Trusted Business Insights answers what are the scenarios for growth and recovery and whether there will be any lasting structural impact from the unfolding crisis for the Mint Essential Oils market.
Trusted Business Insights presents an updated and Latest Study on Mint Essential Oils Market 2019-2026. The report contains market predictions related to market size, revenue, production, CAGR, Consumption, gross margin, price, and other substantial factors. While emphasizing the key driving and restraining forces for this market, the report also offers a complete study of the future trends and developments of the market. The report further elaborates on the micro and macroeconomic aspects including the socio-political landscape that is anticipated to shape the demand of the Mint Essential Oils market during the forecast period (2019-2029).
It also examines the role of the leading market players involved in the industry including their corporate overview, financial summary, and SWOT analysis.
Industry Insights, Market Size, CAGR, High-Level Analysis: Mint Essential Oils Market
The global mint essential oil market demand was USD 177.88 million in 2018 and is expected to expand at a 9.2% CAGR over the forecast period. Noteworthy growth of end-use industries, such as aromatherapy, personal care and cosmetics, pharmaceuticals and food and beverage are expected to propel the product demand in the forthcoming years. Rapid technological advancements in oil extraction methods is anticipated to fuel the production and positively influence the growth.
Spa and relaxation emerged as the top application segment of the market. It includes various sub-segments, such as aromatherapy, massage oils, and personal care products including cosmetics, toiletries and fragrances. Food and beverage applications such as bakery, confectionery, dairy, ready-to-eat meals, beverages, meat, poultry, seafood, snacks, and nutritional bars also hold a significant consumer share of the mint essential oil market.
Factors, such as growing disposable income and inclination toward natural and organic ingredient based personal care and cosmetics, particularly in the developed countries of North America and Europe including U.S, U.K., and Germany has boosted the consumption of organically extracted oils in personal care and cosmetic industries.
Increasing urbanization coupled with high influence of social media has popularized natural plant extract-based healing treatments, such as spa and aromatherapy among consumers. This has increased the product penetration in the stress relieving spa and aromatherapy application. Rising prominence of aromatherapy owing to changing lifestyles coupled with growing media influence among the urban population is anticipated to further fuel the product demand in near future.
Product Insights of Mint Essential Oils Market
Cornmint oil was the most significant and lucratively growing product segment in 2018. Cornmint essential oil is also known by other names such as Japanese mint or field mint. This oil is extracted from Mentha arvensis via steam distillation from the leaves and other parts of the plant. It finds various applications in end-use industries such as food & beverages and spa & relaxation. Compared to other mint essential oil, the amount of menthol that can be extracted from cornmint is significantly high. Also, the price of cornmint oil is lower as compared to peppermint. Cornmint oil provides menthol-like and minty aroma, which is comparatively more than that of peppermint.
Major constituents of cornmint oil include menthone, isomenthone, limonene, and pinene. The main chemical constituent in cornmint oil is L-menthola and is suitable for formulating shampoos, body lotions, and shaving creams. Furthermore, this essential oil is used in aromatherapy applications owing to its nervine and stimulant properties that aid with problems concerning memory lapses and mental fatigue.
The blend of corn mint oil is also used for medical, massage, and perfumery applications. Its anesthetic, antimicrobial, antiphlogistic, antispasmodic, carminative, and digestive properties make it an essential ingredient in various natural and ayurvedic medicines. The strong minty and herbaceous aroma of cornmint essential oil is suitable for natural perfumery. These many diverse applications of mint essential oil are expected to drive the segment growth over the forecast period.
Peppermint essential oil has been considered as one of the most versatile essential oils as it can be used internally, topically, and aromatically. The oil is quite popular amongst the household consumers, who prefer using peppermint oil for its calming aroma, as a flavoring agent in their dishes and as an insect repellent. The growing awareness of its benefits in aromatherapy is expected to further propel the peppermint oil market growth in the coming years
Application Insights of Mint Essential Oils Market
Spa and relaxation application segment held the leading market share in terms of revenue in 2018. Mint essential oil are primarily used as an additive and flavoring agent in cosmetics and personal care products. Application in personal care products, such as soap, shampoos, perfumes and toiletries add value and aroma to the end product. These factors are projected to drive the demand for the product in the forthcoming years.
