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.
Are you a start-up willing to make it big in the business? Grab an exclusive PDF Brochure of Aromatherapy Market report
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.
Looking for Regional Analysis or Competitive Landscape in aromatherapy market, ask for a customized report here
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.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
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?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.