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Description
Aromatherapy Market Size was valued at USD 783.6 million in 2021 and is expected to grow at a CAGR of 9.5% from 2022-2028. Aromatherapy is regarded as an alternative medical treatment that aids in the recovery from a variety of illnesses, including pain, cardiovascular, respiratory, skin, digestional, immune system, sleeplessness, anxiety, and wound-related issues. Women typically worry more about acne scars, and those who experience acne-related issues frequently choose therapeutic-grade essential oils. Numerous health experts choose single and blended oils that are crucial for treating stress, insomnia, anxiety, discomfort, agitation, stress, etc. These specialists include spa therapists, massage therapists, and fitness therapists. People are looking for little or no adverse effects because essential oils have medicinal effects. These procedures can also be carried out without the need for pharmacological therapy. Therefore, a major factor anticipated to contribute to the growth of the Aromatherapy Market over the forecast years is the rising trend of aromatherapy among medical professionals for relaxation purposes. Female customers aged 0–14 only used Lavanda and Tea Tree oils, and 43% of them used these two essential oils on the breast/chest and back, according to a survey that was published in a journal in NCBI (National Center for Biotechnology Information) on August 15, 2022. The market for aromatherapy is expanding significantly as a result of rising disposable income. For instance, The personal disposable income of Americans has increased, according to the U.S. Bureau of Labor Statistics (BLS). By 2026, it is projected to reach $24,174.5 billion, up from $11,394 billion in 2006 and $15,928.7 billion in 2016. The yearly growth rate (household disposable income) in Canada went from 2.05% in 2009 to 3.47% in 2017, according to the Organization for Economic Co-operation and Development (OECD). The demand for diffusers and essential oils is therefore anticipated to increase in the upcoming years as household disposable income increases.
Critical Developments in Aromatherapy Market:
In August 2020, In order to make passengers feel more comfortable and at ease during flights, essential oil, a company that makes ethereal oil-infused hand sanitizer, recently established a partnership with Alaska Airlines.
In October 2022, International Flavors & Fragrances Inc. has opened a new innovation centre in Singapore. This centre is the first in the company’s global network of research, creative, and application centres to bring together the technologies, competencies, and know-how of all four business divisions: Nourish, Health & Biosciences, Scent, and Pharma Solutions. With a floor area of more than 11,000 square metres, it is the largest IFF facility in the area.
In April 2022, Phoenix Flavors & Fragrances, a supplier of personal care and diverse fragrance-based goods, has finished the acquisition of Innovative Fragrances. Innovative Fragrances is a firm that produces essential oils and aroma chemicals. Innovative Fragrances joining Phoenix expands the platform’s geographic reach in the Southeast United States and strengthens the technological, legal, and perfumery solutions Phoenix Flavors and Fragrances provides to customers.
