Essential Oil and Aromatherapy Market Analysis | 2024-2030

Market Insights

The essential oil and aromatherapy market was estimated at USD 9.75 billion in 2023 and is likely to grow at a CAGR of 11.64% during 2024-2030 to reach USD 21.15 billion in 2030.

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Market Dynamics

Introduction

Essential oil & aromatherapy is the medicinal usage of plant-based products such as essential oils that are primarily used for healing purposes and to promote the psychological well-being of a person. It is considered one of the vital relaxation therapies and has thus gained popularity in the past few years. Moreover, it is combined with other therapeutic practices to improve the result of the therapy. It is also used to cure numerous health problems such as the common cold, acne, digestive problems, cough, etc.

COVID-19 Impact

The COVID-19 pandemic has significantly affected the essential oil & aromatherapy industry due to stringent social distance and restricted movement of people. Also, the temporary and complete shutdown of spa & wellness centres across the globe further hampers the market growth. The cancelled appointments and postponing of spa appointments around the world further hinders the product demand. 

Market Drivers

Increasing demand for natural and unconventional treatment procedures has positively influenced market growth.

• Also, rising adoption for skin treatments further has a positive impact on the product demand and thus witnessed popularity among the working women.
• Additionally, essential oil & aromatherapy helps in improving medical and skin problems such as acne, insomnia, and menstrual problems, further boosting product consumption.
• The rising trend of relaxation therapy for improving physical disorders is further accelerating the industry's growth.

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Key Players

The following are the key players in the essential oil and aromatherapy market:

• Biolandes SAS (France),
• DoTerra (The U.S.),
• Essential Oils of New Zealand (New Zealand),
• Falcon Essential Oils (India).
• G Baldwin & Co (U.K.),
• Mountain Rose Herbs (The U.S.),
• Ryohin Keikaku Co., Ltd. (Japan),
• Rocky Mountains Oil (The U.S.),
• Thann (The U.S.),
• Young Living Essential Oils (The U.S.),

Note: The above list does not necessarily include all the top players in the market.

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Segment Analysis

Application Trends

"Spa & wellness products segment held the highest market share in 2023"

• Based on application, the global essential oil & aromatherapy market has been bifurcated into food & beverage, medical, personal care, homecare, spa & wellness products, and others.
• Among these, the spa & wellness products segment held the highest market share in 2023 and is estimated to register a healthy CAGR during the review period.
• This is mainly ascribed to changing lifestyle of consumers worldwide coupled with a busy & hectic lifestyle that has created a need for stress-relieving therapies, thereby bolstering the segment growth.

Regional Analysis

"North American market accounted for the largest market share in 2023"

• By region, the North American market accounted for the largest market share in 2023 and is likely to grow at a robust CAGR during the review period.
• This can be attributed to increasing awareness about the benefits of essential oil & aromatherapy and its health benefits, soaring spa & wellness centres, changing lifestyle, and increasing standard of living, further boosts the regional growth.
• The rising demand for relaxation therapy in the US is a key factor boosting the industry growth in the region.

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Research Methodology

• This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s essential oil and aromatherapy market realities and future market possibilities for the forecast period.
• The report segments and analyzes the market in the most detailed manner to provide a panoramic view of the market.
• The vital data/information provided in the report can play a crucial role for market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate growth strategies to expedite their growth process.
• This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.
• More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data.
• We conducted more than 15 detailed primary interviews with market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market. The following are the key features of the report:

• Market structure: Overview, industry life cycle analysis, supply chain analysis.
• Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
• Market trend and forecast analysis.
• Market segment trend and forecast.
• Competitive landscape and dynamics: Market share, Service portfolio, New Product Launches, etc.
• COVID-19 impact and its recovery curve
• Attractive market segments and associated growth opportunities.
• Emerging trends.
• Strategic growth opportunities for the existing and new players.
• Key success factors.

Market Segmentation

This report studies the market covering 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

The essential oil and aromatherapy market is segmented into the following categories:

By Product Type

• Essential Oils
• Blended Oils
• Carrier Oils
• Others

By Flavor Type

• Fruits
• Spices
• Flowers
• Herbs
• Others

By Application Type

• Food & Beverage
• Medical
• Personal Care [Cosmetics, Toiletries, Fragrances, Others]
• Homecare
• Spa & Wellness Products
• Others

By Region

• North America (Country Analysis: the USA, Canada, and Mexico)
• Europe (Country Analysis: Germany, France, the UK, Russia, and Rest of Europe)
• Asia-Pacific (Country Analysis: China, Japan, India, and the rest of Asia-Pacific)
• Rest of the World (Sub-Region Analysis: Latin America, the Middle East, and Others)

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Customization Option

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to three players)
• SWOT analysis of key players (up to three players)

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances.

Custom Research:

Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com.