Global Mentha Oil Market Insights Forecasts to 2033

• The Global Mentha Oil Market Size was estimated at USD 0.70 Billion in 2023
• The Market Size is Expected to Grow at a CAGR of around 7.18% from 2023 to 2033
• The Worldwide Mentha Oil Market Size is Expected to Reach USD 1.40 Billion by 2033
• North America is Expected to Grow the fastest during the forecast period.

The Global Mentha Oil Market Size was worth around USD 0.70 Billion in 2023 and is predicted to grow to around USD 1.40 Billion by 2033 with a compound annual growth rate (CAGR) of 7.18% between 2023 and 2033. The mentha oil market is being driven by health and wellness trends, rising demand in the food and beverage industry, increased adoption of natural and organic products, advancements in extraction technology, and growth in the personal care and cosmetics industry.  

Market Overview

The mentha oil market refers to the international industry that caters to the production, sales, and consumption of mentha oil made from various species of mint plants in the world, primarily Mentha arvensis (Japanese mint) and Mentha piperita (peppermint). Mentha oil is popularly known as peppermint oil or mint oil. It can be drawn from the steam distillation process of mint leaves. It has numerous applications both as flavoring additives, in medicinal products such as pain-relieving balms, and as a fragrance ingredient in products such as toiletries, soaps, and cosmetics. Mentha oil is gaining prominence in industries with a diverse range of significance, such as food and beverages, pharmaceuticals, personal care and cosmetics, aromatherapy, and many more. The extraction process of mentha oil is also one of the determining factors in the market dynamics. The efficiency and quality of extraction bear directly on the marketability of the product and its acceptance by the consumer. The development of innovative techniques, such as steam distillation and CO2 extraction, has increased the production and research of mentha oil in purity and yield while enhancing its attractiveness to consumers and businesses.

Report Coverage

This research report categorizes the mentha oil market based on various segments and regions forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the mentha oil market. Recent market developments and competitive strategies such as expansion, type launch, development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the mentha oil market.

Driving Factors

One of the key propellers of this trend is the increased use of natural ingredients in personal care and aromatherapy products. Mentha oil is a preferred choice for people searching for natural substitutes because of its invigorating scent and purported health benefits such as relaxation and muscle relaxation. Moreover, health-oriented consumers seeking natural remedies are fueling the demand for mentha oil because they increasingly become informed of its medicinal use for respiratory ailments such as coughs and congestion, in addition to digestive ailments such as nausea and irritable bowel syndrome.

Restraining Factors

The prices of mentha oil rely on the availability and price of mint crops. Weather conditions, disease attacks, or pest infestations can affect the mint harvest and cause alternate supplies of raw materials. Therefore, the prices of mentha oil may become volatile, putting pressure on the manufacturers to offer their products at stable prices.

Market Segmentation

The mentha oil market share is classified into product type, application, and distribution channel.

• 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 naturally extracted mentha oil, which is highly chosen for its vital therapeutic and health benefits, such as digestive relief, pain relief, anti-inflammation, and aromatherapy. Most pain relief balms, cosmetic toothpaste, shampoos, and skin creams contain this oil for effectiveness. Consumers prefer using natural ingredients for wellness products, thus increasing the scope for natural mentha oil in the market.

• 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 mentha oil, which is commonly used in topical preparations and oral care products such as toothpaste and mouthwashes because of its antimicrobial properties. Due to its cooling and soothing effects, it is also an essential ingredient in products aimed at relief from pain and respiratory health. In terms of over-the-counter medicines, it is the most extensively employed application since the demand for natural and effective healthcare products has spiraled.

• 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 supermarkets and hypermarkets easy shopping experience for consumers, who can shop for mentha oil products along with day-to-day necessities. Bulk sales and variety find great favor among different sections of the population. Supermarkets and hypermarkets register high footfalls, which aid in providing visibility to the mentha oil brands among potential customers.

Regional Segment Analysis of the Mentha Oil Market

• North America (U.S., Canada, Mexico) 
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America) 
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

Asia Pacific is anticipated to hold the largest share of the mentha oil market over the predicted timeframe.

Asia Pacific is anticipated to hold the largest share of the mentha oil market over the predicted timeframe. India is among the top three producers of mentha oil in the world, with mentha arvensis (Japanese mint) being the prime mover. Climatic conditions combined with large-scale mint farming have thus made India a dominant player in the global mentha oil production market. This country accounts for a significant amount of both the production and export of mentha oil. The mentha oil demand in pharmaceuticals currently has an edge in the APAC region because of its extensive usage in pain relief creams, digestive medicines, and cold remedies.

North America is expected to grow at a rapid CAGR in the mentha oil market during the forecast period. North America's wellness and aromatherapy industries are thriving as consumers look for alternative therapies and products for relaxation and stress relief. Cooling and soothing mentha oil is in demand for blends, diffusers, and topical treatments. In America, natural and organic products have observed tremendous market growth and trends in the population, increasingly driving demand for mentha oil because, for use in personal care, pharmaceuticals, and aromatherapy products, consumers are seeking natural, nontoxic, chemical-free ingredients.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the mentha oil market along with a comparative evaluation primarily based on their type of offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes type development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• 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)

Recent Development News

• In February 2023, Director General Dr. N. Kalaiselvi of the Council of Scientific and Industrial Research (CSIR) introduced 'CIM-surass,' a novel peppermint (Mentha piperita) type that contains more than 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