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New York, March 29, 2023 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Aromatherapy Global Market Report 2023” – https://www.reportlinker.com/p06317623/?utm_source=GNW
The global aromatherapy market grew from $1.77 billion in 2022 to $1.93 billion in 2023 at a compound annual growth rate (CAGR) of 9.5%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The aromatherapy market is expected to grow to $2.75 billion in 2027 at a CAGR of 9.2%.
The aromatherapy market consists of revenues earned by entities by providing cosmetic aromatherapy, medical aromatherapy and massage aromatherapy.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Aromatherapy refers to devices which utilize essential oils extracted from nature, such as plants, either to be inhaled or applied to the body to promote health and well-being.The aroma molecules in essential oils move straight from the olfactory nerves to the brain when inhaled, and affecting the amygdala, the brain’s emotional center.
Aromatherapy helps in reducing pain, enhances sleep quality, reduces joint pain, reduces stress, and others.
Western Europe was the largest region in the aromatherapy market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in the aromatherapy market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of aromatherapy products include equipment and consumables.Aromatherapy equipment refers to electronic or non-electronic device, that breaks down essential oil into molecules and disperses them into air in the form of tiny breathable particles.
They are delivered through topical application, areal diffusion, and direct inhalation.They are used for relaxation, skin & hair care, pain management, cold & cough, scar management, insomnia, and others.
They are sold through B2B and DTC channels to customers from home use, sap & wellness centers, hospitals & clinics, yoga & meditation centers.
Rising stress, anxiety, and depression among people is driving the growth of the aromatherapy market.The COVID-19 pandemic has caused numerous changes in individual lives, including uncertainty, disrupted daily routines, financial strains, and social isolation, leading to increased tension, worry, and sadness.
The individuals are looking out for ayurvedic and chemical free methods such as aromatherapy to reduce, anxiety and depression.According to a scientific brief issued today by the World Health Organization (WHO) in March 2022, the global occurrence of anxiety and sadness soared by a staggering 25% in the first year of the COVID-19 pandemic.
Therefore, the rising stress, anxiety, and depression among people is expected to boost demand for aromatherapy during forecast period.
Product innovation is a key trend gaining popularity in the aromatherapy market.The companies are focusing on developing innovative equipment and consumables with greater effectiveness to meet the customer demand and strengthen their business reach.
One of the recent developments in aromatherapy is usage of CBD in aromatherapy and diffusers.CBD oil is similar to essential oils, made from the direct extraction of oil from the cannabis plant.
It has the potential to provide an even higher degree of treatment, hence extending the therapeutic advantages of essential oils.Adding CBD to the mix produces a whole new level of medicinal value that can be much more soothing, has more profound stress relief, and can help control symptoms like inflammation and pain.
In January 2022, Martha Stewart CBD, a brand operated by Canopy Growth, a USA-based provider of cannabis and cannabis-based consumer products, lunched new line of products sleep science CBD cream and Daily De-Stress CBD cream with aroma technology.
In January 2022, Mensa Brands, an India-based company specializing in fashion and apparel, home and garden, beauty, and personal care, acquired Florona for an undisclosed amount.This acquisition will help them create a line of aromatherapy bath products and natural skincare and haircare solutions, expand their footprint into new areas, and build a tech-driven global supply chain.
Florona is personal care brand involved in providing aromatherapy and natural personal care products. Florona offers over 70 different kinds of natural oils, including diffuser essential oils and cold-pressed carrier oils.
The countries covered in the aromatherapy market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The aromatherapy market research report is one of a series of new reports that provides aromatherapy market statistics, including aromatherapy industry global market size, regional shares, competitors with an aromatherapy market share, detailed aromatherapy market segments, market trends and opportunities, and any further data you may need to thrive in the aromatherapy industry. This aromatherapy market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
Read the full report: https://www.reportlinker.com/p06317623/?utm_source=GNW
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need – instantly, in one place.
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