s advantages and easy accessibility to its products cumulatively drive the market growth.
Moreover, the development of distribution channels is escalating the market on the global platform, availing various therapeutic-grade aromatherapy products and oils with the convenience of purchasing.
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Acknowledging the exponential traction, the market is garnering currently, Market Research Future (MRFR) in its recently published analysis asserts that the already booming, global Aromatherapy market is expected to reach USD 4.3 BN by 2023, registering a CAGR of approximately 6.18 % throughout the forecast period (2017-2023).
Rapid urbanization is further ushering lifestyle-borne disorders such as sleep disturbances, stress, etc. Improving economy, worldwide, on the other hand, is availing the best possible healthcare by enhancing the quality of life of people. The non-invasive nature of aromatherapy is a key factor fostering market growth exclusively.
On the other hand, factors that are obstructing the market growth include the stringent regulations towards the obligatory differentiation label on the product citing therapeutic grade or cosmetic grade products and the lack of expertise among the therapists. Also, the 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 are restricting the market growth.
Also, the lack of solid medical evidence to prove that aromatherapy prevents or cures disorders and diseases mentioned above is impeding the growth of the market up to some extent.
Leading Key Players
Key players leading the global aromatherapy market include
Tree of Life
Neal’s Yard Remedies
Global Aromatherapy Market – Segmentations
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.
Detailed 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.
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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.
March 04, 2019 –– Subtle Energies (Australia), leading global aromatherapy, natural skin care, and wellness solutions brand announced that the hotel Peninsula Chicago has strengthened their long partnership by exclusively offering Subtle’s line of Ayurveda-informed techniques and treatments at The Peninsula Spa.
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