General hygiene is one of the key applications of mint essential oil. In such applications, these oils are used in baby products, shampoos, soaps, and for oral health care products. Their use personal care applications is further driven by the rising awareness regarding the use of natural and organic products. Besides personal care and cosmetics, they are majorly used for natural plant extract-based healing treatments in aromatherapy.
Food and beverage emerged as the second largest application segment in terms of value in 2018 and is estimated to witness significant CAGR over the forecast period. They are primarily used in food and beverages for their minty aroma and taste. Furthermore, the induction of therapeutic benefits of mint essential oils in food and beverages has increased their consumption. The antioxidant and anti-microbial activities of these essential oils are anticipated to bode well for the rise in product application in near future.
On the basis of usage, the mint essential oils market is categorized into direct and indirect usage. Direct usage allows consumers to buy products directly from the manufacturer while the indirect usage involves other market players such as distributors and suppliers. Rising awareness regarding the numerous beneficial properties of mint essential oil has significantly enhanced the sales of the product over the past few years.
Increasing number of discount stores, convenience stores, home centers, and accessory shops among other retail stores has increased product penetration across the geographies. A large number of wholesalers and importers are launching their online retail sites in addition to their existing over-the-counter usage. The rising focus on online sales is expected to increase the complexity of distribution channels in the global market. Internet-based online usage is expected to witness lucrative growth over the forecast period. As a consequence, the prominence of traditional usage is likely to decline in near future.
Regional Insights of Mint Essential Oils Market
Europe emerged as the leading regional segment in terms of revenue in 2018. The strong presence of established industries such as personal care and cosmetics and flavors and fragrances is expected to be the primary regional growth driver for the region over the forecast period. Early developed economies along with higher standard of living are contributing to the development of key end-use industries. Furthermore, significant preference for natural ingredient-based products is anticipated to further drive the regional demand.
The presence of regulatory bodies in Europe such as the European Federation of Mint Essential Oils (EFEO) which promotes and safeguards the interests of stakeholders across the value chain has further propelled the market growth. This organization is also involved in the EU Parliament and EU Commission discussions to amend or introduce legislations regarding these oils. Such regulatory trends are positively benefitting the market.
Mint Essential Oil Market Share Insights
The global market is significantly fragmented with the presence of a number of market participants, such as Reynaud & Fils (HRF), Flavex Naturextrakte GmbH, India Essential Oils, Sydney Essential Oil Co. (SEOC) Moksha Lifestyle Products, and Rocky Mountain Essential Oils among various others. Vertical integration for raw material sourcing, manufacturing, and distribution coupled with the completion for technological advancements are some of the factors fueling the market competition.
Increasing number of mergers and acquisitions with players involved in mint cultivation business or distribution business is moving the market toward consolidation. The requirements of advanced technology and high costs of capital has heightened the entry barriers for new players. This is likely to lower the threat of new entrants. The market is also characterized by a balance between the production capacities of different players. This is expected to reduce the rivalry for profit margin among existing market players.
Segmentations, Sub Segmentations, CAGR, & High-Level Analysis overview of Mint Essential Oils Market Research Report
This report forecasts revenue and volume growth at the global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2014 to 2025. For the purpose of this study, this market research report has segmented the global mint essential oil market report on the basis of product, application, usage, and region:
Product Outlook (Volume, Tons; Revenue, USD Thousands, 2019 – 2030)
Dementholized Peppermint Oil
Application Outlook (Volume, Tons; Revenue, USD Thousands, 2019 – 2030)
Food & Beverages
Meat, Poultry & Seafood
Snacks & Nutritional Bars
Spa & Relaxation
Makeup and color cosmetics
Cleaning & Home
Usage Outlook (Volume, Tons; Revenue, USD Thousands, 2019 – 2030)
Quick Read Table of Contents of this Report @ Mint Essential Oils Market Size, Share, Market Research and Industry Forecast Report, 2019-2025 (Includes Business Impact of COVID-19)
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