The global Peppermint essential oil market was valued at US$179.62 million in 2020 and is expected to grow at a CAGR of 9.91% over the forecast period to reach US$347.956 million in 2027.
Peppermint oil is a type of essential oil extracted from the flowers and stems of the peppermint plant. The oil is obtained through the steam distillation process and is considered important across the pharmaceutical industry owing to its therapeutic property. Peppermint essential oil is increasingly being used to treat health issues like cold, indigestion, cough, muscle pains, and sinus, among others. It is also used in many dental care products because of its cooling effect and antibacterial properties.
The growing popularity of aromatherapy treatment has a significant impact on the demand for peppermint essential oil, pushing forward the market growth during the forecast period. The 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 is 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 in their daily homemade food. Rising purchasing power and living standards further support the growth of the global peppermint essential oil market. Another factor that makes the global peppermint essential oil market more lucrative during the forecast period is the increasing vegan population worldwide. The increasing inclination of people across many countries towards a purely plant-based diet increases 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.
The global peppermint essential oil market has been segmented based on product type, application, distribution channel, and geography. Based on the product type, the market has been segmented as natural and synthetic. Based on application, the market segmentation has been done as cosmetics & toiletries, pharmaceuticals, food & beverage, and others. The global Peppermint essential oil market has also been classified by distribution channels 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 significantly drives the demand for natural peppermint essentials. As people are getting aware of the harmful impacts of synthetic flavors and additives used in various food and beverage items, they are opting for products that 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 customers' need for natural ingredients. Strict regulations regarding food additives and preservatives across different regions further encourage the use of natural essential oils across the food & beverage sector, thereby driving the market growth.
An increasing number of people buying peppermint essential oil via online retail stores
The online distribution channel segment is poised to witness a substantial compound annual growth rate between 2019 and 2025. The rapidly growing e-commerce industry across different regions is providing customers to shop peppermint essential oil via any online store conveniently, and that too at discounted rates. A growing number of people with smartphones and increasing penetration of better internet connectivity are also encouraging e-commerce companies as well as startups to invest in their mobile apps to capture this growing customer base, thus fueling the growth of this segment across the globe peppermint essential oil market.
By geography, North America accounts for a significant share of 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, the Middle East and Africa (MEA), and Asia Pacific (APAC). The North American 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. An increasing number of people in countries like the United States and Canada moving towards veganism is another major factor paving the way for the peppermint essential oil market in this region. Europe also accounts for a decent share of the global peppermint essential oil market. The presence of international cosmetics and personal care brands in the region support the growth of this regional market. Moreover, the high demand for natural fragrances is also surging the growth of the Europe peppermint essential oil market. Asia Pacific (APAC), however, is projected to experience a noteworthy CAGR during the forecast period. The booming travel and tourism industry in the region is one of the significant factors behind the growth of this regional market. With an 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-commerce 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 peppermint essential oil market include Young Living Essential Oils, doTERRA, 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 peppermint essential oil market have been covered with their relative competitive position and strategies. The report also mentions recent deals and investments of different market players over the last two years.
Key Developments in the Market
Covid-19 had a significant impact on the Global Peppermint Essential Oil. The increase in the number of active cases and associated health conditions, including psychological instability, increased the demand for essential oils. Peppermint oil is used topically for headaches and muscle aches and as aromatherapy for treating cold, cough, and reducing stress. Consequently, the demand for peppermint oil significantly increased, driving the market onward.
|Market size value in 2020||US$179.62 million|
|Market size value in 2027||US$347.956 million|
|Growth Rate||CAGR of 9.91% from 2020 to 2027|
|Forecast Unit (Value)||USD Million|
|Segments covered||Product Type, Application, Distribution Channel, And Geography|
|Regions covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies covered||Young Living Essential Oils, doTERRA, Lebermuth, Inc., Citrus and Allied Essences Ltd, Frontier Co-op, MOUNTAIN ROSE HERBS, PLANT THERAPY ESSENTIAL OILS., NOW® Foods, Edens Garden, Biolandes|
|Customization scope||Free report customization with purchase|
Frequently Asked Questions (FAQs)
Q1. What are the growth prospects for the peppermint essential oil market?
A1. The global peppermint essential oil market is expected to grow at a CAGR of 9.91% over the forecast period.
Q2. What will be the peppermint essential oil market size by 2027?
A2. The peppermint essential oil market is expected to reach a total market size of US$347.956 million by 2027.
Q3. What is the size of the global peppermint essential oil market?
A3. Peppermint Essential Oil Market was valued at US$179.62 million in 2020.
Q4. What factors are anticipated to drive the peppermint essential oil market growth?
A4. The growing popularity of aromatherapy treatment has a significant impact on the demand for peppermint essential oil, which is pushing forward the peppermint essential oil market growth.
Q5. Which region holds the largest market share in the peppermint essential oil market?
A5. North America holds a significant share in the global peppermint essential oil market owing to the high awareness about several benefits of peppermint essential oil among customers.
Young Living Essential Oils
Citrus and Allied Essences Ltd
MOUNTAIN ROSE HERBS
PLANT THERAPY ESSENTIAL OILS.
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