The Global "Mint Essential Oil Market" is predicted to reach at a high CAGR of 8.9% during the forecast period (2022-2029).
Mint essential oil is obtained from stems and flowers of the mint herb utilizing several processes. The oil is widely used in diversified end-user industries such as spa & relaxation, food & beverages, medical, cleaning & home and others.
The advancing awareness among consumers regarding health issues generated due to the consumption of goods with chemicals and artificial flavors is encouraging them towards the use of various natural products. Mint essential oils are natural and are applied to impart aroma and flavor to several products. The move to natural and organic formulations trend is anticipated to grow in the forecast period globally. The demand for food & beverage products with natural ingredients has been growing in numerous applications such as bakery, confectionery, ready-to-eat meals, beverages, poultry, meat, seafood, snacks, and nutritional bars.
The global mint essential oil market growth is driven by rising sales from the personal care industry and aromatherapy and growing preference towards natural and organic formulations.
Rising sales from the personal care industry and aromatherapy
The aroma of natural oils has numerous gains on various mental and physical health issues. The mint oil has been gaining a boom in aromatherapy for various purposes such as inhalation, massages, bathing, perfumes, etc. The mint oil helps reduce anxiety, dehydration, pain and improve memory. The increasing preference of purchasers for natural alternatives replacing synthetic and chemical treatments is boosting the sales for mint essential oils market.
Moreover, some of the most vital factors responsible for the market's growth are rising disposable income and inclination toward natural and organic ingredient-based personal care and cosmetics. The demand has particularly emerged in the developed countries of North America and Europe with rising consumption of naturally extracted oils in personal care and cosmetic industries.
Growing preference towards natural and organic formulations
The products with chemicals and other strange ingredients used in the cosmetics industry often create problems like leave skin feeling dry, red and sore. Hence, the companies are targetting the use of natural alternatives for the majority of skin products. Natural products are more willing to the skin and will work more effectively without the danger of skin reactions.
Natural ingredients are frequently used in everyday cosmetics and personal care products. Companies are substituting synthetic chemicals with natural ingredients, partly because of customer demand and as a move towards sustainable raw materials. Mint oils have found various modern applications in numerous fields. For example, peppermint oil treats various conditions, including irritable bowel syndrome, nausea, other digestive issues, and the common cold and headaches. A topical application for relaxation from headache, muscle pain and itching.
High cost of the products
The mint essential oil market is impacted by the high cost of the products. The high cost of essential oils is due to their highly concentrated plant constituents. For providing a single drop of essential oil, a substantial amount of the raw plant material is needed.
For example, peppermint oil originates from the peppermint plant, a hybrid of spearmint and water mint. It is an essential oil that includes over 40 different compounds, including menthol, which provides peppermint its refreshing qualities. Hence, these natural products are much more expensive than chemical-based products. Also, there are various incidences of duplicate or low-quality products in the market, which are responsible for hindering market growth.
Due to the pandemic, stakeholders across the mint essential oil industry have seen a notable impact as all the production work, factories and other activities were closed. As a result, production was hindered by halts and supply chain disruption globally. The mint essential oil has major applications in the cosmetic and food & beverages industry. With the outbreak of COVID-19, several beauty-product outlets were shut down and new openings are likely to be delayed for at least a year. Consumers are spending less on beauty products than usual, which will negatively impact the cosmetic packaging industry. The global beauty industry revenues had fall 20 to 30% in 2020
After the pandemic, the governments still imposed various restrictions, such as working with half the workforce and fewer operating hours hindering the production cycle of the market. The market has been badly hampered by the shortage of raw materials and fewer demands from the industries. As a result, the losses are incorporated with less demand from associated industries. However, the market is expected to recover after the pandemic, with sectors aiming to work with higher production rates to recover from the incorporated losses.
By end-user, the mint essential oil market is classified into medical, spa & relaxation, food & beverages, cleaning & home and others.
The spa & relaxation essential mint oil market is expected to grow at the fastest CAGR during the forecast period (2021-2028)
Spa & Relaxation are expected to hold the largest mint essential oil market in the forecast period. It includes several sub-segments, such as massage oils, aromatherapy, and personal care products, including toiletries, cosmetics and fragrances. These oils are used in baby products, soaps, shampoos and oral health care products in such applications. Their use of personal care applications is further driven by the rising awareness about natural and organic products. Besides personal care and cosmetics, the essential mint oil is primarily used for natural plant extract-based healing therapies in aromatherapy.
The essential oils have been gaining demand in numerous applications in personal care products because of their capability to enhance the value and aroma of the products. Growing urbanization and a strong influence of social media have popularized natural plant extract-based healing treatments, such as aromatherapy and spa, among consumers. This has enhanced the product penetration in the stress-relieving spa and aromatherapy application. The rising influence of aromatherapy owing to changing lifestyles and gaining media influence amongst the urban population is expected to fuel the product demand soon.
Asia-Pacific region holds the largest market for the global mint essential oil globally
Asia-Pacific region holds the largest market share for the mint essential oil market globally and is expected to continue its dominance in the forecast period. The region has been observing an increase in demand for high-quality food & beverage products, which are the essential factors that have boosted the demand for essential oils. In India, China, and Japan, substantial growth is witnessed with growing purchasing power and demand for protein-rich meat diets. Moreover, purchasers prefer opting for products with essential nutritional content and give health benefits and exotic tastes.
India is one of the largest producers and exporters of mint essential oil globally, which is widely used as a flavouring agent in food products including confectionery. Additionally, its soothing influence on the human body makes it a valuable ingredient for perfumery, cosmetics and pharmaceutical products in the country. According to the Connect2India stats, in 2009, the total value of Peppermint Oil export from India was US$ 94.03 million, which was increased to US$ 493.7 million in 2018, which shows a considerable 63.94% greater. The growing statistics of exports and manufacturing of mint essential oil in the region indicates the market growth.
The mint essential oil market is highly competitive with the local player’s presence, followed by the global companies, contributing to the major share in the market growth. In addition, some of the key players contributing to the market's growth are AOS Products Pvt., Ltd.
India Essential Oils, Flavex Naturextrakte GmbH, Hindustan Mint & Agro Products, Reynaud & Fils, Moksha Lifestyle Products, Rocky Mountain Essential Oils, Sydney Essential Oil Co, The Lebermuth Company, Inc, Young Living Essential Oils and others. The major players are adopting various new strategies to dominate the market, such as launching new products, acquisitions, and collaborations, contributing to the global growth of the mint essential oil market.
Young Living Essential Oils
Overview: Young Living is a multi-level marketing company headquartered in Lehi, Utah. The company was founded in 1993 and focused on essential oils and other related products.
Product Portfolio: The Company manufactures various types of essential oils, personal care, infused supplements and exclusive brands.
Key Development: In 2017, Young Living Essential Oils announced its expansion into Indonesia with the first store in Jakarta. The company considers the country as a major propeller of its future business growth.
The global mint essential oil market report would provide access to an approx: 61 market data tables, 54 figures and 180 pages.
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