The Global Aromatherapy and Essential Oils Market was valued at $7.8 billion in 2019 and is expected to reach revenues of $18.9 billion by 2026. The market is expected to grow at a CAGR of 13.4 percent during the forecast period. With this recent pandemic, there’s been an increase in awareness about essential oils, their efficacy, and how important they are. For instance, it’s a wellness product, it’s a natural product and it is very powerful. People are trying oils and are realizing the power of essential oils. Lavender, sage and citrus oils have seen growth during the pandemic. Alternative health-boosting and immune-boosting oils are seeing increasing demand. Homeopathy has moved a little bit more mainstream. Companies are seeing an increased desire for this type of medicine and these types of oils being used at home as medicine. For instance, CBD oils. The shift towards natural, organic, holistic health and wellness practices continue to gain momentum. Green consumerism and the resurgence of natural products in developed countries have given a renewed push to the increasing development of plant-based products. The popularity of the health and wellness trend is visible across varied consumer groups. However, Millennials are primarily driving its growth. Customers are increasingly placing more value on health and wellness than on material objects. They are shifting away from purchasing luxury goods in favor of spending on wellness as a luxury. With the growing wellness movement, several commercial businesses are 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. “Customers are turning towards natural products and products made with natural scents more than ever. There is a shift towards a healthy lifestyle and self-care as a component of both wellness and wellbeing. Essential oils serve two purposes in this changing landscape: they replace harmful synthetic scents and have the ability to improve our wellbeing through our moods.”- notes Shilpa Tiku, Chief Research Officer and Partner at Verify Markets. The use of essential oils in spas has become very popular. Spas and beauty salons are increasingly incorporating essential oils in their practices for facials, massages, body treatments, manicures/pedicures, diffusion, and wash or spray towels. Suggested applications of essential oils in medical centers include diffusing essential oils at the reception area to provide a welcoming aroma, clean the equipment without harsh chemicals, anoint patients, soak a cotton ball in oil for patients to use for relaxation, avoid bad odors, or use during massages. Studies have shown that essential oils may offer several benefits some of which include: Stress reduction, mood enhancement, better sleep, reduced nausea, increased focus, relaxation, and reduced inflammation.
SHILPA TIKU AROMATHERA PY AND ESSENTIAL OILS ARE GAINING POPULARITY GLOBALLY
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