The growing consumer preference towards mint-flavored products is driving the demand for the market.
The global Mint Essential Oils market is forecast to reach USD 346.6 Million by 2027, according to a new report by Reports and Data. Growing demand from the end-use industries is driving the demand for the market. Mint Essential Oils find applications in industries such as aromatherapy, pharmaceuticals, food and beverage, personal care, and cosmetics. Increasing advancements in the methods of oil extraction are also leading to a surge in demand for the product.
Rapid urbanization, along with the growing influence of social media, has made natural plant extract-based healing treatment popular. These include aromatherapy and spa. This has led to increased use of Mint Essential Oils in aromatherapy applications and stress-relieving spas. Increases in aromatherapy applications due to the increasing urbanization are expected to lead to a further increase in demand for the product.
Increasing disposable incomes, especially in developing countries, has led to the changing lifestyles of the population. There is a shift towards organic and natural personal care and cosmetic products, in the developing and developed countries. In countries like the U.S., the U.K., and Germany, there is increasing consumption of organically extracted oils in the cosmetics and personal care industries. This is leading to an increase in the market size of Mint Essential Oils.
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The COVID-19 impact:
The COVID-19 Pandemic has led to lockdowns across major countries globally. This has led to major players of the market not being operational and has led to the supply side taking a hit. Also, major industries where the product is used are not functional in the current scenario, leading to a decline in market demand. Certain industries, such as Medical and Food and Beverage, which come under the essential services, are still operational and are finding the use of the product. This has stopped the demand from going down drastically.
It is expected that when the situation becomes normal and industries start operating again, the demand for the market will go up again. Also, some of the major players who are not operating in the current scenario are involved in product innovations. This will help them capture a greater market share when the market opens again and will positively impact the market by increasing the demand for the product.
Key participants include AM Todd, Labbeemint, P Callison, Young Living Essential Oils, Sydney Essential Oil Co. (SEOC), Rocky Mountain Essential Oils, Moksha Lifestyle Products, India Essential Oils, Reynaud & Fils (HRF), and Flavex Naturextrakte GmbH, among others.
Further key findings from the report suggest
- Food and beverages occupied the second largest market share of 14.4% in 2019. Mint Essential Oils are used in food for their minty taste and aroma. Another factor increasing consumption is the introduction of the therapeutic benefits of the product in food and beverages. The properties it offers, such as being anti-microbial and anti-oxidant, are expected to drive the growth of the product in the segment.
- Peppermint oil occupied 32.5% of the market share in 2019. This is due to the versatility of peppermint oil as it can be used topically, aromatically, and internally. The product is popular in household consumers because of its properties, such as being an insect repellant, flavoring agent in dishes, and its calming aroma. Increasing awareness regarding aromatherapy is expected to lead to a surge in the demand of Peppermint oil.
- Direct Usage segment is forecasted to grow at a CAGR of 8.9% in the forecast period. Direct usage involves buying directly from the manufacturer. This segment is smaller than indirect usage but is growing at a higher rate since consumers get special discounts and offer when buying directly from the manufacturer, and the increased cost due to middlemen is also eliminated. These benefits provided to the consumers are leading to the growth of this segment.
- Asia Pacific is forecasted to grow at a CAGR of 9.3% in the forecast period. Increasing disposable incomes of the population are leading to a better lifestyle among the people. This has led to an increase in the consumption of natural and organic ingredients-based cosmetics and personal care products. This factor is leading to an increased demand for the product from the region.
- In the U.S., the market is witnessing a high growth rate due to the rising demand for organic and natural products. The government has also allowed exemptions on import duty, which propagates the demand for the product. A large number of manufacturers present in the country are also driving the growth for the market.
For the purpose of this report, Reports and Data have segmented into the global Mint Essential Oils market on the basis of product, application, usage, and region:
Regional Outlook (Volume, Tons, 2017-2027, Revenue, USD Million; 2017-2027)
- North America
- Asia Pacific
- Latin America
Product Outlook (Volume, Tons, 2017-2027, Revenue, USD Million; 2017-2027)
- Spearmint Oil
- Peppermint Oil
- Corn mint Oil
- Dementholized Peppermint Oil
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Usage Outlook (Volume, Tons, 2017-2027, Revenue, USD Million; 2017-2027)
- Indirect Usage
- Direct Usage
Application Outlook (Volume, Tons, 2017-2027, Revenue, USD Million; 2017-2027)
- Cleaning and Home
- Kitchen Cleaners
- Floor Cleaners
- Bathroom Cleaners
- Fabric Care
- Food and Beverages
- RTE Meals
- Meat, Poultry, and Seafood
- Snacks and Nutritional Bars
- Spa and Relaxation
- Massage Oil
- Personal Care
- Hair Care
- Skin Care
- Sun Care
- Men’s Grooming
- Oral Care
- Baby Care
- Body Sprays
- Air Fresheners
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