Aromatherapy market Will hit at a CAGR of 7.7% from 2016 to 2026
Posted by ankush Nikam on March 2nd, 2017
Preference to alternative medicine such as aromatherapy is on a rise as people from all cultures are actively accepting the therapeutic use of aroma derived from plant-based essential oils.
Future Market Insights has recently published its study on the global aromatherapy market, projecting the US$ 3.8 billion market to soar at a healthy 7.7% CAGR and reach US$ 8,058.8 million valuation by end of 2026. Over the next decade, awareness regarding healing benefits of aromatherapy is expected to gain momentum. Medical centres providing therapeutic treatments will promote the use of aromatherapy in the treatment of generic ailments such as depression, anxiety, and headaches. Rising preference to aromatherapy will also be instrumented by its effectiveness in boosting cognitive performance, strengthening immunity, reducing pain, improving digestion and increasing blood circulation.
According to the study, North America and Western Europe are anticipated to remain dominant regions in the global aromatherapy market. By the end of 2026, aromatherapy revenues amassed from these two regions will surpass US$ 4 billion. Nevertheless, the aromatherapy market in Asia-Pacific excluding Japan (APEJ) region will register growth at the highest CAGR – 9.7%. Japan’s aromatherapy sales are also predicted to grow rampantly, while Latin America and Middle East & Africa (MEA) are likely to incur sluggish growth over the forecast period.
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Higher Demand for Aromatherapy Consumables
Diffusers and other equipment used for deriving the aroma of plant extracts will continue to be consumed at a rate lower than consumables. During the 2016-2026 forecast period, global revenues garnered from the sales of aromatherapy consumables such as essential oils, carrier oils and blended oils will account for over 85% of the overall market revenues. On the other hand, growth in revenues amassed from the sales of aromatherapy equipment will register a 7.8% CAGR. By 2026-end, global consumption of aromatherapy consumables, namely carrier oils and blended oils, will collectively bring revenues worth over US$ 2.5 billion. Meanwhile, the demand for evaporative diffusers will remain considerably higher than that of heat diffusers, nebulising diffusers and ultrasonic diffusers.
Skin & Hair Care – Prominent Application for Aromatherapy
A majority of people seeking aromatherapy intend to improve their physical attributes through skin rejuvenation and hair fall control facilitated by this therapy. Consumers opting for aromatherapy in skin and hair care applications have brought in an estimated US$ 837.9 million in global revenues by the end of 2016. These revenues are likely to grow at 8.1% CAGR, closing in on the US$ 2 billion benchmark by the end of 2026. Demand for aromatherapy is also expected to rise in the treatment of insomnia, pain management, and scar management. Relaxation is also projected to remain the widely-preferred application of aromatherapy in the world.
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In the report, titled “Aromatherapy Market: Global Industry Analysis & Opportunity Assessment, 2016-2026,” Future Market Insights has predicted that the topical mode of delivery for aromatherapy will gain traction over the forecast period. The report also estimates that combined global revenues, collected from delivering aromatherapy through aerial diffusion and direct inhalation, surpassed US$ 1,700 million in 2016. Utah-based companies such as Rocky Mountains Oil, doTERRA, and Young Living Essentials Oils are observed to be leading players in the global aromatherapy market. Companies such as Mountain Rose Herbs, Eden Garden, Frontier Natural Products Co-op (Aura Cacia) and Plant Therapy Essential Oils are also based in the U.S and recognised globally for partaking in the global market for aromatherapy.
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About the Authorankush Nikam
Joined: December 21st, 2016
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