The global aromatherapy carrier oil market is expected to account for USD 1.90 billion by 2026, according to a new report by Grand View Research, Inc., exhibiting a CAGR of 10%. Growing awareness and increasing use of therapeutic carrier oils has led to high market growth. Aromatherapy is considered an alternative to medicinal therapy for treatment of a wide range of conditions. Thus, with growing awareness about the field of alternative & complementary medicine, therapeutic-grade carrier oils are increasingly being adopted due to their healing properties.
Multiple therapeutic regimens are being followed across the globe in attempts to come up with a reliable treatment for Covid-19. One line of treatment includes the use of hydroxychloroquine, while a second treatment line focuses to use antiviral drugs used in the disease management of HIV. Both these approaches have surged demand from advanced antivirals and antimalarial drugs. This impacts the drug manufacturers as an off label indication for these drug classes has to be worked upon. At the moment, the WHO has not prescribed any of these approaches, neither they have commented if one is better than the other. The report will account for Covid19 as a key market contributor.
In addition, adoption of natural products has increased as a number of adverse effects are associated with pharmaceutical products. For instance, apricot kernel oil is widely used for skin & hair care and scar & pain management as well as in manufacturing of soaps.
Aromatherapy products such as carrier oils have also been proven to be highly effective in pain management and healing of wounds & cuts. These products consist of healing as well as antibacterial properties.
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Further key findings from the study suggest:
Cosmetics segment dominated the aromatherapy carrier oils market in 2018 and is anticipated to grow at a lucrative rate during the forecast period owing to increase in incidence of skin and hair problems
Medical segment also held significant share in 2018 owing to growing awareness about the various types of therapeutic-grade products available
Rapid industrialization and increasing consumer awareness regarding new medical practices have led to an increase in demand for these products globally
In 2018, personal care segment was expected to witness lucrative CAGR over the forecast period owing to increase in use of carrier oils as a base for manufacturing soaps
North America held the largest market share in 2018 owing to rise in the number of key players introducing therapeutic grade products in the U.S.
Lucrative trading opportunities have led to an increase in growth potential of the European market
Asia Pacific is projected to exhibit significant growth rate over the forecast period due to growing awareness pertaining to aromatherapy as well as rise in incidence of skin disorders in this region
Some of the key companies are Edens Garden, Rocky Mountain Oils, Plant Therapy Essential Oils, Falcon Essential Oils, FLORIHANA, and Moksha Lifestyle Products
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.
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Grand View Research has segmented the aromatherapy carrier oils market on the basis of application:
Aromatherapy Carrier Oils Application Outlook (Revenue, USD Million, 2015 - 2026)
Food & Beverages
Cold & Cough
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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