Industry Insights, Market Size, CAGR, High-Level Analysis: Aromatherapy Carrier Oil Market
The global aromatherapy carrier oil market size was valued at USD 898.03 million in 2018 and is expected to grow at a lucrative CAGR of 10.0% over the forecast period. Increase in preference for plant extracted products is one of the major factors driving the market. Carrier oils are vegetable oils that are cold-pressed, extracted from plants, and are processed naturally. They possess nutritional and natural healing properties and are used as alternatives to pharmaceutical products such as medicated topical products and tablets.
Carrier oils are being widely adopted as therapies for various medical conditions. Aromatherapy is considered an alternative to medicinal therapy, which helps in treating several conditions such as pain, skin-related problems, digestive disorders, cardiovascular disorders, immune disorders, cold & cough, insomnia, respiratory disorders, anxiety, and wounds. Furthermore, growing awareness in women about skin and hair care is expected to drive the adoption of therapeutic-grade carrier oils.
Increase in disposable income is also one of the important factors driving the market. With growing disposable income, preference for natural products in the form of creams, moisturizers, & soaps for skin care and as insect repellants & toiletries is increasing. Carrier oils are derived from natural sources such as plant matter; however, their availability is extremely limited despite large scale extraction operations.
Limited or lack of awareness in developing countries such as South Africa, Brazil, Mexico, Saudi Arabia, and India impedes market growth. Rise in awareness initiatives by governments and private organizations is expected to aid growth in these countries.
Growing trend of using natural products in beauty & wellness industry is also another factor boosting demand for carrier oils. These oils are also being widely used in personal care products to reduce usage of harmful chemical products, aiding market growth. In addition, growing purchasing power and consumer awareness about adverse effects of chemicals in toiletries & cosmetics are leading to increase in preference for naturally sourced products.
Application Insights of Aromatherapy Carrier Oil Market
On the basis of application, the cosmetic segment held the largest share in 2018. This can be attributed to the increasing incidence of skin problems. Carrier oils are widely used in cosmetics for skin & hair care as well as for scar management as well as to strengthen hair, control dandruff, and reduce itching.
Medical segment also held a significant share in 2018 as aromatherapy products have been proven effective in dealing with chronic pains. These products are increasingly being adopted for medicinal use despite the lack of evidence for their healing properties. Hence, these products are widely replacing the most conventional medications owing to their health benefits and high potency with negligible adverse effects. The personal care segment is anticipated to grow at a lucrative rate over the forecast period due to introduction of natural cleaning agents. Cleaning agents and household products are increasingly being used for personal care applications owing to their antibacterial and antiseptic properties.
Regional Insights of Aromatherapy Carrier Oil Market
In 2018, North America dominated the aromatherapy carrier oil market, owing to increase in awareness about the advantages of alternative therapies. Moreover, majority of the key market players are headquartered in the U.S., e.g., Edens Garden; Rocky Mountain Oils, LLC; and Plant Therapy Essential Oils.
Increase in import and export of carrier oils in European countries has led to an increase in awareness regarding aromatherapy in this region, thereby, boosting the market growth. According to a survey conducted by Pain Alliance Europe, chronic pain affects around 20% of the adult population in Europe. As a result, demand for natural products for pain management has increased in this region. Asia Pacific also exhibited a significant growth due to the rising prevalence of skin disorders and increasing preference for natural products. Growing awareness about various therapeutic benefits of the products is also driving the demand for aromatherapy products.
Market Share Insights of Aromatherapy Carrier Oil Market
Some of the key players in the market are Edens Garden; Rocky Mountain Oils; Plant Therapy Essential Oils; Falcon Essential Oils; FLORIHANA; and Moksha Lifestyle Products. However, there are limited number of global companies manufacturing these products. Key manufacturers are increasingly adopting strategic initiatives such as new product development, mergers & acquisitions, and geographic expansion. For instance, in 2016, Plant Therapy received certification for its organic operation through ECOCERT ICO. The National Organic Program (NOP) has accredited this certification. However, majority of the players have undertaken limited number of initiatives for development of new products in the carrier oils market.
Segmentations, Sub Segmentations, CAGR, & High-Level Analysis overview of Aromatherapy Carrier Oil Market Research Report
This report forecasts revenue growth at global, regional, & country levels and provides an analysis on the latest industry trends in each of the sub-segments from 2015 to 2026. For the purpose of this study, this market research report has segmented the aromatherapy carrier oil market report on the basis of application and region:
Application Outlook (Revenue, USD Million, 2019 - 2030)
Food & Beverages
Cold & Cough