Dublin, Aug. 28, 2023 (GLOBE NEWSWIRE) -- The "Global Aromatherapy Market Forecast, 2018-2028" report has been added to ResearchAndMarkets.com's offering.
The global aromatherapy market is expected to witness a steady Compound Annual Growth Rate (CAGR) throughout the forecast period spanning from 2024 to 2028. This anticipated growth can be attributed to a confluence of factors that collectively contribute to the market's expansion.
The changing lifestyles, containment measures to mitigate the spread of the COVID-19 pandemic, and heightened awareness of the benefits associated with aromatherapy are driving an increasing prevalence of stress, anxiety, and depression among individuals. Additionally, the demand for natural therapeutic approaches as a substitute for synthetic drugs, coupled with significant investments by key industry players aimed at expanding their global presence, is poised to foster market growth during this projected timeframe.
Rising Demand for Natural Products
One of the pivotal driving forces behind the growth of the aromatherapy market is the escalating demand for natural products. Essential oils, which play a vital role in naturally preserving food, are gaining traction as a safer alternative to synthetic additives due to concerns about the long-term adverse effects of the latter. Researchers are actively exploring the incorporation of essential oils as food additives, a trend expected to fuel market growth.
Manufacturers of essential oils are focused on diversifying their aromatherapy product lines, a strategic move that is anticipated to boost the global aromatherapy market further. The combined effect of ongoing product innovation and development initiatives, along with market participants' concerted efforts to expand geographically, is poised to create promising market prospects. This trajectory is closely aligned with evolving consumer preferences for natural products and shifts in therapeutic approaches. Notably, data from the United States indicates that 62% of adults have engaged in some form of complementary or alternative therapy within the past year.
Addressing Increasing Incidence of Chronic Disorders
Aromatherapy's therapeutic potential extends to addressing a wide spectrum of chronic disorders, ranging from cardiovascular diseases to anxiety, restlessness, wound healing, and various skin problems. Beyond wound care and addressing anxiety, the applications of aromas and aromatic oils encompass diverse areas such as digestive complaints, respiratory issues, and more. This versatile range of applications is projected to propel the global aromatherapy market's growth. Moreover, the thriving e-commerce sector, offering convenient access to a diverse array of aromatherapy products, is set to provide robust support to the market's expansion.
The ongoing shift in consumer preferences towards natural products and the evolving adoption of alternative healing therapies are likely to create novel opportunities for market growth. Additionally, given aromatherapy's efficacy in treating anxiety disorders, the increasing prevalence of anxiety among the population is expected to drive market expansion. Statistics reveal that about 5.7% of U.S. adults experience generalized anxiety disorder at some point in their lives, with specific phobias affecting 9.1% and Post-Traumatic Stress Disorder (PTSD) affecting 3.6% of the population.
Market Segmentation for Comprehensive Insights
The global aromatherapy market is comprehensively segmented based on several key parameters, facilitating a granular understanding of its dynamics:
- Components: The market is categorized into two primary components: consumables and diffusers.
- Mode of Delivery: Aromatherapy products can be delivered through various modes, including topical application, aerial diffusion, and direct inhalation.
- Distribution Channels: The market's distribution channels comprise both direct-to-consumer and B2B avenues.
- Applications: Aromatherapy finds diverse applications in relaxation, skin & hair care, pain management, addressing cold & cough, managing insomnia, and other therapeutic uses.
- End-Users: The end-users of aromatherapy products encompass hospitals & clinics, homecare settings, spa & wellness centers, and other related spaces.
Regional Dynamics
Geographically, Europe stands as the dominant market player, followed by Asia Pacific, North America, the Middle East & Africa, and South America. Notably, North America holds a significant share of the global aromatherapy market, reflecting its prominence in the industry.
Concluding Remarks
In conclusion, the global aromatherapy market is poised for sustained growth during the forecast period of 2024 to 2028. This growth is driven by a confluence of factors, including the escalating demand for natural products, the increasing prevalence of chronic disorders, and the diverse applications of aromatherapy in various therapeutic areas. A segmented approach to analyzing the market provides a comprehensive understanding of its intricacies, including components, delivery modes, distribution channels, applications, end-users, and regional dynamics. With ongoing innovations, strategic geographic expansions, and evolving consumer preferences for natural therapeutic options, the global aromatherapy market is positioned to harness these trends and exhibit steady growth in the years ahead.
Key Topics Covered
1. Product Overview
2. Research Methodology
3. Executive Summary
4. Voice of Customer
5. Global Aromatherapy Market Outlook
6. North America Aromatherapy Market Outlook
7. Europe Aromatherapy Market Outlook
8. Asia-Pacific Aromatherapy Market Outlook
9. South America Aromatherapy Market Outlook
10. Middle East and Africa Aromatherapy Market Outlook
11. Market Dynamics
12. Market Trends & Developments
13. Competitive Landscape
14. Strategic Recommendations
A selection of companies mentioned in this report includes:
- doTERRA International LLC
- Young Living Essential Oils LLC
- Mountain Rose Inc.
- Edens Garden Inc.
- Rocky Mountain Oils, LLC
- Plant Therapy Essential Oils
- Biolandes Inc.
- Stadler Form Aktiengesellschaft
- Hubmar International Inc.
- Ryohin Keikaku Co. Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/75t7a
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