Essential oils are derived from various plants and used in natural health practices, such as naturopathy and aromatherapy. Spas have become more popular with the adoption of essential oils because they have started to offer many therapies to their customers. The number of spas has increased significantly around the world, reaching over 160,000 in 2020, as per the Global Wellness Institute. People are obtaining high-quality skincare treatments at spas and quickly becoming aware of the services offered, which has resulted in a rise in the foot traffic at these places.
Hence, the global essential oils market accounted for around $11 billion revenue in 2020, which is expected to grow at a significant CAGR in the coming years. Many factors are expected to propel the growth of the market, such as the rising customer preference for natural products, the growing popularity of aromatherapy for relaxing the body and mind, an inclination toward various kinds of massages, and advancing demand for essential oils in the cosmetics and food & beverages industries.
Read More: Essential Oils Market Analysis and Demand Forecast Report
Aromatherapy is an alternative treatment method that involves the use of organically obtained aromatic essences, to promote the physical and mental health of people. It is used to treat anxiety or chronic stress, skin issues, depression, and exhaustion. A lot of people are leading a hectic and stressful life, which is contributing to an increase in the incidence of chronic physical and mental conditions. “Approximately 280 million people in the world have depression.”, says the WHO. Further, over 700,000 people kill themselves each year, which reflects a strong need for ways to manage stress.
Due to the increasing affordability and availability of essential oils, APAC is predicted to grow the fastest throughout the projection period. Furthermore, the essential oils market in the region is projected to be driven by people’s improving lifestyles and increasing awareness of essential oils. Furthermore, the market is expanding due to the increasing awareness of the benefits of aromatherapy, surging number of patients with chronic conditions, technological advancements, and growing medical tourism sector, especially Kerala and Bali.
The distillation method is expected to become the most popular in the coming years. Distillation is the separation of a mixture’s components by evaporating the vapor and then condensing it into a liquid. Because various plants require varied durations, pressures, and temperatures, the distillation process allows for temperature change dependent on the plant species, thus making it a precise and effective way for getting the cleanest chemicals. Carbon dioxide extraction, cold press extraction, and solvent extraction are other extraction methods.
