A well known industry research firm predicts that the worldwide market for essential oils and other aromatherapy products will reach $4.3 billion no later than the close of 2023. To do so, aromatherapy would have to see a compound annual growth rate, or CAGR, of more than 6%.
Is A 6% Growth In Aromatherapy Sales Sustainable?
It may seem that with the myriad multi-level-marketing companies already out there we would all be getting sick of aromatherapy by now but this group says that a driving force is, and will continue to be, professional massage therapy.
Essential oils are also becoming more common in mainstream skin care products, which will factor into the projected growth rate.
The Major U.S. Players In Aromatherapy
The biggest names in aromatherapy will continue to be so, despite an apparent recent crackdown by FDA on claims that aromatherapy sellers are allowed to make. doTerra, Rocky Mountain Oils, Young Living Essential Oils, Thann and Mountain Rose Herbs are (and will continue to be) sales leaders in volatile organic extracts.
Despite having relatively few essential oil growers, North America is, by far, the worldwide leader in market share right now. Nothing in this new report even hints that this will change in the next few years.
Photo by Christopher Burns on Unsplash
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