SAN ANTONIO, Feb. 03, 2016 (GLOBE NEWSWIRE) -- Verify Markets’ analysis of the Aromatherapy and Essential Oils Market shows that the global market was valued at over $7.5 billion in 2015 (http://www.verifymarkets.com/products/2016-aromatherapy-and-essential-oils-market). Fueled by exponential growth in the United States, companies are now realizing the global market potential and increasing adoption rates in the Asian markets. Major market participants, including dōTERRA and Young Living, are hedging their bets in Asia, specifically, China, Japan, Taiwan, Hong Kong, Singapore and Malaysia. This growth strategy will pay off in dividends as key players are planning for market saturation in the United States, currently the largest market valued at over $4 billion, around 2017-2018. Revenues for the United States are estimated to reach over $10 billion by 2022.
The direct sales channel dominates distribution with over 60 percent of the market. Consumers need to feel and smell the oils. They must also be educated about the benefits, initially, until they are familiar with the concept and products. These factors make direct selling a perfect catalyst for essential oils. dōTERRA is singularly responsible for the rapid category growth. By creating awareness through their MLM model, even competitors have cited an increase in sales from dōTERRA’s market presence.
Common market drivers include the proliferation of the health and wellness megatrend, consumer preferences towards organic and natural products, female purchasers, and increasing retail presence. Market restraints include questionable benefits, lack of standards, increasing competition and misinformation.
Key market participants include dōTERRA, Young Living, Nu Skin, NOW Foods, Muji, Tree of Life, Air Aroma, Neal’s Yard Remedies, SpaRoom, Scentsy, and Zija International (Améo), among others. The market is defined as the usage of essential oils for health and wellness via topical application, inhalation and ingestion.
This report provides an in-depth analysis of the aromatherapy and essential oils market in the United States, China, Japan and South Korea. The report captures the growth drivers, restraints, trends, market shares by revenue, market shares by product segment (essential oils, diffusers and personal care), key sales areas, company profiles, product pricing, and the latest developments. The base year of the study is 2015 and revenue forecasts are provided up to 2022. A copy of the Aromatherapy and Essential Oils Market research report can be obtained at http://www.verifymarkets.com. Follow us for more updates on Twitter @verify_markets and LinkedIn: https://www.linkedin.com/company/verify-markets.
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Source: Verify Markets