|Status : Published||Published On : Sep, 2021||Report Code : VRHC1219||Industry : Healthcare||Available Format :||Page : 170|
The global aromatherapy market was valued at USD 2.3 billion in 2020 and is expected to grow at a CAGR of 10.1% during the forecast period (2021–2027). Aromatherapy is an alternative therapy used for the treatment of several diseases such as cardiovascular disorders, anxiety, insomnia, wound healing, and skin-related problems. It uses aromas and aromatic oils for their healing properties. The global aromatherapy market is growing at a significant rate, due to the mounting occurrence of lifestyle-associated diseases and escalating alertness about the therapeutic use of essential oils. Different products such as equipment and consumables contributed to the aromatherapy market size. The market has witnessed a high demand for consumables in the coming years due to escalating adoption of consumables for treating several diseases.
Insight by Product
On the basis of product, the market is subdivided into consumables and equipment. Of all products, consumables segment accounted the larger share in the market, due to escalating adoption of consumables for treating several diseases.
The consumable segment is further subdivided into essential oils and carrier oils. Among both the consumables, the essential oils accounted the larger share in the market. The essential oils are further subdivided into blends and singles. The singles are further subdivided into citrus essential oils, spicy essential oils, woody essential oils, herbaceous essential oils, earthy essential oils, camphoraceous essential oils, floral essential oils, and others.
The equipment segment is further subdivided into the nebulizing diffuser, heat diffuser, ultrasonic diffuser, and evaporative diffuser. The evaporative diffuser accounted the largest share in the market.
Insight by Mode of Delivery
On the basis of mode of delivery, the market is subdivided into the topical application, direct inhalation, and aerial diffusion. Of all the mode of deliveries, the topical application accounted foremost share and is expected to grow at fastest rate in the aromatherapy market, due to an upsurge in inclination for topical application of essential oils for several skin-related problems.
Insight by Application
On the basis of application, the market is subdivided into relaxation, pain management, insomnia, skin and hair care, cold and cough, scar management, and others. Among all applications, the relaxation application accounted the largest share and is expected to grow at fastest rate in the aromatherapy market, due to a mounting number of people suffering from anxiety and stress, and side effects related to other alternative medicines.
Escalating usage of aromatherapy at-home, the upsurge in disposable income, and mounting occurrence of chronic and lifestyle associated diseases are the primary growth drivers for aromatherapy market. For instance, according to the Centers for Disease Control and Prevention (CDC), approximately 370,000 people die annually due to coronary heart disease in the U.S. It is the most common type of heart disease in the U.S. In addition, according to the World Health Organization (WHO) globally approximately 17.7 million people died from cardiovascular diseases in 2015.
Mounting alertness about the therapeutic usage of essential oils and escalating consumer inclination toward natural products are also facilitating the growth of the aromatherapy market.
The stringent regulatory environment and side effects related to aromatherapy are the major challenges for the growth of the aromatherapy market.
Globally, the manufacturing companies trying to enter the aromatherapy market are required to maintain stringent regulatory standards. Moreover, the high level of capital requirement also poses a major barrier to the entry of new players. This offers an edge to the established players in the industry competition.
Geographically, North America accounted the largest share in the market due to escalating disposable income and mounting occurrence of chronic and lifestyle associated diseases.
Asia-Pacific is observed to witness the fastest growth in the market, due to the mounting occurrence of chronic and lifestyle associated diseases and expanding medical tourism. In addition, mounting alertness about the advantages of aromatherapy in treating several health conditions, escalating disposable income, and a large population base is also creating a positive impact on the aromatherapy market growth in the region.
Key players in the aromatherapy market are catering to the demand of these devices by investing in technologically advanced products in their product portfolio across the globe. In November 2015, doTERRA International LLC opened a new production center in Singapore, to allow better access to its essential oils and products. doTERRA International LLC, Plant Therapy Essential Oils, Edens Garden, Young Living Essential Oils, Frontier Co-op, Rocky Mountain Oils LLC, and Mountain Rose Herbs are the key players offering aromatherapy.
VynZ Research conducts extensive primary research to understand the market dynamics, validate market data and have key opinions from the industry experts. The key profiles approached within the industry includes, CEO, CFO, CTO, President, Vice President, Product Managers, Regional Heads and Others. Also, end user surveys comprising of consumers are also conducted to understand consumer behaviour.
Source: VynZ Research
Source: VynZ Research