Aromatherapy Market Strategies and Insight Driven Transformation 2021-2027
Author : Mrunal Nerkar | Published On : 21 Sep 2021
Aromatherapy is an alternative medicine and considered as a practice of using natural or herbal oils extracted from flowers, wood, fruits, roots, or other parts of a plant to enhance psychological and physical well-being of a patient suffering from chronic disorders such heart disease, cancer, diabetes, stroke, and arthritis. Besides, people suffering from pain due to burns also use these natural or herbal oils for massage or opt for inhalation of essential oils for recovery, since burn scars can also be managed by aromatherapy oils. Hence, aromatherapy is used as a complementary therapy for pain relief in patients injured due to burn, leading to the growth of the aromatherapy market.
The global aromatherapy market is estimated to be valued at US$ 5,042.3 million in 2020 and is expected to exhibit a CAGR of 8.2% during the forecast period (2020-2027).
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Essential oil manufacturers are focusing on expanding their aromatherapy product lines, which is expected to drive the market growth during the forecast period.
The essential oil manufacturers are focusing on expanding their aromatherapy product lines, which is expected to boost the global aromatherapy market growth over the forecast period. For instance, in December 2016, doTERRA International, a company that offers essential oils, wellness dietary supplements, personal care, and weight management, as well as personal products., introduced its new range of spa line products, which include moisturizing bath bar, refreshing body wash, detoxifying mud mask, exfoliating body scrub, body butter, and others
Increasing number of people suffering from arthritis prefer aromatherapy treatments, which is expected to drive the global aromatherapy market growth during the forecast period.
The increasing number of people suffering from arthritis prefer aromatherapy treatment to relive the symptoms caused by arthritis, which is expected to drive the market growth during the forecast period.
For instance, according to the CDC (Centers for Disease Control and Prevention) data, in 2015, around 53 million adult population in the U.S. had arthritis and it is expected to increase up to 67 million by 2030, thus providing enough opportunities to the companies providing natural remedies to the patients suffering from arthritis.
Global Aromatherapy Market– Impact of Coronavirus (COVID-19) Pandemic
Since the COVID-19 virus outbreak in December 2019, the disease has spread over 100 countries across the globe and the World Health Organization has declared it as a public health emergency. According to the World Health Organization’s report, the manifestation of Coronavirus (COVID-19) has resulted in over 152 million infected individuals worldwide as of May 3,, 2021.
COVID-19 can affect the economy in three main ways; by directly affecting production and demand, by creating disruptions in distribution channels, and through its financial impact on firms, and financial markets. Due to nationwide lockdowns, several countries such as China, India, Saudi Arabia, UAE, Egypt, and others are facing problems with regards to transportation of drugs from one place to another.
Furthermore, players operating in the global aromatherapy market are facing major challenges on various fronts due to the COVID-19 pandemic. The major challenges include supply of raw materials required for manufacturing aromatherapy products due to irregularities in transportation. Moreover, distributors are experiencing irregular demand for products from the retailers due to an increase in the number of patients suffering from COVID-19 and other life threatening disorders.
Global Aromatherapy Market: Restraint
The major factors that hinder growth of the global aromatherapy market include risk factors associated with aromatherapy and stringent regulations by U.S. Food and Drug Administration (FDA) egarding marketing of essential oils. Stringent approval for new essential oils are posturing noteworthy difficulties to market development, as the manufacturers need to specify the indication for which the essential oil is used such as therapeutic grade or a cosmetic grade. For instance, in 2014, US FDA issued a warning letter to Young Living for violating Federal Food, Drug & Cosmetic Act (FDCA) in connection with the marketing of their aromatherapy essential oils, as the company claims of curing and treating certain diseases with the usage of Young Living Essential Oil aromatherapy products
Major players operating in the global aromatherapy market include: 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
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