Market Synopsis:
According to Market Research Future (MRFR), the global aromatherapy market is anticipated to procure the market value of USD 13,450 Million, expanding at a CAGR of 10.10% during the forecast period from 2022 to 2030.
Aromatherapy is believed to reduce stress, depression, and anxiety, which is anticipated to be a significant factor driving the Aromatherapy Market 2022. Furthermore, aromatherapy is an alternative therapy to treat respiratory disorders, insomnia, and cardiovascular-related problems, which can enhance its demand and grow the market in the review period. The non-invasive nature of aromatherapy is projected to increase its demand and develop the market additionally. Besides, the adverse effects of drugs related to pharmaceuticals are likely to increase the demand for aromatherapy and grow the market in the review period.
On the flip side, the limited availability of raw materials and stringent laws are predicted to hamper the market growth during the forecast period. However, favorable law and regulations for aromatherapy along with above mentioned factors are anticipated to counter the impeding causes and boost the demand and market expansion.
Market Segmentation:
The segmental analysis of the global aromatherapy market is done by product and application.
The product-based segments of the global aromatherapy market are equipment, essential oils, application, and therapeutic application. The essential oils segment is further segmented into citrus, floral, herbaceous/camphoraceous, green/vegetative, spicy and others. The equipment segment is further segmented into ultrasonic diffuser, nebulizer diffuser, and heat diffuser.
The application-based segments of the global aromatherapy market are inhalation, tropical, and aerial diffusion. The therapeutic application segment is further segmented into pain management, relaxation and sleep, skin and hair care, and other remedies.
Regional Analysis:
Based on the region, the global aromatherapy market is segmented into North America, Asia-Pacific, Europe, and the Middle East Africa.
According to the assessment by MRFR, the global market is anticipated to be dominated by North America owing to the high disposable income. Besides, the presence of a readymade rich market is projected to propel the regional market during the forecast period. The region is likely to progress due to the presence of established key players during the review period.
Europe is predicted to be the second-largest market during the forecast period due to the pre-existing tradition of Aromatherapy. In addition, countries like France, Italy are projected to be a lucrative market that can aid in market expansion during the review period. Furthermore, the increasing demand for aromatic products due to the growing inclination towards having a scented ambiance can augment the regional market.
APAC market is anticipated to be the fastest-growing market during the evaluation period owing to the presence of evolving economies like India and China. China is considered to have the largest manufacturing base, which is likely to fuel the growth of market expansion. Furthermore, the tradition of aromatherapy in these nations is recognized to be another potential market driver during the review period.
The MEA region is anticipated to acquire significant market share during the forecast period owing to the significant participation of gulf countries during the review period. Furthermore, Saudi Arabia and UAE are predicted to be lucrative markets owing to their economic stability and scope of market expansion during the forecast period.
Key Players:
Some of the renowned players of the global aromatherapy market are Air Aroma, Nu Skin, Muji, Tree of Life, Zija International, Young Living, dōTERRA, Neal’s Yard Remedies NOW Foods, and others.
Industry News:
October 2020: doTerra, the US-based health and wellness company, to partner with World Bank in Kenya to expand access to funding for small-scale farmers.
About Market Research Future:
Market Research Future (MRFR) is a world-renowned market research company that offers a wide range of services, complete with accurate and precise analysis about diverse markets, sub-markets, and target consumers. Our approach is a combination of extensive information and multiple data sources that help provide an exhaustive comprehension about the latest major developments to the client, in addition to future events and what measures and decisions to take based on the same.
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