Aromatherapy Market Booming to $13 Billion by 2034 as Mental Health Issues Drive Demand for Natural Solutions | Future Market Insights, Inc.
The aromatherapy market is projected to expand over the next decade. The growing interest in alternative medicine, particularly essential oils and inhalation therapy, is a significant factor. Additionally, the increasing prevalence of mental health concerns, such as depression and sleep disorders, is driving consumer interest in aromatherapy as a natural solution.
NEWARK, Del., March 13, 2024 /PRNewswire/ -- The aromatherapy market is expected to be valued at US$ 7,048.0 million in 2024. The market is expected to progress at an invigorating rate over the forecast period, with a CAGR of 6.4%. By 2034, the value of the market is forecasted to have inflated to US$ 13,106.40 million.
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Propagation of alternative medicine as a remedy for various disorders is helping the demand to increase in the aromatherapy market. Essential oils are a prominent type of aromatherapy and their popularity is aiding the market's growth. Inhalation aromatherapy is another popular type of treatment that infuses the market's prospects with positivity.
The aromatherapy industry is advancing with the rise in mental problems such as depression and mood swings. The growing number of people being afflicted with sleep disorders, due to increasingly busy schedules, is also seeing consumers adopt aromatherapy at a rising rate. Aromatherapy is being utilized to nullify or dull the pain of patients.
However, there are stumbling blocks that hinder the progress of the market. The lack of scientific evidence confirming the positive effects of aromatherapy sees scientifically-minded people reject the treatment. The possible harmful effects of swallowing essential oils also contaminate the positive aura around the market.
"As alternative medicine trends spread through the use of social media, demand for aromatherapy is getting positively affected. Social media influencers promote the use of essential oils and thereby drive more customers to the market. Thus, market players see social media as an exciting avenue of growth," says Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.).
Key Takeaways from the Aromatherapy Market
The aromatherapy market is anticipated to be US$ 7,048.0 million in value in 2024.
Consumables are the top type of product in the market. For 2024, consumables are expected to account for 86.4% of the market share.
Topical application is the prominent mode of delivery in the market. For 2024, topical application is anticipated to account for 52.3% of the market share.
China is a promising country for the market. The CAGR for China over the forecast period is forecasted to be 9.5%.
India is another country poised to be lucrative for the market. For the 2024 to 2034 period, the CAGR for India is pegged at 6.8%.
The market is expected to register a CAGR of 5.9% in Germany over the forecast period.
Competition Analysis of the Aromatherapy Market
The aromatherapy market is competitive, with players using product differentiation to stand out from competitors. Geographical expansion is a key area of focus for market players. Some of the prominent companies in the market include doTERRA, International Flavors & Fragrances Inc., Symrise, and Edens Garden.
Purchase now and gain full access to the Aromatherapy Industry report, featuring comprehensive Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives.
Recent Developments in the Aromatherapy Market
In March 2023, plans were laid out for the expansion of BASF's aroma ingredients facilities in Germany and China.
In October 2022, International Flavors & Fragrances Inc.'s innovation center opened in Singapore.
In September 2022, the United States Patent and Trademark Office granted 17 essential oil production patents to Young Living.
About the Author:
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
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