Peppermint Oil Market Share, Size, Trends, Industry Analysis Report, By Source (Organic and Natural); By Extraction Method; By Application; By Region; Segment Forecast, 2024 – 2032
- Published Date:Jan-2024
- Pages: 117
- Format: PDF
- Report ID: PM3962
- Base Year: 2023
- Historical Data: 2019-2022
The global peppermint oil market was valued at USD 377.48 million in 2023 and is expected to grow at a CAGR of 6.70% during the forecast period.
The increasing product use as a flavor type in different types of food products, growing preferences and demand for plant-based products over synthetic or chemical products from various industries including food, cosmetics, and pharmaceuticals along with the continuous surge in popularity of aromatherapy all over the world that significantly uses peppermint oils, are among the leading factors propelling the market growth. In addition, the rising aesthetic awareness and higher demand for organic and natural ingredients for various product applications and focus of leading market companies on introducing new and more improved peppermint oils, are further likely to foster market growth at rapid pace.
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- In July 2023, Loving Essentials Oils, a global leading provider of essential oils based in the United States, introduced its new roller blend made from the natural compounds obtained from peppermint and ginger plants with the help of steam distillation and cold pressing. The product has been developed for pain and nausea relief and also reduces chances of adverse skin reactions when applied to skin.
Moreover, as the consumers worldwide are becoming more conscious and aware about the origin and quality of products they purchase, some of the major companies in the market are implementing blockchain technology and other tracking systems in order to provide consumers with detailed information about the source and production process of their peppermint oil, which results in increased product sales and generate more revenue for the companies.
Deadly coronavirus across the globe have largely impacted the demand for various types of essential oils including peppermint oils and product manufacturers have faced several fluctuations in demand and supply during the pandemic. Also, the cultivation of peppermint for oil production could also have been affected by the pandemic due to labor shortages, disruptions in the supply of agricultural inputs, and changes in farming practices.
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- Growing product use in healthcare to treat several issues are likely to propel market growth
The exponential rise in the use of peppermint oil in the healthcare sector to treat several kind of health issues like cold cough, sinus, muscle pain, and indigestion among others and their surging applications in dental care products due to its cooling effect and antibacterial feature, are the primary factors boosting the global peppermint oil market demand and growth at significant pace.
There has been a drastic increase in the number of incidences of diabetes, cardiovascular diseases, and obesity patients all over the world, that fuels the need and demand for natural products like peppermint oil because of its impressive health benefits and ability to treat or control such kind of diseases and their negative results on humans, are also anticipated to create lucrative growth opportunities for the product soon.
- For instance, according to the World Health Organization, more than 422 million people across the world currently have diabetes, and it is directly attributed to around 1.5 million deaths worldwide. Also, the number of diabetes patients have been drastically increasing in the recent past.
The market is primarily segmented based on source, extraction method, application, and region.
By Extraction Method
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By Source Analysis
- Organic segment accounted for the largest market share in 2022
The organic segment accounted for largest market share. The growth of the segment market can be largely accelerated to increasing consumer awareness regarding the numerous benefits of organic ingredients and surging popularity of plant-based products over conventional ones. Additionally, rising use of organic ingredients in industries like cosmetics and personal care due to its refreshing and aromatic properties, is also likely to boost segment market growth.
By Extraction Method Analysis
- Distillation segment held the significant market revenue share in 2022
The distillation segment held the majority market revenue share in 2022, which is significantly driven by its ability to allow for precise control over the extraction process including temperature and pressure and emergence as a gentle and non-destructive method that enable extraction of highly pure peppermint oil.
The cold press extraction segment is anticipated to grow at fastest segment with significant CAGR over the coming years, on account of growing popularity of this extraction method as they preserve the natural aroma and flavor of peppermint oil for a longer period and also involves less energy consumption and fewer chemicals as compared to other extraction methods, which makes it a more environmentally sustainable option for consumers all over the world.
By Application Analysis
- Aromatherapy segment is expected to witness highest growth
The aromatherapy segment is projected to witness highest growth rate over the course of study period, mainly due to significant increase in the number of people across the world seeking for aromatherapy due to its numerous potential benefits including mental and physical well-being along with the surge in product use to reduce stress and anxiety.
Beside this, an upsurge in the number of companies in the essential oil industry looking to innovate or develop new products and formulations for aromatherapy, which mainly includes peppermint oil-infused products like roll-on blends, inhalers, and sprays, that is likely to make aromatherapy more convenient for consumers and will push the segment market growth forward at exponential rate.
- North America region dominated the global market in 2022
The North America region dominated the global market. This growth is attributed to growing acceptance of mint-flavored products and easier access to peppermint products with the emergence of e-commerce and online retailing across the region. Additionally, presence of some of the leading peppermint producing companies and major product exporter countries, are also likely to foster region’s market growth.
- For instance, according to a report published by AgHires, U.S. produces around 70% of world’s total supply of the peppermint & spearmint, with top peppermint producing states include Oregon, Washington, & California.
The Asia Pacific region is anticipated to emerge as fastest growing region with a healthy growth rate during the projected period, owing to significant product use in traditional medicine systems such as Ayurveda & Traditional Chinese Medicine because of its therapeutic properties coupled with the presence of favorable regulations and government support for the extraction and cultivation of peppermint oil.
Key Market Players & Competitive Insights
The peppermint oil market is highly consolidated with the presence of several large regional or global market players, who are increasingly focusing on various business development and expansion strategies including collaborations, partnerships, acquisitions & mergers, and new product launches, in order to cater to wider audience segment and expand their geographical presence.
Some of the major players operating in the global market include:
- Aromaaz International
- Bio Extracts Ltd.
- Green Fields Oil Factory
- Greenleaf Extractions Pvt. Ltd.
- IL Health & Beauty Natural Oils Co.
- Lionel Hitchen Essential Oil
- Natures Natural India
- Synthite Industries Ltd.
- The Lebermuth Company
- Young Living Essentials Oils LLC
- In June 2022, doTERRA, introduced expansion of its South American presence with new office. With this new operation facility, the company will foster their presence in the global essential oils market in the region.
- In May 2021, Bella Vita Organic, announced the launch of its new range of essential oils, that will not only solve the beauty issues or concerns but also offers a calming and peaceful environment. It will also be used in aromatherapy and massages, as they are a perfect partner to get into the zen mode.
Peppermint Oil Market Report Scope
Market size value in 2024
USD 401.94 million
Revenue forecast in 2032
USD 673.25 million
6.70% from 2024 – 2032
2019 – 2022
2024 – 2032
Revenue in USD million and CAGR from 2024 to 2032
By Source, By Extraction Method, By Application, By Region
North America, Europe, Asia Pacific, Latin America; Middle East & Africa
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