The global Peppermint essential oil market was valued at US$154.286 million in 2019, and is expected to grow at a good CAGR over the forecast period. Peppermint oil is a type of essential oil and is extracted from the flowers and stem of the peppermint plant. The oil is obtained through the steam distillation process and is considered important across the phramceutical industry owing to its therapeutic property. Peppermint essential oil is increasingly being used in the treatment of health issues like cold, indigestion, cough, muscle pains, and sinus among others. It is also iused in many dental care products because of its cooling effect and antibacterial properties.
Growing popularity of aromatherapy treatment has a significant impact on the demand for peppermint essential oil, which is pushing forward the market growth during the forecast period. Booming global travel and tourism industry has significantly contributed to the augmenting demand for peppermint essential oil across the hospitality sector. People, when on vacation, are increasingly inclined towards getting spa treatments to relax . As such, the demand for peppermint essential oil in growing at a tremendous rate, thus positively impacting the overall market growth.
The rising awareness among people regarding peppermint oil’s health benefits is further expected to bolster the market’s growth. People are purchasing peppermint essential oil to use it in their daily home-made food. Rising purchasing power and living standards are further supporting the growth of the global peppermint essential oil market. Another factor that is making the global peppermint essential oil market more lucrative during the forecast period is the increasing vegan population worldwide. Increasing inclination of people across many countries towards pure plant-based diet is increasing the number of vegans in many countries. Australia has a fairly large number of individuals showing a high degree of interest in veganism. The United States and the United Kingdom are also witnessing a decent increase in the number of vegans.
Global Peppermint essential oil market has been segmented on the basis of product type, application, distribution channel, and geography. On the basis of the product type, the market has been segmented as natural and synthetic. On the basis of application, the market segmentation has been done as cosmetics & toiletries, pharmaceuticals, food & beverage, and others. The global Peppermintessential oil market has also been classified by distribution channel as online and offline.
Demand for natural peppermint essential is increasing at a significant rate during the forecast period
Increasing demand for natural flavor across the food and beverage sector is significantly driving the demand for natural peppermint essential. As people are getting aware of harmful impacts of synthetic flavor and additives used in various food and beverage items, they are opting for products which have natural ingredients. As such, manufacturers across the global food and beverage sector are also facilitating the incorporation of natural peppermint essential oil to enhance the taste, flavor, and aroma of food and beverage products while satisfying the need of customers for natural ingredients. Strict regulations regarding food additives and preservatives across different regions is further encouraging the use of natural essential oils across the food & beverage sector, thereby driving the market growth.
Increasing number of people buying peppermint essential oil via online retail stores
Online distribution channel segment is poised to witness a substantial compound annual growth rate between 2019 and 2025. Rapidly growing e-commerce industry across different regions is providing customers to conveniently shop peppermint essential oil via any online store and that too at a discounted rates. Growing number of people with smartphones and inceasing penetration of better interent connectivity are also encouraging e-commerce companies as well as startups to invest in their mobile apps in order to caputure this growing customer base, thus fueling the growth of this segment across the global peppermint essential oil market.
By geography, North America accounts for a significant share in the global peppermint essential oil market
By geography, the global peppermint essential oil market is classified into five major regional markets- North America, South America, Europe, Middle East and Africa (MEA), and Asia Pacific (APAC). North America peppermint essential oil market holds a significant share in the global market throughout the forecast period. High awareness about several benefits of peppermint essential oil among customers is driving the growth of this regional market. Increasing number of people in countries like the United States and Canada moving towards veganism is another major factor that is paving the way for the peppermint essential oil market in this region. Europe also accounts for a decent share in the global peppermint essential oil market. The presence of international cosmetics and personal care brands in the region supports the growth of this regional market. Moreover, high demand for natural fragrances is also surging the growth of Europe peppermint essential oil market. Asia Pacific (APAC), however, is projected to experience a noteworthy CAGR during the forecast period. Booming travel and tourism industry in the region is one of the major factors behind the growth of this regional market. With increasing number of both international and domestic tourists in countries like India, Thailand, Malaysia, and Indonesia, the demand for spa services is also increasing, which in turn, is augmenting the demand for peppermint essential oil. Rising disposable incomes and living standards, increasing urbanization, growing e-coomerce industry, and inclination towards products made from natural ingredients are other factors that are contributing to the APAC market growth.
Market Players and Competitive Intelligence
Prominent key market players in the global Peppermintessential oil market include Young Living Essential Oils, d?TERRA, Lebermuth, Inc., Citrus and Allied Essences Ltd, Green Fields Oil Factory, Frontier Co-op, MOUNTAIN ROSE HERBS, PLANT THERAPY ESSENTIAL OILS, NOW® Foods, Edens Garden, Biolandes, Lionel Hitchen Essential Oils, Aromaaz International, Shaanxi Guanjie Technology Co., and Greenleaf Extractions Pvt Ltd. These companies hold a noteworthy share in the market on account of their good brand image and product offerings. Major players in the global Peppermintessential oil market have been covered along with their relative competitive position and strategies. The report also mentions recent deals and investments of different market players over the last two years.