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Relevance of Economics in Management
Posted by Poddar College on April 18, 2024 at 2:55am 0 Comments 0 Likes
Resource Allocation
Economics provides managers with tools and frameworks to efficiently allocate scarce resources, such as capital, labor, and raw materials. Managers need to make… Continue
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Booming Aromatherapy Demand To Facilitate Essential Oil Sales Globally
The Global Wellness Institute states that there were over 149,000 spas across the world in 2017 and there are 740 wellness lifestyle real estate communities partially built, under development, or completely built across 34 countries. In recent years, spas and wellness centers have become extremely popular, because they offer treatments for stress, anxiety, and skin problems. To offer remedies for such problems, spas and wellness centers are increasingly using essential oils in their treatment procedures. Thus, the soaring number of spas will create a huge requirement for essential oils in the foreseeable future.
Additionally, the burgeoning demand for aromatherapy will also contribute to the essential oils market growth during 2021–2030. According to P&S Intelligence, the market generated $11 billion revenue in 2020. Aromatherapy is defined as an alternative treatment procedure that utilizes naturally harvested aromatic essences to balance, harmonize, and support the mental and physical health of patients suffering from respiratory infections, skin disorders, anxiety or stress, and fatigue. As a large number of people are currently living a hectic life, they are always seeking an alternative way to relieve stress and relax their bodies.
Browse detailed report - Essential Oils Market Analysis and Demand Forecast Report
Citronella, clove, cornmint, eucalyptus, lavender, lemon, lime, orange, peppermint, rosemary, and spearmint are the different types of essential oils available for customers. In the preceding years, orange oil was consumed in the highest quantity, as it helps improve the quality of hair, nail, and skin. The use of orange oil leads to improved skin blood flow and aids in loosening the nearby tissues. Additionally, orange oil can also be applied to acne and stretch marks. At present, India, China, and Mexico are the major producers of orange-based essential oils.
The aforementioned types of essential oils are extracted through distillation, carbon dioxide extraction, solvent extraction, and cold press extraction methods. In the coming years, essential oil producers, such as Vitruvi, Frontier Co-op, dōTERRA International LLC, Majestic Pure Cosmeceuticals, Plant Therapy Inc., NOW Health Group Inc., Edens Garden, PublicGoods, Rocky Mountain Oils LLC, REVIVE Essential Oils LLC, Young Living Essential Oils, and Organic Aromas, will prefer distillation over other extraction methods, as it helps in extracting the purest compounds.
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