Global Mentha Oil Market Size To Exceed USD 1.40 Billion By 2033 | CAGR of 7.18 %
Category: Consumer GoodsGlobal Mentha Oil Market Size To Exceed USD 1.40 Billion By 2033
According to a research report published by Spherical Insights & Consulting, the Global Mentha Oil Market is Expected to Grow from USD 0.70 Billion in 2023 to USD 1.40 Billion by 2033, at a CAGR of 7.18% during the forecast period 2023-2033.
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Browse key industry insights spread across 234 pages with 125 Market data tables and figures & charts from the report on the "Global Mentha Oil Market Size, Share, and COVID-19 Impact Analysis, By Product Type (Natural Mentha Oil and Synthetic Mentha Oil), By Application (Food and Beverages, Pharmaceuticals, Cosmetics and Personal Care, Household Products, Aromatherapy), By Distribution Channel (Online Retail, Supermarkets and Hypermarkets, Specialty Stores, Direct Sales), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033." Get Detailed Report Description Here: https://www.sphericalinsights.com/reports/mentha-oil-market
The mentha oil market is the industry that manufactures, distributes, and consumes mentha oil derived from one or several species of mint plants such as Mentha arvensis (Japanese mint) and Mentha piperita (peppermint). Mainly mentha oil has been used in medicinal, aromatic, therapeutic, and other purposes such as in pharmaceuticals, cosmetics, food and beverages, and aromatherapy. Moreover, one of the key reasons behind the trend is the popularity of the use of natural ingredients in personal care products and aromatherapy. Mentha oil is a highly preferred choice among consumers due to its stimulating aroma and purported healing effects such as reducing stress and relaxing muscles. The health-conscious consumer is driving the demand for mentha oil as they have become aware of its medicinal properties in either respiratory cases such as coughs and congestion or digestive cases like nausea and irritable bowel syndrome. However, mentha oil has several competitors in the synthetic mint flavors and fragrances, which are produced more economically compared to natural mentha oil and provide similar properties known to the public. Hence, market demand for natural mentha oil is reduced in applications where cost is one of the primary considerations.
The natural mentha oil segment accounted for the highest share in 2023 and is projected to grow at a substantial CAGR during the forecast period.
Based on the product type, the mentha oil market is divided into natural mentha oil and synthetic mentha oil. Among these, the natural mentha oil segment accounted for the highest share in 2023 and is projected to grow at a substantial CAGR during the forecast period. The growth is attributed to the huge trend toward natural and organic products seen in industries such as pharmaceuticals, cosmetics, and food and beverages. Therapeutic properties of natural mentha oil, especially Mentha arvensis and Mentha piperita, are widely used in treating digestive disorders, headaches, respiratory ailments, and skin diseases, which further increases demand in the healthcare industry.
The pharmaceuticals segment accounted for the majority share in 2023 and is anticipated to grow at a significant CAGR during the forecast period.
Based on the application, the mentha oil market is divided into food and beverages, pharmaceuticals, cosmetics and personal care, household products, and aromatherapy. Among these, the pharmaceuticals segment accounted for the majority share in 2023 and is anticipated to grow at a significant CAGR during the forecast period. The growth is driven by the growing consumer demand for natural and alternative treatments; mentha oil is favored in the pharmaceutical industry. It can be perceived as a safer treatment for various health conditions. Mentha oil is a widely used ingredient in multiple medications available over the counter, including topical creams, gels, balms, cough syrups, throat lozenges, and capsules. These products are often used for calming effects on the respiratory system, digestive health, and muscle relaxation.
The supermarkets and hypermarkets segment accounted for a significant share in 2023 and is anticipated to grow at a remarkable CAGR during the forecast period.
Based on the distribution channel, the mentha oil market is divided into online retail, supermarkets and hypermarkets, specialty stores, and direct sales. Among these, the supermarkets and hypermarkets segment accounted for a significant share in 2023 and is anticipated to grow at a remarkable CAGR during the forecast period. The segmental growth is due to hypermarkets and supermarkets being prominent retail channels that offer easy accessibility to a large variety of mentha oil-based products, including health supplements, personal care products, and essential oils. Supermarkets and hypermarkets offer competitive prices and promotions for mentha oil products in a way that allows greater reach for the customer base. Customers who are price-sensitive avail themselves of discounts, bulk offers, and special deals.
Asia Pacific holds the majority share of the global mentha oil market during the forecast period.
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Asia Pacific holds the majority share of the global mentha oil market during the forecast period. India is one of the leading three mentha oil-producing countries in the world, with mentha arvensis (Japanese mint) being the mainstay. Climatic conditions together with mint grown on a large scale have made India a principal player in the global mentha oil production market. Compared to other parts of the world, mentha oil production in India is cheaper, given relatively lower agricultural and labor costs. These price advantages enable those produced in India to be exported to various destinations at competitive prices, thus maintaining superior market share.
North America is estimated to grow at the fastest pace in the global mentha oil market during the forecast period. There has been a growing trend towards the consumption of products that are completely natural, organic, and free of chemicals, particularly in the wellness, beauty, and health sectors. Consumers are becoming more aware of what goes into their products, thus creating a heightened demand for essential oils such as mentha oil. The wellness and aromatherapy sectors in North America are burgeoning without restraint, and mentha oil is a crucial component of aromatherapy products. The oil's calming, cooling, and soothing effects render it a common ingredient in relaxation and stress-relieving products, including diffusers, massage oils, and bath products.
Major vendors in the global mentha oil market are Aramacs, Ajmal Biotech, Merck, Neeru, Beroe, VedaOils, Envir Eco Projects & Development, Narayana Menthol, F&F Inteational, Tirupati Traders, Bo Inteational, Others.
Key Target Audience
- Market Players
- Investors
- End-users
- Government Authorities
- Consulting and Research Firm
- Venture capitalists
- Value-Added Resellers (VARs)
Key Market Development News
- In February 2023, Council of Scientific and Industrial Research (CSIR) Director General Dr. N. Kalaiselvi unveiled 'CIM-surass,' a new peppermint (Mentha piperita) variety with over 70% menthol.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the mentha oil market based on the below-mentioned segments:
Global Mentha Oil Market, By Product Type
- Natural Mentha Oil
- Synthetic Mentha Oil
Global Mentha Oil Market, By Application
- Food and Beverages
- Pharmaceuticals
- Cosmetics and Personal Care
- Household Products
- Aromatherapy
Global Mentha Oil Market, By Distribution Channel
- Online Retail
- Supermarkets and Hypermarkets
- Specialty Stores
- Direct Sales
Global Mentha Oil Market, By Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
About the Spherical Insights & Consulting
Spherical Insights & Consulting is a market research and consulting firm which provides actionable market research study, quantitative forecasting and trends analysis provides forward-looking insight especially designed for decision makers and aids ROI.
Which is catering to different industry such as financial sectors, industrial sectors, government organizations, universities, non-profits and corporations. The company's mission is to work with businesses to achieve business objectives and maintain strategic improvements.
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