The aromatherapy diffusers market is expected to observe the fastest growth during the forecast period on account growing tourism sector across the world. As global tourism continues to increase, there is a growth in the number of luxury hotels and hospitality sector across the globe. The stressful airport formalities, jetlag, and other travel-related issues have surged the demand for relaxing and calm vacations. As per the report of the Global Wellness Associations, wellness tourism is expected to grow at a rapid pace in the year 2022, to reach over USD 900 billion. The tremendous growth in international travelers and the rising demand for aromatherapy drives market growth.
The hotel brands and developers are capitalizing on the growing opportunities and investing in such additional facilities that are expected to push the demand for aromatherapy diffusers in the near future. The inclusion of relaxing therapies at the gyms and massage centers at commercial places are further providing a fillip to the market growth. North America’s spa industry is a mature and well-established market. The consumers in the region are aware of the growing importance of a healthy lifestyle, including exercise and spa treatments. However, the consumers are still adopting the wellness treatments in their lifestyles; thus, presenting growth opportunities for the market.
Impact of COVID-19
The COVID-19 outbreak has caused a decline in the global economy and disruptions in the supply chain. Due to various government impositions and social distancing norms, the manufacturing units worldwide have halted production activities. The pandemic has cast uncertainties for various industries, and aromatherapy diffusers are no exception. From the supply side, the key players have declined the production capabilities and are focusing on mergers and acquisitions to retain the market position. The raw-material procurement for production has become difficult and expensive, further raising the overall product costs.
Considering the market from the demand side, the demand is forecasted to witness a decline as spas, and other wellness treatments are shut across the globe. In the wake of the pandemic, consumers are demanding personalized wellness and spa treatments, which has led to higher prices. Moreover, the disrupted global economy has reduced consumer purchasing power, which is expected to limit the market revenue for the short-term.
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