A recent market report indicates favorable shifts in consumer demand and market expansion have helped the Essential Oil Manufacturing industry thrive in the current five-year period (IBIS World, 2016).
Market share concentration in this industry is low; no company accounts for more than 5.0% of industry revenue in 2016. Furthermore, IBIS World estimates that the top four players account for less than 10.0% of revenue in 2016. The level of concentration has been slowly rising over the past five years as network marketing companies continue to establish their brand names and thereby increase their market share. Although market share concentration has been slightly rising over the past five years, the level of concentration is expected to remain low over the long-term. A moderate level of barriers to entry will allow new companies to enter the market to take advantage of the rising revenue over the next five years. The report’s analysts forecast the global essential oil market to grow at a compound annual growth rate of 8.26% during the period 2016-2020.
With the increase an increase in the demand for essential oils, we are seeing more adulteration in essential oils-even in those that are relatively abundant and easily produced. What does this mean for authentic practitioners of Aromatherapy and Aromatic Medicine?
With the theme, Out of the Bottle and Into the Garden: Traditional Herbalism to Aromatic Medicine, the Alliance of International Aromatherapists International Conference aims to explore the use of various plant preparations while emphasizing the importance of the plants from which we obtain our precious oils. Lectures will feature experts from around the world discussing sustainability, ethics and professionalism while growing your business. The importance of how essential oil demand is impacting the availability of our oils will be highlighted with attention to other types of plant medicine that can be used to provide complementary care in practice.
With the growing interest in Aromatic Medicine and questions regarding our ability to practice Aromatic Medicine and specific protocols that incorporate internal use of oils, we will feature two special lectures on Aromatic Medicine and protecting your business from government intrusion.
This August the Alliance of International Aromatherapists, in partnership with the Rutgers University Plant Biology Department (New Brunswick, NJ), will bring together 300-400 of the world’s top Aromatherapy leaders, practitioners, educators, research scientists, integrative health practitioners and entrepreneurs. Business development, thought-provoking content and endless networking opportunities are tied together by engaging and inspiring speakers, trade exhibits, and pre-conference workshops, and social events about the future of the Aromatic plant community, innovation, marketing, communication and imagination.
Registration is open and information about the schedule, speakers, pre-conference workshops, hotel and transportation are all online at www.aromatherapyconference.com.