Aromatherapy Market is Poised for Rapid Growth due to Increasing consumer preference for natural remedies

 Aromatherapy utilizes aromatic essential oils extracted from plants to improve psychological and physical well-being. Oils are extracted using different techniques including cold pressing, steam distillation, absolute extraction, and resin extraction and are used for therapeutic purposes like stress and anxiety relief, improved sleep, reduced pain, and skin and wound care.

The global aromatherapy market is estimated to be valued at US$ 6.39 Bn in 2023 and is expected to exhibit a CAGR of 8.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
Increasing consumer preference for natural remedies is expected to drive growth of the aromatherapy market over the forecast period. More than half of the adult population in developed countries are inclined towards the use of natural remedies for conditions such as anxiety, stress, depression and improving sleep quality. Consumers are shifting from synthetic drugs to plant-based alternatives believing natural remedies to be safer with fewer side effects. Factors such as a growing awareness about the side effects of allopathic medications and the convenience of aromatherapy are propelling consumers towards adopting essential oils and other natural remedies on a larger scale. Rising popularity of self-care practices and growing inclination towards wellness and preventive healthcare approaches are further augmenting demand for aromatherapy globally.

Segment Analysis
The global aromatherapy market is dominated by the essential oils sub segment. Essential oils holds more than 70% share of the overall market as they are the key ingredients used in aromatherapy products and treatments. Essential oils have varied therapeutic benefits such as relieving stress and anxiety, improving sleep, reducing pain and inflammation. The wide applications of essential oils across massage, topical application and aroma diffusion is supporting the growth of this sub segment.

Key Takeaways
The global aromatherapy market is expected to witness high growth over the forecast period of 2023 to 2030. Factors such as increasing awareness about the benefits of aromatherapy, rising prevalence of lifestyle diseases, growing popularity of alternative therapies are fueling the demand for aromatherapy products worldwide. The global aromatherapy market is estimated to be valued at US$ 6.39 Bn in 2023 and is expected to exhibit a CAGR of 8.2% over the forecast period 2023 to 2030.

Regional analysis
North America holds the major share of the global aromatherapy market owing to the higher adoption of aromatherapy products and services in countries like United States and Canada. Rising health consciousness and availability of aromatherapy products through multiple sales channels in driving region's growth. Asia Pacific is expected to witness the fastest growth over the forecast period on back of large population base, growing middle class, increased disposable income and penetration of key players in emerging Asian countries.

Key players
Key players operating in the aromatherapy market are 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. doTERRA International holds a leading position owing to its variety of essential oil products and global footprint across important markets. The market is competitive with these players focusing on new product development, investments and expanding their business territories.