The global mint market is projected to grow at a CAGR of 5.24% to reach US$8.571 billion by 2025, from US$6.309 billion in 2019.
Increasing concerns among individuals to consume healthy food and improve oral hygiene is causing a surge in the demand and pushing the market growth
A majority of the consumers these days are preferring to consume sugar-free mints in order to maintain oral health and keep their teeth and gums healthy by consuming breath mints and chewing gums which sometimes contains substances such as Xylitol among other in order to aid in the whitening of teeth
Therefore, these factors are leading to an increase in the demand for mint and are bolstering the market growth over the forecast period. In addition, some of the individuals are consuming power mints or stronger mints due to the prevalence of bad breath or other symptoms in order to mask the odors and to keep their mouth fresh and free from bacteria.
Furthermore, the usage of mint in different foods and beverages is associated with a ton of health benefits its usage is being promoted by chefs, restaurants, and people globally. Some of the health benefits include relief from a condition such as nausea, headaches, respiratory disorders (for example, coughs), depression. Additionally, it is being preferred to be used in beauty and cosmetic products in order to aid the improvement of skin texture and removal of acne.
The popularity of using mint in different global cuisines with food, beverages, and snacks is a contributing factor
Mint is an increasingly popular condiment that is used in different cuisines to provide a distinct taste to different dishes and improve its flavor profile. Mint is used in dips used to serve with different types of chips, or mint can be used as a garnish on meat with a spicy and earthy taste to provide a cool zing to it.
In addition, mint is used in bakery items and desserts with chocolate and other sweeter ingredients to provide a cool but sweet flavor. Consequently, as mint is cool in nature, and is extensively used in the countries with hotter climates to cool the beverages to provide a fresh and cooling sensation to the body and helps in lowering the perspiration levels and the temperature of the body. Thus, these widespread uses are contributing to the market growth over the forecast period.
Product Offerings by Major Market Players in the Mint Market
The offering of better varieties of mint with enhanced properties such as quality and flavor among others by existing and new players is estimated to lead to increased adoption and propel the market growth further over the forecast period.
Some of the examples of product offerings are as follows:
The North American region to hold a considerable share over the forecast period owing to increasing use in Mexican Food
The North American region is expected to hold a noteworthy market share over the forecast period owing to the fact there are market players involved in catering to the demands of the consumers by launching different varieties of mints including herbs and spices and the breath mints.
Moreover, the rising usage of mints and mouthwashes is increasing among the individuals that are involved in activities such as smoking and consuming alcohol in order to mask the smell or the user with a busy life and have less time to follow proper oral hygiene and use mouthwashes as an alternative
Online Distribution channel to witness a notable growth
The growing penetration of internet services, the easy availability of 4G and high speed internet on the different low end and high-end devices and the availability of grocery, confectionery and food items online have made it easier for people to shop on e-retail and e-commerce channels, from the comfort of their home due to tome saving and lucrative discounts. In addition, the participation of different grocery delivery players globally has resulted in the rapid growth of the online grocery sector and is contributing to the market share this segment holds.