The aromatherapy market is predicted to expand over the next decade. The growing interest in alternative medicine, especially essential oils and inhalation therapy, is an important factor. Additionally, the rise in mental health concerns such as depression and sleep disorders has increased consumer interest in aromatherapy as a natural solution.
newark delaware, March 13, 2024 /PRNewswire/ — aromatherapy market expected to be evaluated as 7.048 billion USD in 2024. The market is expected to advance at a brisk rate during the forecast period, CAGR is 6.4%. By 2034, the market value is expected to increase by: US$ 13,106.4 million.
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The popularity of alternative medicine as a treatment for various diseases has increased the demand for the aromatherapy market. Essential oils are a typical type of aromatherapy, and their popularity is driving market growth. Inhaled aromatherapy is another popular treatment that injects positivity into the market outlook.
With the rise in psychological issues such as depression and mood swings, the aromatherapy industry is also advancing. With increasingly busy schedules and a growing number of people suffering from sleep disorders, consumers are increasingly adopting aromatherapy. Aromatherapy is used to soothe or relieve pain in patients.
However, there are also obstacles that impede market development. Scientifically-minded people reject aromatherapy because of the lack of scientific evidence supporting its positive effects. The possible harmful effects of swallowing essential oils also pollute the positive aura around the market.
“As the trend of alternative medicine spreads through the use of social media, the demand for aromatherapy has been positively impacted. Social media influencers are promoting the use of essential oils, thereby driving more customers to the market.” Therefore, market players see social media as an exciting avenue for growth. Sabasachi Ghosh (Vice President, Future Market Insights, Inc.).
Key points from the aromatherapy market
- The aromatherapy market is expected to: 7.048 billion USD In 2024 value.
- Consumables are the largest variety of products on the market. In 2024, consumables are expected to account for 86.4% of the market share.
- Topical application is a prominent delivery method on the market. In 2024, topical applications are expected to account for 52.3% of the market share.
- China It is a promising country for the market. CAGR of China The growth rate is expected to be 9.5% during the forecast period.
- India Another country poised to be lucrative for the market. CAGR from 2024 to 2034 India It is fixed at 6.8%.
- The market is expected to register a CAGR of 5.9% in 2019. Germany over the forecast period.
Competitive analysis of aromatherapy market
The aromatherapy market is highly competitive, with each player using product differentiation to differentiate themselves from competitors. Geographical expansion is a key focus area for market players. Some of the prominent players in the market include doTERRA, International Flavors & Fragrances Inc., Symrise, and Edens Garden.
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Recent trends in the aromatherapy market
- in March 2023an expansion plan for BASF’s aroma materials facility was developed. Germany and China.
- in October 2022International Flavors & Fragrances Inc.’s Innovation Center opens in . Singapore.
- in September 2022the United States Patent and Trademark Office has granted 17 essential oil manufacturing patents to the United States. young living.
About the author:
Sabasachi Ghosh (Vice President of Future Market Insights, Inc.) has over 12 years of experience in the healthcare, medical device, and pharmaceutical industries. His curiosity and analytical skills helped shape his career as a researcher.
It comes naturally to him to identify the key challenges faced by his clients and develop robust, hypothesis-based solutions to empower them with strategic decision-making capabilities. His main expertise lies in the areas of market entry and expansion strategies, feasibility studies, competitive intelligence, and strategic transformation.
Sabyasachi, who holds a degree in microbiology, has written numerous publications and has been cited in journals such as The Journal of mHealth, ITN Online, and Spinal Surgery News.
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