Essential Oils Market Size & Forecast [Latest]

The Aromatherapy Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Aromatherapy Global Market Report 2024, 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, cbd-infused aromatherapy, aromatherapy for pets, personalized and customized products, holistic wellness.

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.

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The aromatherapy market covered in this report is segmented –

1) By Product Type: Consumables, Equipment

2) By Delivery Outlook: Topical Application, Aerial Diffusion, Direct Inhalation

3) By Application: Relaxation, Skin & Hair Care, Pain Management, Cold & Cough, Insomnia, Scar Management, Other Applications

4) By End-Use: Home Use, Spa & Wellness Centers, Hospitals & Clinics, Yoga & Meditation Centers

5) By Distribution Channel: D2C, B2B

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 CBD in aromatherapy and diffusers. CBD oil is similar to essential oils, made from the direct extraction of oil from the cannabis plant. It has the potential to provide an even higher degree of treatment, hence extending the therapeutic advantages of essential oils. Adding CBD 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 CBD, a brand operated by Canopy Growth, a USA-based provider of cannabis and cannabis-based consumer products, lunched new line of products sleep science CBD cream and Daily De-Stress CBD cream with aroma technology.

The aromatherapy market report table of contents includes:

 

1. Executive Summary
2. Aromatherapy Market Characteristics
3. Aromatherapy Market Trends And Strategies
4. Aromatherapy Market – Macro Economic Scenario
5. Global Aromatherapy Market Size and Growth

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31. Global Aromatherapy Market Competitive Benchmarking
32. Global Aromatherapy Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Aromatherapy Market
34. Aromatherapy Market Future Outlook and Potential Analysis
35. Appendix

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