Mint Essential Oils Market Size is Worth to USD 10.10 Billion at a CAGR of 9.5% by 2030 | High demand from Developing Nations.
The growing consumer preference towards mint-flavored products is driving the demand for the market.
The global Mint Essential Oils market is forecast to reach USD 23.08 Billion by 2030, according to a new report by Reports and Data. Growing demand from the end-use industries is driving the demand for the market. Mint Essential Oils find applications in industries such as aromatherapy, pharmaceuticals, food and beverage, personal care, and cosmetics. Increasing advancements in the methods of oil extraction are also leading to a surge in demand for the product.
Rapid urbanization, along with the growing influence of social media, has made natural plant extract-based healing treatment popular. These include aromatherapy and spa. This has led to increased use of Mint Essential Oils in aromatherapy applications and stress-relieving spas. Increases in aromatherapy applications due to the increasing urbanization are expected to lead to a further increase in demand for the product.
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Further key findings from the report suggest:
- Key participants include AM Todd, Labbeemint, P Callison, Young Living Essential Oils, Sydney Essential Oil Co. (SEOC), Rocky Mountain Essential Oils, Moksha Lifestyle Products, India Essential Oils, Reynaud & Fils (HRF), and Flavex Naturextrakte GmbH, among others.
- Food and beverages occupied the second largest market share of 14.4% in 2019. Mint Essential Oils are used in food for their minty taste and aroma. Another factor increasing consumption is the introduction of the therapeutic benefits of the product in food and beverages. The properties it offers, such as being anti-microbial and anti-oxidant, are expected to drive the growth of the product in the segment.
- Peppermint oil occupied 32.5% of the market share in 2019. This is due to the versatility of peppermint oil as it can be used topically, aromatically, and internally. The product is popular in household consumers because of its properties, such as being an insect repellant, flavoring agent in dishes, and its calming aroma. Increasing awareness regarding aromatherapy is expected to lead to a surge in the demand of Peppermint oil.
- Direct Usage segment is forecasted to grow at a CAGR of 8.9% in the forecast period. Direct usage involves buying directly from the manufacturer. This segment is smaller than indirect usage but is growing at a higher rate since consumers get special discounts and offer when buying directly from the manufacturer, and the increased cost due to middlemen is also eliminated. These benefits provided to the consumers are leading to the growth of this segment.
- Asia Pacific is forecasted to grow at a CAGR of 9.3% in the forecast period. Increasing disposable incomes of the population are leading to a better lifestyle among the people. This has led to an increase in the consumption of natural and organic ingredients-based cosmetics and personal care products. This factor is leading to an increased demand for the product from the region.
- In the U.S., the market is witnessing a high growth rate due to the rising demand for organic and natural products. The government has also allowed exemptions on import duty, which propagates the demand for the product. A large number of manufacturers present in the country are also driving the growth for the market.
The key regions covered in the report are as follows:
- North America (U.S., Canada)
- Europe (U.K., Italy, Germany, France, Rest of EU)
- Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Rest of Latin America)
- The Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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Type Outlook (Revenue, USD Billion; Volume, Kilo Tons; 2019-2030)
- Cornmint Oil
- Peppermint Oil
- Dementholized Peppermint Oil
- Spearmint oil
Application Outlook (Revenue, USD Billion; Volume, Kilo Tons; 2019-2030)
- Healthcare & Medical
- Food & Beverages
- Cleaning & Toiletries
- Spa & Relaxation
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Table of Contents:
1.1 Research Scope
1.2 Key Mint Essential Oils market segments
1.3 Major players
1.4 Market analysis by product type
1.5 Market analysis by application
1.6 Report timeline
Global Growth Trends
2.1 Global Mint Essential Oils market size
2.2 Latest regional market trends
2.3 Emerging growth trends
3.1 Global Mint Essential Oils market key players
3.2 Global Mint Essential Oils size by manufacturers
3.3 Products of major players
3.4 Entry barriers in the Mint Essential Oils market
3.5 Mergers, acquisitions, joint ventures, and other strategic alliances
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