SAN ANTONIO, MARCH 31, 2018 -- A new analysis by Verify Markets shows the Global Aromatherapy and Essential Oils Market to be valued at over $5.0 billion in 2017. The market is expected to experience explosive growth during the next seven years, mainly due to the popularity of the direct sales channel and the increasing health and wellness trend.
Today, consumers are placing more value on health and wellness than on material objects. Consumers are shifting away from purchasing luxury goods in favor of spending on wellness as a luxury. As a result, natural products and health food stores are seeing a major growth and are becoming prevalent, mainly in North America and Europe. Moreover, businesses are increasingly integrating the use of aromatherapy into their business practices. In particular, yoga studios, spas, and even some hotels are incorporating essential oils into their daily operations.
The direct sales channel dominates the distribution channel with a market share of over 50.0 percent by revenues. The two main companies in the market, doTERRA and Young Living, are playing a prominent role in educating consumers about the use of essential oils through their direct sales model. This approach allows for customers to experience the product and learn about it.
There are some challenges that essential oil companies need to overcome in the short and medium-term. The first important challenge is the lack of industry standards. As of 2017, there was no real certification or governing body for essential oils. Some companies use the term ‘aromatherapy grade’ or ‘therapeutic grade’ to convey to the consumer that their oils were carefully chosen and tested for use. In fact, some market participants have trademarked either their process or product under what they deem as strict quality standards. Secondly, quality control standards for essential oils do not currently exist; several essential oils of questionable quality at a very low prices can be found online and in retail stores. Increasing competition from these low-cost essential oil suppliers is affecting the market.
The Global Aromatherapy and Essential Oils Market report has been segmented by geographic region (North America, Europe, APAC and Rest of the World). The North American market was the largest in terms of revenues in 2017, representing an estimated 55.0 percent of the global market. The market in the Asia Pacific region is expected to experience the highest growth rate during the forecast period.
Some of the key companies covered in this report include doTERRA International, LLC, Young Living Essential Oils, Nu Skin Enterprises, Inc., Zija International (AMEO), Saje Natural Wellness, SpaRoom, Ryohin Keikaku Co., Ltd, Melaleuca, Inc., NOW Health Group, Inc., Frontier Co-op (Aura Cacia), and Neal's Yard Remedies, among others. This report provides an in-depth analysis of the overall Global Aromatherapy and Essential Oils Market. The report captures various market dynamics by region such as growth drivers, restraints, market revenues and forecasts, technology trends and competitive landscape. The base year for the study is 2017 and the forecasts are until 2024.
A copy of the Global Aromatherapy and Essential Market research report can be obtained at www.verifymarkets.com. Follow us for more updates on Twitter @verify_markets and LinkedIn. This report is part of Verify Markets’ Consumers Products research and consulting practice. Other aromatherapy market reports:
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