July 15, 2024

Aromatherapy Market: Exploring Growth Opportunities and Market Dynamics

Aromatherapy Market

The aromatherapy market involves the use of aromatic essential oils extracted from flowers, trees, and plants for therapeutic purposes. The essential oils used in aromatherapy such as lavender, rosemary, eucalyptus, and peppermint are known to have anti-inflammatory, antiseptic and anti-stress properties and are used for relaxation and rejuvenation. Aromatherapy helps in reducing anxiety, stress, insomnia and also boosts immunity and energy levels. The growing awareness of the numerous health benefits of aromatherapy is driving the demand for aromatherapy products.

The global aromatherapy market is estimated to be valued at US$ 6.39 Bn in 2024 and is expected to exhibit a CAGR of 8.2% over the forecast period 2023 to 2030.

Key Takeaways

Key players: Key players operating in the aromatherapy market are doTERRA International, Koninklijke DSM N.V., International Flavors & Fragrances Inc., Symrise, Eden Garden, Young Living Essential Oils, Frontier Natural Products Corporation, Rocky Mountain Oil, Mountain Rose Herbs, Plant Therapy Inc., Thann-Oryza Co. Ltd, G Baldwin & Co., Ouwave Aroma Tech Co. Ltd, RyohinKeikaku Co. Ltd, and Isagenix International LLC.

Key opportunities: Growing e-commerce industry and increased promotion activities through social media marketing are expected to create numerous opportunities for players in the aromatherapy market.

Global expansion: Leading players are focusing on expanding their footprint in emerging markets of Asia Pacific and Latin America through strategic collaborations to capitalize on the high growth potential.

Market drivers: The rapidly aging population and the subsequent growth in stress and lifestyle related illnesses are the major market drivers boosting the adoption of aromatherapy products. Government initiatives promoting awareness about wellness and holistic healthcare are further strengthening the potential of the aromatherapy market.

PEST Analysis

Political: Regulations regarding the use of certain essential oils can impact the aromatherapy market. Changes to policies governing the selling and advertising of oils may affect businesses.

Economic: Economic growth typically increases spending on wellness products, benefiting the aromatherapy industry. However, economic downturns could negatively impact consumer spending on aromatherapy items.

Social: Rising awareness about the stress-relieving effects of aromatherapy is driving more people to try these products. Many seek natural remedies for issues like insomnia, fatigue and anxiety.

Technological: Technologies related to diffusers and methods of extracting essential oils from plants continue advancing. More efficient extraction processes help increase supplies while innovations in portable diffusers expand usage occasions.

The regions concentrating most of the aromatherapy market value include North America, Western Europe and Asia Pacific. Developed markets like the United States and major Western European countries contribute heavily due to high awareness levels and spending power. Growth in the Asia Pacific region is being driven by a thriving wellness industry in countries such as China, India and Southeast Asian nations.

Central and Eastern Europe experience the fastest growth rates for aromatherapy. Countries such as Poland, Hungary and the Czech Republic are seeing expanding demand for aromatherapy products as consumer lifestyles shift toward preventative healthcare and anti-stress remedies. Rising incomes also allow more people in the region to frequently purchase essential oils and related items.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it