SAN ANTONIO, July 9, 2018 -- A new analysis by Verify Markets shows the North American Essential Oil Supplements Market to be valued at over $425 million in 2017. The market is expected to continue slow growth during the next seven years, mainly due to the criticism around ingestion of essential oils, questionable benefits, and health-related risks.
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 consumers notice the effect of their eating habits on their quality of life, they choose to eat "healthier" by incorporating natural supplements into their diets. Being a part of a balanced diet, essential oil supplements help to improve beauty from inside out. This trend has become a foundation for nutricosmetics.
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 oil supplements through their direct sales model. This approach allows for customers to test 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 research and development. Due to their specific chemical composition, essential oils are more complicated than traditional powder vitamins and supplements and require specific R&D approaches. Companies invest in R&D to innovate their products and guarantee the best absorption and maximum benefits to consumers. Secondly, criticism from traditional aromatherapy institutions and government bodies affects the attitudes of consumers. Market participants educate their consumers by sharing scientific evidence of therapeutic properties of essential oils as well as benefits that their supplements provide.
The North American Essential Oil Supplements Market report has been segmented by country (United States and Canada). The United States drives major change in the North American market, especially when it comes to manufacturing standards, form factors, marketing trends, and consumption methods.
Some of the key companies covered in this report include doTERRA International, LLC, Young Living Essential Oils, Zija International Inc., Axe Wellness LLC, Rocky Mountain Oils LLC, NOW Health Group Inc., Terry Naturally Vitamins, Nature’s Way Products LLC, and Metagenics Inc., among others. This report provides an in-depth analysis of the overall North American Essential Oil Supplements Market. The report captures various market dynamics 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 North American Essential Oil Supplements 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:
- 2018 Global Aromatherapy and Essential Oils Market
- 2017 North American Aromatherapy Diffusers Market
Our research methodology consists of extensive primary interviews with key participants in the market along with secondary sources to validate our information. For more information on this report and other research (including custom reports and consulting), contact info@verifymarkets.com or call 210.595.6987.