New York, Oct. 12, 2022 (GLOBE NEWSWIRE) -- Research Nester has published a detailed market report on ‘Global Aromatherapy Market’ for the forecast period, i.e. 2023 – 2033 which includes the following factors:
- Market growth over the forecast period
- Detailed regional synopsis
- Market segmentation
- Growth drivers
- Challenges
- Key market players and their detailed profiling
Global Aromatherapy Market Size:
The global market for aromatherapy is anticipated to generate USD 5837.0 million in revenue by the end of 2033, expanding at a CAGR of 12% over the forecast period. Additionally, the market produced USD 1823.0 million of revenue in 2022. The growth of the market can be attributed to the rising cases of insomnia across the world. Numerous studies conducted around the world have revealed that 10%–30% of people suffer from insomnia, with some estimates reaching 50%–60%. Aromatherapy is a holistic therapeutic approach in which specific ailments and diseases are treated and healed using natural aromatic extracts and essential oils. The practitioner or appropriate medical expert gathers all the data regarding the patient’s medical history before to performing aromatherapy.
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In addition to this, the rising prevalence of cardiovascular illnesses, mental disorders, and immune system dysfunction, together with expanding consumer preferences for personal hygiene and organic products, are expected to have a positive impact on the market growth over the forecast period. It was noticed that nearly 30% of people experience anxiety disorders at some point in their life, making it the most prevalent mental illness.
Global Aromatherapy Market: Key Takeaways
- North America region gains the largest portion of the revenue
- Topical application segment to dominate the revenue graph
- Skin & hair care sub-segment remains prominent in the application segment
Higher Prevalence of Non-Communicable Diseases and Rising Cases of Hypertension to Boost Market Growth
The growth of the market can be further attributed to the higher prevalence of non-communicable diseases including cardiovascular diseases, respiratory diseases, diabetes, and cancer across the world. This prolonged illness often leads patients to depression and anxiety disorders and it has been observed that a higher number of patients opt for aromatherapy to fight back chronic diseases. Additionally, the rising cases of deaths due to non-communicable diseases are predicted to boost market growth. As per the World Health Organization, non-communicable diseases (NCDs) account for 41 million annual fatalities, or 74% of all fatalities worldwide.
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Moreover, it has been a long time since essential oils are being used to treat certain conditions and hypertension is one of them. The market is predicted to grow over the forecast period on the back of the rising usage of aromatherapy for hypertension, backed by the increasing cases of hypertension across the globe. It was found that the number of people aged 30–79 years with hypertension has increased from 650 million to 1.28 billion in the past thirty years. It has been discovered that essential oils including lavender, neroli, marjoram, and others help lower blood pressure and stress hormones when inhaled. Since cortisol, a hormone that causes hypertension, is created when people are under stress, stress is the main cause of hypertension. Therefore, during the course of the forecast period, a demand similar to this is anticipated to boost the market growth.
Global Aromatherapy Market: Regional Overview
The global aromatherapy market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Increasing Prevalence of Chronic Diseases to Drive Growth in the North America Region
The North America region attained a 42.16% share in 2022 and is anticipated to keep holding the largest market share by the end of 2033. The growth of the market in the region can be attributed to the rising number of chronic diseases and hypertension. According to data from the Centers for Disease Control and Prevention, 4 out of 10 Americans are found to have two or more chronic diseases, and 6 out of 10 Americans are estimated to have at least one chronic illness. Additionally, the region's rising disposable income and the presence of a well-organized health infrastructure are estimated to boost market growth over the projection period.
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Increasing Mortality Rate Owing to Chronic Diseases to Drive Growth in the Asia Pacific Region
On the other hand, the market in Asia Pacific region has held a significant market share of 23.11% during the year 2022. The market is also estimated to witness noteworthy growth over the forecast period owing to the increasing mortality rate due to the rising prevalence of chronic diseases, mainly cardiovascular diseases (CVDs) and hypertension in the region, which in turn estimated to boost the market of aromatherapy. As per the records, in 2019, CVD was the biggest cause of mortality in the Asia region, accounting for 10.8 million deaths, or almost 35% of all deaths in Asia, and according to the definition of premature death as occurring before the age of 70, about 39% of these CVD deaths were untimely.
The study further incorporates Y-O-Y growth, demand & supply and forecast future opportunity 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).
Global Aromatherapy Market, Segmentation by Application
-
- Cold & Cough
- Skin & Hair Care
- Pain & Scar Management
- Insomnia
- Others
Out of these, the skin & hair care segment is estimated to hold the largest market share over the forecast period. The growth of the segment is ascribed to a rising propensity toward personal grooming. Further, the increasing spending on skin-care and hair care products is predicted to boost segment growth. As per one of the cosmetic surveys, around 80% of American women are considered to use cosmetics daily, which translates to 161 million people spending USD 15,000 on them over the course of a lifetime.
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Global Aromatherapy Market, Segmentation by Mode of Delivery
- Topical Application – 41.03%
- Aerial Diffusion – 23.5%
- Direct Inhalation – 35.5%
Among these, topical application captured the greatest market share (41.03%), followed by aerial dispersion (23.50%), and direct inhalation (35.5%) in 2022. The strong demand for over-the-counter therapies and the simplicity of topical application can be credited with the segment's largest share. Moreover, the increasing usage of topical medications for treating skin diseases, backed by the rising skin diseases is predicted to drive segment growth. As one of the skin care studies revealed that up to 50 million Americans have acne each year, making it the most prevalent skin ailment in the country, and between the ages of 12 and 24, 85% of individuals have at least mild acne.
Global Aromatherapy Market, Segmentation by Product
- Consumables
- Essential & Carrier Oils
- Other Equipment
Global Aromatherapy Market, Segmentation by Distribution Channel
- Retail
- E-Commerce
- B2B
Few of the well-known market leaders in the global aromatherapy market that are profiled by Research Nester are Sparoom, dōTERRA International, LLC, Biolandes SAS, Frontier Cooperative, Rocky Mountain Oils, LLC, Plant Therapy Essential Oils, Edens Garden, EO Products, Stadler Aktiengesellschaft Chamerstrasse, RyohinKeikaku Co., Ltd., and others.
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Recent Developments in the Global Aromatherapy Market
- In October 2021, Edens Garden announced the launch of three different types of room sprays. These sprays are simple to apply and offer a ton of breath advantages in addition to their revitalizing and energizing fatigue-fixing effects. Additionally, the essential oils used to make these sprays are 100% pure, which neutralizes odor.
- In January 2021, the complete acquisition of Tennants Fine Chemicals Ltd. was announced by Eternis Fine Chemicals Ltd., a leader in fragrance chemicals worldwide.
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