Aromatherapy Market 2023 by Key Players Plant Therapy, doTERRA International LLC, Young Living Essential Oils, Mountain Rose Herbs, Edens Garden Essential Oils

Aromatherapy refers to a type of alternative medicine in which naturally extracted aromatic essence are utilized to harmonize, balance, and promote the physical and mental health of patients. It is used as a supplemental medicine for the treatment of chronic stress or anxiety, depression, skin problems, fatigue, respiratory infections, digestive upset and others.

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The global aromatherapy market size is growing at a decent rate since the past few years and it is projected to maintain the growth rate during the forecast period as well. The global aromatherapy market generated $1.1 billion revenue in 2017 and is projected to showcase a CAGR of 9.4% during the forecast period, to reach $2.3 billion by 2023. The market is growing due to the rising awareness about the therapeutic use of essential oils, increasing consumer preference toward natural products, and increasing prevalence of lifestyle diseases.

*Market players are launching new products to expand product portfolio and strengthen market position

In March 2018, Plant Therapy Essential Oils launched three new essentials oils, Bergamot Mint, Caraway Seed CO2, and Cubeb, to expand their extensive line of pure and natural essential oils. The company added these exclusive products, which are expected to delight customers with more options related to these products.

Some of the other key players operating in the aromatherapy industry are dōTERRA International LLC, Young Living Essential Oils, Mountain Rose Herbs, Edens Garden, Rocky Mountain Oils LLC and Frontier Co-op.

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*Insights on market segments

Among all products, the demand for consumables is expected to exhibit faster growth in the aromatherapy market, witnessing a CAGR of 10.1% during the forecast period. This growth is mainly attributable to the increasing adoption of consumables such as essential oils as therapeutic agents for treating various disease conditions.

The market for aromatherapy in topical application is expected to witness fastest growth at a CAGR of 9.8% during the forecast period, as essential oils can be diluted in a cream or carrier oil and applied as required to the concerned area of the body.

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The global market is projected to witness the fastest growth in the relaxation application area, recording a CAGR of 10.8% during the forecast period, mainly due to the increasing number of people suffering from anxiety and stress.

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