Aromatherapy involves the practice of using plant-derived aromatic compounds, essential oils, and other scented blends to support health and well-being. Essential oils used in aromatherapy are typically extracted from plants through distillation and are believed to have psychological and physical benefits when inhaled or applied to the skin. The global aromatherapy market has gained widespread recognition due to the rising awareness regarding the health benefits of essential oils. Convenience of use and portability are key factors driving the adoption of aromatherapy products.
The Global aromatherapy market is estimated to be valued at US$ 6.39 Bn in 2024 and is expected to exhibit a CAGR of 8.2% over the forecast period 2023 to 2030.
Key Takeaways
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 . The rising demand for premium wellness products and growing popularity of stress-relief therapies provide huge opportunities in the aromatherapy market. Technological advancements enable development of innovative delivery formats like aromatherapy candles, diffusers, and roll-ons.
Market Drivers
The rapid globalization and hectic lifestyle has led to increased levels of stress and anxiety. This is a key factor driving the demand for aromatherapy products which help in relaxing the mind and muscles. Additionally, growing health consciousness and consumer shift towards natural therapies for ailments like insomnia, soreness and headaches will continue boosting market expansion over the forecast period.
Current challenges in the aromatherapy market:
The aromatherapy market is witnessing rapid growth. However, there are few challenges that are slowing down the growth momentum. The key challenges include lack of scientific evidence, standardization and regulation. Even after years of use, there is lack of concrete scientific evidence proving the efficacy, safety and therapeutic benefits of essential oils. This lack of research limits widespread adoption. Additionally, there is lack of global standards and regulation. Rules differ across countries and regions. This regulatory ambiguity creates confusion and trust issues among consumers.
SWOT Analysis
Strength: Wide range of therapeutic benefits. Essential oils are known to provide relief for stress, anxiety, pain etc. Weakness: Lack of scientific evidence. Limited research restricts mainstream acceptance. Opportunity: Growing wellness industry. Rising preference for natural therapies boosts demand. Threats: Regulatory differences. Varying rules in countries create compliance challenges.
Geographical regions
North America accounts for the largest share of the aromatherapy market currently, in terms of value. This is due to high disposable incomes, growing wellness trend and awareness. However, Asia Pacific is emerging as the fastest growing regional market. Factors such as rising middle class, inclination towards natural remedies and government support for alternative medicines are driving faster adoption.
Fastest growing region
Asia Pacific region is projected to witness the highest growth in the aromatherapy market during the forecast period. Increasing health concerns, growing spa and wellness industry and expanding middle-class demographic are some key factors augmenting the demand in the Asia Pacific region. Additionally, rising standard of living coupled with higher disposable incomes is encouraging people to spend more on aromatherapy products and services.
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1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it