What's Happening?
The aromatherapy market has experienced significant growth post-Covid, driven by increased focus on self-care and work-life balance. IRIS Home Fragrances reports a 35-40% increase in sales, attributed to individuals working from home and seeking relaxation. Aromatherapy, particularly the use of essential oils, has gained popularity for its mood-enhancing properties. The market is expected to reach ₹4,000 crores in the next five years, with IRIS aiming for a substantial market share. Online commerce channels have played a crucial role in raising awareness and accessibility of aromatherapy products.
Why It's Important?
The growth of the aromatherapy market reflects broader societal shifts towards wellness and self-care, particularly in the wake of the Covid-19 pandemic. This trend has implications for the health and wellness industry, potentially driving innovation and expansion in related sectors. As consumers prioritize mental health and relaxation, businesses may adapt by offering products that cater to these needs, influencing market dynamics and consumer behavior.
What's Next?
IRIS Home Fragrances plans to expand its product offerings, including new verticals such as products for menstrual cramps and arthritis pain. The company aims to increase its presence in tier 2 markets, where demand for wellness products is rising. The aromatherapy industry may see further growth as more consumers embrace self-care practices, potentially leading to increased competition and innovation.
Beyond the Headlines
The cultural shift towards self-care and wellness may influence broader lifestyle changes, with individuals seeking holistic approaches to health. Ethical considerations include ensuring accessibility and affordability of wellness products for diverse populations. The aromatherapy market's expansion could also impact environmental sustainability, prompting discussions on responsible sourcing and production.
