Global Aromatherapy Market: Overview
Owing to multiple uses like therapeutic healing if stress, insomnia, digestion and immune system is leading the market to chart a stellar CAGR (Compound Annual Growth Rate). Coupled with rising awareness and acceptance of alternate therapy worldwide, the global aromatherapy market will improve upon on value over the forecast period of 2019 ad 2027.
A lot of demand is generated due to essential oils being natural cleansers and anti-bacterial. And, as a shift to natural products in multiple facets of life is noted, demand for these products will only see an upward rise. As, these support innate healing in bodies and the perception that these have minimum to no side-effects. Additionally, as they do not help bacteria and virus develop resistance, they hold an upper hand over synthetic variants.
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Global Aromatherapy Market: Notable Development
Certain developments happening in the market place are transforming the landscape. Some of these are outlined below.
- 2018, Plant Therapy, Inc. launched three essential oils in order to diversify product portfolio. The oils - Caraway Seed CO2, Cubeb 100, and Bergamot Mint – enable the company to have a firm grasp on market share.
- 2016, National Center for Biotechnology Information, or NCBI, conducted a clinical trial where it was noted that these products are extremely efficient in dealing with burns – both second and third grade. They successfully reduced pain from burn wounds. This is set to boost the market significantly.
The global aromatherapy market is fragmented. Key names in the global aromatherapy market are d?TERRA; 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 among others. Players have a keen eye on product development and innovation. Strategic collaborations and research is also focal to maintaining an edge over competitors.
Global Aromatherapy Market: Key trends and driver
The global aromatherapy market is on an upward trajectory owing to various trends and drivers.
- Increasing adoption even in areas that are not hotspots of traditional or alternate therapies such as aromatherapies is leading to much growth in the global aromatherapy market. Besides, as trials involving such products prove effective, the popularity will only increase. Besides, these are proving increasingly significant in managing chemotherapy side-effects, driving global aromatherapy market on a higher growth chart. Oncology Nurse Advisor, in May 2018, demonstrated that patients undergoing brachytherapy, reported 60% less pain and 20% less anxiety.
- Increasing use of aromatherapy in cosmetics, skin care and hair care products is also driving the market forward in a major way. This is driven by need for herbal products. In 2018, NCBI proved creams with 3% tea tree oil is reduces acne in 15 day.
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Global Aromatherapy Market: Regional Analysis
The highest CAGR will be registered by Asia Pacific (APAC) due to a number of factors such as an increasing number of burn accidents. Besides, the demand for essential oils is quite high. Moreover, from China and Japan, lucrative opportunities will arise for essential oils. Additionally, it is worthy to note here that this region is the home of alternate therapies.
In 2018, both North America and Europe had a sizeable share owing to presence of prominent global aromatherapy market players. Some of the big names in the North American region are doTERRA International, Frontier Natural Products Co-op, and Young Living Essential Oils. In Europe, increased awareness is contributing to growth. Besides, high disposable incomes support high purchasing power.
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1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
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