Aromatherapy Market Analysis

Application (Cold & Cough, Skin & Hair Care, Pain & Scar Management, Insomnia)

The global aromatherapy market is segmented and analysed for demand and supply by application into cold & cough, skin & hair care, pain & scar management, insomnia, and others, out of which, the skin & hair care segment is projected to witness the largest share in the global aromatherapy market over the forecast period. The growth of the segment is ascribed to a rising inclination toward personal grooming. For instance, in 2022, the revenue generated by the skin care segment was projected to be around USD 6 billion.

Delivery Mode (Aerial Diffusion, Direct Inhalation, Topical Application)

On the other hand, the market is segmented by mode of delivery into topical application, aerial diffusion, and direct inhalation. Out of which, the topical application holds the largest market share with 41.03%, with aerial diffusion at 23.50%, and direct inhalation at 35.5%. The highest share of topical application segment can be attributed to the high demand for over the counter treatments and ease in application in topical medium.

Major Macro-Economic Indicators Impacting the Market Growth

According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5,355.79, which grew from USD 3,515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.

Our in-depth analysis of the global market includes the following segments: