In a recently published report, Global Aromatherapy Market report for till 2030. The report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U S Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analysis and U.S. Census Bureau mention the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) average exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilst imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Global Aromatherapy Market products.
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Moreover, increasing expenditure on healthcare, backed by the need amongst individuals for quality healthcare services, is also anticipated to contribute to the market growth. According to the statistics by the World Bank, the current health expenditure (% of GDP) around the world increased from 9.08% in 2001 to 9.84% in 2018. Additionally, the current health expenditure per capita (current US$) increased from USD 492.99 in 2001 to USD 1110.84 in 2018.
Global Aromatherapy Market is valued approximately at USD 1.43 billion in 2019 and is anticipated to grow with a healthy growth rate of more than 11.5% over the forecast period 2020-2027. Aromatherapy is all-inclusive healing treatment that involves natural plant extracts to boost health and well-being of individuals. Every so often, aromatherapy well-defined as essential oil therapy. This therapy is primarily utilizing aromatic essential oils medically to improve the health status of the body, mind, and spirit. It often improves both physical and emotional health. In addition, aromatherapy is also considered as an alternate medicinal therapy that aids in recovery from several disorders, such as pain, respiratory disorders, cardiovascular disorders, cold and cough, digestion problems, skin-related problems, immune system dysfunction, insomnia, anxiety, and wounds.
Further, it demonstrates proimmune functions when administered to the cancer patient, as they are competent enough to raise the efficacy of frequently used chemotherapy drugs (e.g., paclitaxel and docetaxel). Thus, the high presence of cancer patients in the developed and developing region driving the demand for aromatherapy market. For instance, the International Agency for Research on Cancer (IARC) estimated that incidences and mortality of cancer have been alarming, owing to its rapid population growth and socio-economic development. In 2018, the IARC estimated that around 18.1 million new cancer cases and 9.6 million cancer deaths were reported across the world. Also, the prevalence of cancer worldwide is anticipated to grow to almost 27.5 million new cancer cases and roughly 16.3 million cancer deaths by 2040. This, in turn, is likely to strengthen the demand for aromatherapy too, globally. However, the lack of R&D to support the use of aromatherapy is one of the major factors impeding the market growth over the forecast period of 2020-2027.
The regional analysis of the global Aromatherapy market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America, and Rest of the World. North America is the leading/significant region across the world in terms of market share owing to the rising awareness about the benefits of aromatherapy among people, along with the rise in presence of market vendors in the region. Whereas, Asia-Pacific is anticipated to exhibit the highest growth rate / CAGR over the forecast period 2020-2027. Factors such as growing prevalence of diseases, such as cancer and cardiovascular, along with growing popularity of essential oils in Asian countries, such as China and India, are the few factors creating lucrative growth opportunities for the aromatherapy market in the region.
Major market player included in this report are:
dÅTERRA
Young Living Essential Oils
Mountain Rose Herbs
Edens Garden
Rocky Mountain Oils, LLC
Plant Therapy Essential Oils
Florihana
Biolandes
Falcon
Hubmar International
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
By Product:
Consumables
Equipment
By Mode of Delivery:
Topical Application
Aerial Diffusion
Direct Inhalation
By Application:
Relaxation
Skin & Health Care
Pain Management
Cold & Cough
Others
By End-Use:
Home Use
Spa & Wellness Centers
Hospital & Clinics
Yoga & Mediation Centers
By Region:
North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
Rest of the World
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Furthermore, years considered for the study are as follows:
Historical year – 2017, 2018
Base year – 2019
Forecast period – 2020 to 2027
Target Audience of the Global Aromatherapy Market in Market Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Venture capitalists
Value-Added Resellers (VARs)
Third-party knowledge providers
Investment bankers
Investors
The report further discusses the market opportunity, compound annual growth rate (CAGR) growth rate, competition, new technology innovations, market players analysis, government guidelines, export and import (EXIM) analysis, historical revenues, future forecasts etc. in the following regions and/or countries:
- North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Market Players Analysis & Opportunity Outlook
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth Market Players Analys & Opportunity Outlook
- Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Market Players Analysis & Opportunity Outlook
- Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth Market Players Analysis & Opportunity Outlook
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