Market Research Future (MRFR) in its report on the global aromatherapy analysed that between 2017 and 2023, the market can register a CAGR of 6.18%. The expeditious spreading of awareness about healing through aroma is projected to aid the aromatherapy market to attain a valuation of USD 4.3 billion by 2023.
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Market Boosters and Pitfalls
The surging cases of m is expected to shoot up the growth curve of the global aromatherapy market. The incredible method of healing through aroma using essential oils, is a non-invasive method, hence, is gaining high prominence among people. This is widening the rate of adoption of aromatherapy. As chemically processed medicines and surgeries are crucial to eliminate disorder from the system, so advantageous is aromatherapy as it boosts the immunity of the body. As a result of its long-term health benefits, aromatherapy is being widely accepted. These factors are spotted to reinforce the aromatherapy market growth over the evaluation period. Other market drivers are identifies as, surge in geriatric populace and hike in the healthcare expenditure.
However, the arising confusion in proclamation of different health benefits promised by different brand and intensification of governmental regulations can hinder the expansion of the aromatherapy market.
The aromatherapy market study has been segmented on the basis of product, equipment, application, and therapeutic application.
Based on the product, the aromatherapy market has been segmented into carrier oil, essential oil, and blended oil.
Based on the equipment, the aromatherapy market has been segmented into nebulizer diffuser, heat diffuser, and ultrasonic diffuser.
Based on the application, the aromatherapy market has been segmented into inhalation, heat diffuser, aerial diffusion, and tropical
Based on the therapeutic application, the aromatherapy market has been segmented into pain management, relaxation and sleep, skin and hair care, and other remedies.
Based in the region, the aromatherapy market has been studied Europe, Asia Pacific, North America, and Middle East & Africa (MEA).
The aromatherapy market in North America is likely to lead globally, over the coming years. The hike in per capita income in the US is predicted to amplify the regional market growth. Although, ambiguity of aromatherapy can retard the regional market growth, emergence of more effective aroma-therapeutic can technique can bolster the market expansion.
As per MRFR, the Europe is forecasted to secure the second largest market share over the review period. The European regional market is expected to demonstrate growth at a rapid pace. Owing to tradition of aromatherapy, France, followed by Italy is reckoned to grasp a massive share of the European aromatherapy market in the near future.
The stupendous growth of the aromatherapy market in North America and Europe is reinforced by the existence of giant market players operating in the market.
Followed by China, India in the Asia Pacific region is to witness an impressive aromatherapy market growth, stretching over the forecast period. This is due to the huge patient pool in the region. Another reason bolstering the regional aromatherapy market in China and India is the established tradition of aromatherapy. APAC bosting of its strong economy that notes a hike in per capita income and surge in healthcare expenditure are other drivers which can boost the regional market expansion.
In the MEA region, regions like UAE and Saudi Arabia are likely to witness an excellent growth of the aromatherapy market. However, the aromatherapy market in the African region is expected to demonstrate a sluggish growth in the coming years. Low healthcare budget and lack of awareness of aromatherapy in Africa can impede its market growth.
Market Key Players
MRFR enlisted significant market players operating in the aromatherapy market. They are; Neal’s Yard Remedies (United Kingdom), Young Living (USA), Air Aroma (USA), Zija International (China), Nu Skin (USA), ), Muji (Japan), Tree of Life (made by Jaroma), and dōTERRA (USA), NOW Foods (USA).
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