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Aromatherapy Market Analysis, Industry Demand And Forecast To 2033
Aromatherapy Market Analysis
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According to The Business Research Company's, The aromatherapy market size has grown rapidly in recent years. It will grow from $1.94 billion in 2023 to $2.14 billion in 2024 at a compound annual growth rate (CAGR) of 10.1%. The growth in the historic period can be attributed to increased preference for natural health remedies, emergence of e-commerce channels, regulatory support , influence of social media, expansion into emerging markets.
The aromatherapy market size is expected to see strong growth in the next few years. It will grow to $3.09 billion in 2028 at a compound annual growth rate (CAGR) of 9.7%. The growth in the forecast period can be attributed to growing consumer awareness of the therapeutic benefits, increasing research and development efforts, rising demand for preventive care products, rising disposable income, rising urbanization. Major trends in the forecast period include digital aromatherapy, cb*d-infused aromatherapy, aromatherapy for pets, personalized and customized products, holistic wellness.
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Market Drivers and Trends:
Rising stress, anxiety, and depression among people is driving the growth of the aromatherapy market. The COVID-19 pandemic has caused numerous changes in individual lives, including uncertainty, disrupted daily routines, financial strains, and social isolation, leading to increased tension, worry, and sadness. The individuals are looking out for ayurvedic and chemical free methods such as aromatherapy to reduce, anxiety and depression. According to a scientific brief issued today by the World Health Organization (WHO) in March 2022, the global occurrence of anxiety and sadness soared by a staggering 25% in the first year of the COVID-19 pandemic. Therefore, the rising stress, anxiety, and depression among people is expected to boost demand for aromatherapy during forecast period.
Product innovation is a key trend gaining popularity in the aromatherapy market. The companies are focusing on developing innovative equipment and consumables with greater effectiveness to meet the customer demand and strengthen their business reach. One of the recent developments in aromatherapy is usage of CB*D in aromatherapy and diffusers. CB*D oil is similar to essential oils, made from the direct extraction of oil from the canna*bis plant. It has the potential to provide an even higher degree of treatment, hence extending the therapeutic advantages of essential oils. Adding CB*D to the mix produces a whole new level of medicinal value that can be much more soothing, has more profound stress relief, and can help control symptoms like inflammation and pain. In January 2022, Martha Stewart CB*D, a brand operated by Canopy Growth, a USA-based provider of cannab*is and canna*bis-based consumer products, lunched new line of products sleep science CB*D cream and Daily De-Stress CB*D cream with aroma technology.
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Major Key Players of the Market:
doTERRA International LLC, Young Living Essential Oils LC, Edens Garden LLC, Mountain Rose Inc., Plant Therapy Inc., Aromahead Institute Inc., Aromafloria Inc., Aromatherapy Associates Limited, Frontier Natural Products Co-op, Bath & Body Works LLC., Body Bliss LLC., Floracopeia Inc., G. Baldwin & Co. Ltd., Healing Fragrances School of Aromatherapy Inc., Neal's Yard (Natural Remedies) Limited, NOW Health Group Inc., Primavera Life GmbH, Rocky Mountain Oils LLC., Saje Natural Wellness USA Inc., Stillpoint Aromatics LLC., The Aromatherapy Company, The Aromatherapy Shoppe LLC., The Body Shop International Limited, The Essential Oil Company Inc., Tisserand Institute LLC., Zija International Inc., ZYTO Corporation, Aromaflage LLC., Aromatics International LLC.
Aromatherapy Market 2024 Key Insights:
• The aromatherapy market size is expected to see strong growth in the next few years. It will grow to $3.09 billion in 2028 at a compound annual growth rate (CAGR) of 9.7%.
• Aromatherapy's Growing Demand Amid Pandemic Effects
• Cb*d Integration And The Future Of Relaxation
• Western Europe was the largest region in the aromatherapy market in 2023
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