Aromatherapy uses aromatic essential oils extracted from plants to improve psychological and physical well-being. The oils possess relaxing and calming properties that help reduce stress, anxiety, depression and insomnia. The growing consumer preference for natural remedies over pharmaceutical drugs to manage stress and other lifestyle conditions has propelled the demand for aromatherapy products.
The global Aromatherapy Market is estimated to be valued at US$ 6.39 Bn in 2023 and is expected to exhibit a CAGR of 8.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Growing adoption of aromatherapy for relaxation and stress management has boosted the market. Consumers are increasingly using scented candles, oils and room fragrances to unwind from daily stress and find inner peace. Various clinical studies have proven the calming effects of scents from essential oils in reducing stress levels, heart rate and muscle tension. The trend of aromatherapy being used as a natural stress-buster will continue over the forecast period, thus driving market revenues.
SWOT Analysis
Strength: The aromatherapy market has various health benefits that helps in reducing stress, pain, and anxiety. It is used for relaxation and sleep support.
Weakness: Lack of quality standards and regulations for essential oils. Adverse reactions are possible if proper guidelines are not followed.
Opportunity: Increasing awareness about alternative therapies and focus on preventive healthcare presents an opportunity for market growth. Growing use of essential oils in applications like home care and personal care products also expands opportunities.
Threats: Economic slowdowns impacting discretionary consumer spending. Price fluctuations of raw materials used for extracting essential oils.
Key Takeaways
The global aromatherapy market is expected to witness high growth over the forecast period of 2023 to 2030. With a projected CAGR of 8.2%, the market size is estimated to reach US$ 6.39 Billion by 2024.
Regional analysis
North America dominates the aromatherapy market currently due to growing consumer preference for alternative therapies. Technological advancements have also enabled new product innovations with aromatherapy in the region. The Asia Pacific region is expected to offer lucrative growth opportunities led by countries like China, India and Japan. Rising health awareness and increasing spa culture in Asia Pacific economies are driving the demand.
Key players
Key players operating in the aromatherapy market are doTERRA International, Koninklijke DSM N.V., International Flavors & Fragrances Inc., Symrise, Eden Garden, Young Living Essential Oils, Frontier Natural Products Corporation, Rocky Mountain Oil, Mountain Rose Herbs, Plant Therapy Inc., Thann-Oryza Co. Ltd, G Baldwin & Co., Ouwave Aroma Tech Co. Ltd, RyohinKeikaku Co. Ltd, and Isagenix International LLC. Global players are focused on new product development and market expansion strategies to strengthen their presence.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
