The global aromatherapy market size is anticipated to reach USD 2.8 billion by 2026, expanding at a CAGR of 10.4% during the forecast period, according to a new report by Grand View Research, Inc. This growth can be attributed to the increased awareness about the therapeutic benefits of essential oils.
Aromatherapy is expected to play a significant role in the field of alternative medicines with a gradual shift from man-made drugs to essential oils to gain therapeutic values. On the basis of a 2016 article by the National Center for Biotechnology Information (NCBI), a clinical trial was conducted on 50 patients suffering from second- and third-degree burns, to study the effects of inhaling these products. The result showed that the products were significantly effective in reducing pain arising from such wounds. Hence, aromatherapy can be used as a complementary therapy for pain relief amongst burn patients, thereby, supporting the market growth. Some of the other therapeutic applications include issues related to skin, digestion, respiratory disorders, insomnia, and immune system functioning.
Essential oils also possess many factors that make them naturally healing solutions. Therapeutic grade essential oils positively impact the overall wellness of the patient. These products have the potential to be natural cleansers and an antibacterial remedy when ingested. People are also becoming aware of the benefits offered by natural therapies as they support the body’s innate healing abilities. With experience and education, they are realizing that bacteria and viruses do not develop resistance to natural substances, the way they do in case of synthetic drugs.
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Further key findings from the study suggest:
In 2018, consumables held the largest market share due to the high therapeutic value of aromatherapy products
Equipment segment is expected to witness lucrative growth over the forecast period due to the availability of new diffusers with advanced features
Topical application led the market in 2018 owing to the wide therapeutic applications available for the target population
Relaxation contributed to the maximum revenue for the market in 2018 owing to the increased number of people suffering from stress and anxiety disorders
Skin and hair care is anticipated to showcase lucrative CAGR over the forecast period due to increasing incidence of skin allergies
Direct-to-customer involves multilevel marketing of aromatherapy products and is estimated to account for the largest market share in terms of revenue
Majority of patients prescribed with essential oils for diseases tend to make use of aromatherapy products in the vicinity of their homes, thus, leading to high market share in 2018
North America led the aromatherapy market in 2018 due to the huge growth of retail sector
Few key players include dōTERRA; Edens Garden; Young Living Essential Oils; Frontier Natural Products Co-op; Rocky Mountain Oils; Rocky Mountain Oils, LLC; Plant Therapy Essential Oils; FLORIHANA; and Biolandes.