Aromatherapy Market to record a healthy 7.7% value CAGR during 2016 and 2026
A recent study of Future Market Insights (FMI) envisages the aromatherapy market to record a healthy 7.7% value CAGR and reach US$ 8,058.5 million valuation between the period of forecast 2016 and 2026. The market is expected to experience promising growth in the near future, mainly due to the increasing health and wellness trend, and popularity of the direct sales channel. Medical centers offering therapeutic treatments have initiated promotions for the use of aromatherapy in the treatment of generic ailments such as headaches, anxiety and depression. Increasing preference for aromatherapy will also be instrumented by its efficiency in boosting cognitive performance, increasing blood circulation, strengthening immunity, improving digestion and reducing pain.
The regions of North America and Western Europe are projected to continue their dominance in the aromatherapy market. Collective revenues from aromatherapy product sales in these two regions will surpass US$ 4 billion, according to the study. However, Asia Pacific excluding Japan (APEJ) will record fastest growth in the aromatherapy market, as spa tourism is on the go in ASEAN markets, and an increasing number of women in this region are inclined to buy essential oils for home usage.
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Diffusers and other equipment used for extracting the aroma of plant extracts will continue to witness a slower sales growth rate as compared to consumables. Revenues from aromatherapy consumables, such as blended oils, carrier oils, will account for bulk shares of the market during the forecast period. There has been increasing usage of aromatherapy diffusers at home to ward off bad smells. The therapeutic properties of essential oils such as immune system, combating cold, allergies and breathing disorders are promoting sound sleep and relaxation at home. As a result, increasing number of people are opting to buy aromatherapy diffusers and essential oils for home usage.
Aromatherapy acts as a complementary treatment in many viral and bacterial diseases such as acute respiratory infections, viral infections, influenza, and bronchitis, and can be used during prophylactic and therapeutic treatment regime for many diseases. Owing to these added benefits and application of essential oils in many indications leads to increasing sales of essential oils for different condition which in turn drive the revenue growth of aromatherapy market.
Increasing consumer preference for aromatherapy can be attributed to its greater skin rejuvenation and hair fall control offered. This has further driven adoption of aromatherapy in skin care and hair care applications, with revenues projected to register an impressive growth through 2026. Demand for aromatherapy is also expected to rise in the treatment of insomnia, pain management, and scar management. Carrot seed, cedar wood, geranium, hyssop, juniper, rose and lavender essential oils are commonly used for scar management.
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Aromatherapy market is fragmented with the presence of few established brands and many local players in the market, and the market is witnessing entry of many home-based and startup firms. The major share of market is captured by the brands such as Young Living Essential Oils, doTERRA, Now foods and Eden Garden.
Considering the growth prospects in emerging markets, various established companies and startup firms have entered aromatherapy market to capture maximum share in emerging markets, as the market is at its nascent stage where herbal products are in high demand. Companies such as Mountain Rose Herbs, Eden Garden, Frontier Natural Products Co-op (Aura Cacia) and Plant Therapy Essential Oils based in the U.S. are recognized all over the world for offering organic herbs, aromatherapy products, essential oils, and other natural health and body care products through online big retail chains and through their own website.
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Consumables segment is anticipated to be the most lucrative segment in the Western Europe aromatherapy market during the period of assessment
The consumables segment is expected to be the most attractive segment in the North America aromatherapy market over the forecast period. U.S. is the largest market for consumables, especially essential oils. The segment is witnessing the introduction of new oils, which are imported from various countries to cater to the increasing demand for essential oils across the North America region. New products are frequently being launched by leading domestic players, which makes the consumables segment more competitive in North America. An increasing awareness of the benefits of different essential oils is driving the growth of the consumables segment in the Latin America region. There is a rise in demand for wellness products and therapies in Western Europe owing to increasing disposable income and this is driving the demand for consumables in the region. The APEJ region is likely to witness an interesting trend that is creating a positive impact on the consumables segment of the global aromatherapy market. An increasing number of women in countries such as Indonesia, Thailand, Philippines, Vietnam, and Malaysia are more inclined to buy essential oils for their home usage and this factor is expected to boost the growth of the consumables segment in the APEJ aromatherapy market.
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