Peppermint Oil Market to Reach $658.2 Mn, Globally, by 2031 at 6.6% CAGR: Allied Market Research

Surge in number of spa & relaxation centers have boosted the growth of the global peppermint oil market.

PORTLAND, Ore., Dec. 13, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Peppermint Oil Market by by Product Type (Natural Peppermint Oil, Conventional Peppermint Oil), by by Application (Food and Beverages, Medical, Cleaning and Home, Spa and Relaxation, Others), by by Distributional Channel (Direct Distribution, MLM Distribution, Retail Distribution, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031." According to the report, the global peppermint oil industry was estimated at $331.7 million in 2021, and is anticipated to hit $658.2 million by 2031, registering a CAGR of 6.6% from 2022 to 2031. The report offers an explicit analysis of the changing market trends, top segments, key investment pockets, value chains, competitive scenarios, and regional landscapes.

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Determinants of growth:

Surge in number of spa & relaxation centers have boosted the growth of the global peppermint oil market. On the other hand, high price of peppermint oil, limited availability of raw materials, and availability of synthetic substitutes impede the market growth. However, rise in awareness regarding benefits of peppermint oil would open new opportunities in the future.

Covid-19 scenario:

• The outbreak of the pandemic had presented unprecedented challenges such as disruptions in the supply chain as well as in the production capacity thus impacting the global peppermint oil market negatively.
• Lack of raw materials, on the other hand, resulted in supply-demand gap in the market. However, the market has now got back on track.

The natural peppermint oil segment to rule the roost:

By product type, the natural peppermint oil segment accounted for nearly three-fourths of the global peppermint oil market share in 2021, and is projected to maintain the lion's share by 2031. This is due to strict regulations regarding food additives and preservatives in various regions encouraging the use of natural essential oils in the food and beverage sector. The conventional peppermint oil segment, on the other hand, would showcase the fastest CAGR of 7.0% from 2022 to 2031. This is because it is less expensive and contains little to no pesticides.

The food and beverages segment dominated the market:

By application, the food and beverages segment held the highest revenue in 2021, garnering nearly two-fifths of the global peppermint oil market share.  This is owing to the fact that peppermint oils act as a natural preservative for food items and increase the shelf-life of packaged food items as well. The cleaning and home segment, simultaneously, would manifest the fastest CAGR of 8.9% during the forecast period. This is attributed to the fact that fragrance of the peppermint oil-based cleaning products make it more popular among various consumer profiles.

The direct distribution segment to retain its dominance:

By distribution channel, the direct distribution channel contributed to more than half of the global peppermint oil market revenue in 2021, and is expected to retain its dominance by 2031. This is because various industries are now transitioning toward the adoption of peppermint oils to address the rise in concerns for health safety and increase in demand for natural ingredient in products. The others segment, however, would showcase the fastest CAGR of 7.6% from 2022 to 2031.

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North America grabbed the lion's share:

By region, North America held the major share in 2021, accounting for nearly two-fifths of the global peppermint oil market revenue. Rise in demand by consumers, surge in consumer awareness, and increase in the use of body care & cosmetic products across the region drive the market growth. Asia-Pacific, on the other hand, would cite the fastest CAGR of 8.1% from 2022 to 2031. This is because developing countries such as India, Singapore, and Indonesia are adopting peppermint oils at a significant rate.

Key players in the market:

• Aromaaz International
• Greenleaf Extractions Pvt. Ltd.
• Lebermuth, Inc.
• Melaleuca Inc.
• Young Living Essential Oils
• doTerra
• Mountain Rose Herbs
• NOW Foods
• Aksu Vital Natural Products and Cosmetics
• Plant Therapy Essential Oils

The report analyzes these key players in the global peppermint oil market. These players have incorporated various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in assessing the operating segments, their business performance & product portfolio, and so on.

Want to Access the Statistical Data and Graphs, Key Players' Strategies: https://bit.ly/3WcgyoX

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