The aromatherapy market is expected to be valued at US$11.8 billion by 2029
The aromatherapy market is estimated to be around US$4.6 billion in 2019, reveals new research study by Future Market Insights (FMI). According to the report, the aromatherapy market is expected to grow around 7% year-on-year in 2020, driven primarily by a greater emphasis on health and wellness.
Extension of product lines by essential oil manufacturers
In order to meet the growing demand for essential oils with therapeutic properties, various essential oil manufacturers and diffusers are focusing on expanding their product line in the aromatherapy market. To attract new customers, companies are focusing not only on expanding their distribution network to hypermarkets and supermarkets, but also to pharmacies and high-end department stores.
Major companies in the aromatherapy market are adopting a multi-level or referral marketing strategy to gain a distinct competitive advantage. The introduction of membership plans is gaining momentum among players in the aromatherapy market, where specific members get a steep discount on aromatherapy products. These members are also referred to as independent salespeople (Independent Business Owners (IBOs)) or consultants. Consultants refer essential oils to others and earn some sort of incentives and discounts on their purchase.
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Sales through fast-penetrating e-commerce channels remain a prominent strategy adopted by key players in recent years. Companies such as Young Living and doTerra actively encourage their customers to sign up as distributors in order to increase sales of their new products through a multi-level marketing plan. In the multilevel marketing strategy, companies offer membership incentives, rewards, compensation plans, opportunity products, and more. These initiatives taken by the company are therefore likely to influence the overall growth of the aromatherapy market.
Additional Benefits of Essential Oils for Various Ailments Driving Market Growth
Aromatherapy acts as a complementary treatment in many viral and bacterial diseases such as acute respiratory infections, viral infections, influenza and bronchitis. Aromatherapy can be used during prophylactic and therapeutic treatment regimens for many diseases such as the initial forms of atherosclerosis, coronary heart disease, neuro-dystonia, hypertension, hypotension, anxiety, depression, insomnia and many similar disorders. Thus, the additional benefits and applications of essential oils in many indications will continue to represent greater gains in the aromatherapy market.
Aromatherapy – A favorite therapy to improve the quality of life
Studies have been conducted to prove the effectiveness of essential oils in helping the body heal. Essential oils such as thyme, rosemary, oregano, chamomile and frankincense are used for the treatment of certain benign tumors to selectively damage or inactivate cancer cells while leaving healthy cells intact. The growing inclination towards natural remedies offers good growth opportunities for players in the essential oil industry in the near future. Also, aromatherapy is currently used for cancer patients as it reduces anxiety levels and relieves emotional stress, pain, muscle tension, and fatigue after chemotherapy or radiation therapy.
Risk Factors Associated with Aromatherapy Limiting Market Growth
Certain risk factors and complications are associated with aromatherapy because individuals have unique metabolisms, vitality, and physical constitutions. Therefore, the acceptable dose for one may not be appropriate for others. Risk factors such as toxicity, skin sensitization, photosensitivity, etc. have been reported in patients undergoing aromatherapy. However, many essential oils are contraindicated during pregnancy and lactation due to their abortifacient properties. Thus, the growing apprehensions regarding the risks of essential oils and other complications are resulting in low preference and reluctance of patients to undergo aromatherapy, which in turn is limiting the revenue growth of the aromatherapy market to some extent. aromatherapy.
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