The aromatherapy market is largely dominated by essential oils such as lavender, peppermint, eucalyptus, lemon and chamomile oils. These oils are extensively used for wellness and relaxation across households. With the growing consumer awareness regarding the numerous health benefits of aromatherapy including relief from stress, anxiety, insomnia and depression, the demand for essential oils and related products is surging globally. Essential oils are extracted from different parts of plants using various extraction methods and find application in aromatherapy massages, soap making, skin and hair care products and more.
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.
Consumers are increasingly adopting aromatherapy products due to their natural attributes and negligible side effects. Moreover, the ability of aromatherapy to offer solutions for various mental and physical ailments without any medications is fueling its popularity.
Key Takeaways
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. doTERRA International and Young Living Essential Oils currently dominate the market.
The key opportunities in the aromatherapy market include expanding applications in home care products and personal care segments. With rising demand for all-natural personal care and homecare products, aromatherapy essential oils are gradually finding increased usage in various cosmetic preparations including lotions, creams and perfumes.
The aromatherapy market is witnessing strong growth in North America and Europe owing to high consumer awareness about wellness benefits. However, the Asia Pacific region is emerging as a high growth market with countries like China, India and Japan adopting aromatherapy at a faster pace. Growing Indian and Chinese middle class, increased spending on wellness products and rapid establishment of aromatherapy centers are fueling APAC market growth.
Market Drivers
Increasing consumer preference for natural therapeutic solutions without side effects is a major driver for aromatherapy market. Busy lifestyle and persistent stress levels have boosted the adoption of aromatherapy for relaxation and symptom relief. Moreover, claims of aromatherapy providing solutions for various conditions without use of medicines is propelling the market growth.
Market Restrains
Availability of substitutes offering similar wellness features at lower costs can impede the aromatherapy market growth. Moreover, lack of scientific evidence supporting various aromatherapy claims and dearth of regulations is restraining wider consumer acceptance. Steep prices of some essential oils also restricts mass market penetration.
Segment Analysis
The essential oils segment in the aromatherapy market dominates due to its wide range of applications. Essential oils are extensively used for relaxation, massage, overall wellness, reducing anxiety, and improving quality of life. Factors such as ease of use, efficacy, and wide availability contribute to the leading position of essential oils segment. The growth in consumer preference for organic and natural products further propels the demand for essential oils in aromatherapy practices.
Global Analysis
The North America dominates the global aromatherapy market with the largest share. Factors such as growing consumer inclination towards spa services, developing cognizance about aromatherapy benefits, and inflating disposable income in the region boost the market growth. The Asia Pacific is expected to grow at the fastest rate during the forecast period. Rapidly increasing healthcare expenditure, rising middle-class population, and expanding availability of aromatherapy products drive the regional market. Japan, India, and China contribute significantly to aromatherapy sales in Asia Pacific region. Steady economic growth and thriving e-commerce sector in these countries are expected to fuel aromatherapy market expansion.
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