With the surging disposable income of people, the demand for aromatherapy is rising sharply in North America. As per the U.S. Bureau of Labor Statistics (BLS), the personal disposable income of people residing in the U.S. rose from $11,394 billion in 2006 to $15,928.7 billion in 2016, and it is predicted to surge to $24,174.5 billion by 2026. Furthermore, as per the Organization for Economic Co-operation and Development (OECD), in Canada, the annual growth rate in the household disposable income soared from 2.05% in 2009 to 3.47% in 2017.
Besides the aforementioned factor, the increasing consumer preference for natural products is also driving the expansion of the North American aromatherapy market. This is ascribed to the inefficiency of conventionally used pharmaceutical drugs in cross the blood-brain barrier for relieving pain in patients. For example, rosemary oil can easily cure cough, headache, and cold, if inhaled and can also be applied for hair and skin care. Owing to the various benefits of natural products and their ability to treat health conditions without causing side-effects, the popularity of aromatherapy is booming in North America.
According to the estimates of the market research company, P&S Intelligence, the value of the North American aromatherapy market will grow from $763.7 million in 2019 to $1,639.9 million by 2030. Furthermore, the market will demonstrate a CAGR of 7.6% from 2020 to 2030 (forecast period). Depending on product, the market is divided into equipment and consumables categories. Between these, the consumables category is predicted to demonstrate faster growth in the coming years. This is credited to the fact that many players are focusing on rapid product launches.
Additionally, the growing incidence of emotional and physical symptoms of stress and anxiety and mushrooming use of homecare therapy sessions are also predicted to propel the progress of the North American aromatherapy market in the upcoming years. The major players operating in the industry are actively focusing on developing advanced and new products in order to gain a competitive edge. For example, Plant Therapy Essential Oils unveiled Balm Squad Set, which is a skin soother that can be applied on the skin, in February 2019. The product naturally nourishes the skin and gives relief from burning sensations and skin irritation.
Thus, the demand for aromatherapy will soar in North America in the coming years, primarily because of the growing consumer preference for natural healthcare products, ballooning population of geriatric people, and rising incidence of various chronic illnesses and health conditions in the region.