NEW YORK, Dec. 17, 2020 /PRNewswire/ -- Every year, 40 million American adults suffer from some form of depression, says the Anxiety and Depression Association of America (ADAA). The rising incidence of such lifestyle-associated diseases is expected to propel the North American aromatherapy market from $763.7 million in 2019 to $1,639.9 million by 2030, at a 7.6% CAGR between 2020 and 2030, according to P&S Intelligence.
Similarly, insomnia is seen in almost 30% of the regional population, as per the National Sleep Foundation. Apart from insomnia and depression, the North American aromatherapy market is also growing on account of the rising number of people suffering from respiratory diseases, mental illnesses, and allergies. Aromatherapy, in particular essential oils, is rapidly gaining popularity in the continent for relieving stress, anxiety, and depression.
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The COVID-19 pandemic has led to the slow growth of the North American aromatherapy market, mainly due to plant closures and the regionwide hesitation in spending on non-essential goods and services. Plant closures due to the lockdown have resulted in a reduced supply of aromatherapy products, while the suspension of non-critical healthcare services and widespread unemployment have ill-impacted the demand for them.
The consumables bifurcation, on the basis of product, generated the higher revenue in the North American aromatherapy market in the past. Owing to their healing, immunity-boosting, therapeutic, and stress-relieving properties, the consumption of essential oils is increasing swiftly in the region.
In the coming years, the topical application category, based on mode of delivery, will witness the highest CAGR, of 8.0%, in the North American aromatherapy market. Oils, which are applied topically (on the skin), are being widely used for skin-related ailments. Carrier oils and creams can be used to dilute essential oils, to be applied on the body, as required, for back pain, arthritis, wound healing, and detoxification.
Browse detailed report with COVID-19 impact analysis on North America Aromatherapy Market Research Report: By Product (Consumables, Equipment), Mode of Delivery (Topical Application, Aerial Diffusion, Direct Inhalation), Application (Relaxation, Skin and Hair Care, Pain Management, Cold and Cough, Insomnia, Scar Management), Distribution Channel (Direct, Indirect), End User (Beauty Spas, Homes and Offices, Hospitals and Clinics) - Industry Analysis and Growth Forecast to 2030 @ https://www.psmarketresearch.com/market-analysis/north-america-aromatherapy-market
The North American aromatherapy market will be dominated by the relaxation category, under segmentation by application, in the years to come. More people are suffering from the side-effects of conventional drugs, anxiety, and stress each year in the region, which is why the demand for relaxing and stress-relieving remedies is rising.
Presently, the larger share in the North American aromatherapy market, under the distribution channel segment, is held by the indirect bifurcation. People prefer to engage in a smell test before buying the products, which is why most of them shop at physical retail stores.
During the next decade, the fastest growth in the North American aromatherapy market is projected in beauty spas, as an end user. A lot of people in the continent visit beauty spas for aromatherapy-induced relaxation. Moreover, the number of such centers is increasing quickly here, which is driving the demand for various aromatherapy products.
The U.S. has been the more-lucrative country for North American aromatherapy market investors till now, and the future scenario will be the same. According to the U.S. Bureau of Labor Statistics (BLS), the disposable income in the nation is set to rise from $11,394 billion in 2006 to $24,174.5 billion in 2026. This is leading to an increasing spending on healthcare, which, as per the Commonwealth Fund, was already 17.8% of the gross domestic product (GDP) of the country in 2016.
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The most-significant North American aromatherapy market players are Young Living Essential Oils, dōTERRA International LLC, Edens Garden, Mountain Rose Herbs, Organic Aromas, Frontier Co-op (Aura Cacia), NOW Health Group Inc., Plant Therapy Essential Oils, HoMedics USA LLC, W.S. Badger Company, Lionel Hitchen Limited, Rocky Mountain Oils LLC, Healing Solutions, OLFINITY, Majestic Pure Cosmeceuticals, BONTOUX SAS, Citrus and Allied Essences Ltd., Givaudan, Symrise Group, North American Herb and Spice, Starwest Botanicals Inc., Isagenix International LLC, Nu Skin Enterprises Inc., Saje Natural Business Inc., Artnaturals, and Neal's Yard (Natural Remedies) Limited.
Key Findings of North America Aromatherapy Market Report
- Essential oils being preferred for stress, and anxiety
- Popularity of home-use aromatherapy products increasing rapidly
- Rising purchasing power allowing citizens to try aromatherapy
- Market fragmented in nature due to existence of numerous companies
- U.S. remains larger consumer of aromatherapy products in continent
- Side-effects of conventional drugs also driving aromatherapy demand
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Global Aromatherapy Market
The Asia-Pacific region is predicted to register the fastest growth during the forecast period due to the surging awareness regarding health benefits of aromatherapy, rising trade of essential oils in and outside, and increased production of essential oils in various countries in the region.
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SOURCE P&S Intelligence