Essential Oils Market - Forecast(2020 - 2025)
World Health Organization recognizes the need for traditional and alternative medicine, and launched the WHO Traditional Medicine Strategy 2014-2023 to bring forth the benefits of putting alternative medicine to good use. According to a report by the strategy, in Asian countries like Singapore, and Republic of Korea, 76% and 86% respective populations commonly use traditional medicine despite having a well-established healthcare system. Essential oils are an important component of traditional and alternative medicine, and are often credited with stress-reducing and energy boosting properties. These ethereal oils are often used in aromatherapy, which is a common type of alternative medicine. IndustryARC analysts have assimilated data, analyzed it, and compiled a report which estimates the 2018 essential market size to be between $7 billion- $7.5 billion. The market is also anticipated to grow at a lucrative CAGR of 8%-9% during the forecast period of 2019-2025. Europe will lead the ess...