Global Aromatherapy Market to be Propelled by CAGR of 12% During 2023 – 2033
Research Nester published a report titled “Aromatherapy Market: Global Demand Analysis & Opportunity Outlook 2033” which delivers detailed overview of the global aromatherapy market in terms ofmarket segmentation by product, mode of delivery, distribution channel, application, by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
The global aromatherapy market is anticipated to grow with a CAGR of ~12% during the forecast period, i.e., 2023-2033. The market is segmented by mode of delivery into Topical Application, Aerial Diffusion, and Direct Inhalation.Out of these, the topical application with a 41.03%highest current market share, garnered the largest revenue in 2022 on the back of increasing inclination toward grooming and personal care products. The revenue generated in 2022 by the skin care segmentwas estimated to be about USD 6 billion.
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Theglobal aromatherapy market is estimated to boost growth of the market on the account of increasing demand for aromatherapy in pain management. 8% of the global population suffers from chronic pain while the annual cost of pain management in the U.S is projected to be about USD 600 billion.
The global aromatherapy market is estimated to garner a revenue of ~USD 5837.0 million by the end of 2033, up from a revenue of ~USD 1823.0 million in the year 2022. The high incidence of non-communicable diseasesis anticipated to fuel the market growth during the forecast period. As per the report of the World Health Organization,about 41 million died each year from non-communicable diseases.
Regionally, the global aromatherapymarket is studied into five major regions including North America, Europe, Asia Pacific, Latin America, and Middle East & Africa region. Out of these markets, the market in the North America region, with a current highest market share of 42.16% is projected to keep holding the largest market share by the end of 2033. The elevating number of chronic diseases and hypertension is estimated to upsurge the market growth. As per the estimationsof the Centers for Disease Control and Prevention, 6 in 10 individuals in the U.Ssuffer from one chronic disease whereas 4 in 10 individuals suffer from two or more chronic diseases.
The research is global in nature and covers detailed analysis on the market in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa). In addition, analysis comprising market size, Y-O-Y growth & opportunity analysis, market players’ competitive study, investment opportunities, demand for future outlook etc. has also been covered and displayed in the research report.
Rising Cases of Hypertensionto Drive the Market Growth
About 690 million people have hypertension with no treatment facility, and in 2019, over 80% of the world’s population was livingwith hypertension.
It is reported that the use of essential oils waspracticed long ago to treat and cure hypertension situations. Even inhaling essential oils such as lavender, neroli, marjoram, and others can decrease blood pressure and stress hormones. A hormone called cortisol is released which causes stress and produces hypertension issues. To suppress that hormone, aromatherapy is used which is estimated to improve the market growth during the forecast period.
However, the higher cost associated with aromatherapy and lack of awareness across the globe is expected to operate as key restraints to the growth of the global aromatherapymarket over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the global aromatherapy market which includes company profiling of dōTERRAInternational, LLC, Biolandes SAS, Frontier Cooperative, Rocky Mountain Oils, LLC, Plant Therapy Essential Oils, Edens Garden, EO Products, and others. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global aromatherapy market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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