The global mint essential oil market size was US$ 9.1 billion in 2021. The global mint essential oil market is forecast to grow to US$ 22.1 billion by 2030 by registering a compound annual growth rate (CAGR) of 8.9% during the forecast period from 2022 to 2030.
Factors Influencing the Market
Rising awareness related to the benefits of mint essential oil will primarily drive the growth of the mint essential oil market during the forecast period.
The growing incidents related to the harmful effects of chemical products and artificial flavours will also drive the demand for mint essential oils during the study period. Furthermore, the demand for products with natural ingredients such as mint oil is growing at an impeccable rate. As a result, it will fuel the growth of the mint essential oil market.
The growing popularity of peppermint oil for aromatherapy is expected to offer lucrative growth opportunities for the market during the analysis period. Moreover, mint oil is considered widely essential to reduce anxiety, vomiting, and pain, generate alertness and enhance memory. All of these factors will significantly contribute to the growth of the mint essential oil market.
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COVID-19 Impact Analysis
Mint essential oil was widely used to treat anxiety and reduce depression. As a result, the market witnessed several opportunities due to the pandemic. Moreover, the health benefits of mint essential oil further increased the demand for the product as people became more health-conscious. However, manufacturing disruptions hampered the growth of the market. Moreover, the pandemic also affected consumer purchasing power, which limited the adoption of mint essential oil during the pandemic phase.
Regional Analysis
The Asia-Pacific mint essential oil market is forecast to hold the highest market share. The growth of this regional market is attributed to the rapidly rising population of the region. Furthermore, growing disposable income and steeply growing urbanization in the region will also contribute to the growth of the mint essential oil market.
Growing demand for high-quality food & beverage products will offer ample growth opportunities for the mint essential oil market. In addition, increasing purchasing power of people in China, India, and Japan ad growing awareness about protein-rich meat diets will escalate the growth of the Asia-Pacific mint essential oil market during the forecast period.
Competitors in the Market
• H Reynaud et Fils Ltd.
• Flavex Naturextrakte GmbH
• Sydney Essential Oil Co.
• Rocky Mountain Essential Oils
• Bhagat Aromatics Ltd
• Veda oils
• BMV Fragrances Pvt. Ltd.
• Mentha Essential Oil
• The Lebermuth Company, Inc.
• Essex Laboratories LLC
• Other Prominent Players
The report furnishes an intricate comprehension of each segment, delivering potential estimations for principal applications and insights into emerging prospects. Every regional market is meticulously scrutinized to ascertain its potential for growth, development, and demand in the forthcoming years.
As of the end of 2022, the Mint Essential Oil industry experienced notable growth in its workforce. Starting in January, employment within the Mint Essential Oil sector exceeded its pre-COVID levels, resulting in an expansion of payrolls by over 15,000 employees throughout the course of the year. The global Mint Essential Oil output demonstrated a remarkable increase of 5.2% during 2021, primarily attributed to a widespread economic upswing and a surge in demand for commodities. However, the momentum shifted in 2022, with the global industrial sector’s production contracting. This reversal followed a robust expansion in 2021, fueled by altered consumer spending patterns and substantial fiscal support.
Forecasts indicate that the global Mint Essential Oil output is set to rise by approximately 2.9% in 2023. This projection is underpinned by the gradual recovery of production in Western Europe from its previous troughs, as well as a rebound in output across the Asia/Pacific region. Maintaining its dominant position, China, accounting for nearly 45% of the global Mint Essential Oil market, remains both its largest producer and consumer. Remarkably, China’s market share has surged since 2010, when it stood at around 26%. This ascent has led to a substantial contribution to the nation’s GDP. Notably excelling as a top exporter, China leads in various sectors, including silicon, PVC, and several specific segments of the Mint Essential Oil market.
Market Segmentation
The global mint essential oil market segmentation focuses on Type, Application, and Region.
By Type
• Citrus
• Lavender
• Rosemary
• Tea Tree
• Peppermint
• Citronella
• Others
By Application
• Aromatherapy
• Cosmetics And Personal Care
• Food & Beverages
• Home Care Products
• Other Industrial Uses
By Region
● North America
o The U.S.
o Canada
o Mexico
● Europe
Western Europe
o The UK
o Germany
o France
o Italy
o Spain
o Rest of Western Europe
Eastern Europe
o Poland
o Russia
o Rest of Eastern Europe
● Asia Pacific
o China
o India
o Japan
o Australia & New Zealand
o ASEAN
o Rest of Asia Pacific
● Middle East & Africa (MEA)
o UAE
o Saudi Arabia
o South Africa
o Rest of MEA
● South America
o Brazil
o Argentina
o Rest of South America
Table of Contents:
Chapter 1: Introduction to the Global Mint Essential Oil Industry
Chapter 3: Dynamics of the Market
Chapter 4: Profiles of Leading Companies
Chapter 5: Competition in the Global Mint Essential Oil Market among Players
Chapter 6: Market Size across Global Regions
Chapter 7: Application Segments in the Global Market
Chapter 8: Segment Analysis of the Global Mint Essential Oil Industry
Chapter 9: Market Chain, Sourcing Strategies, and Downstream Buyers
Chapter 10: Strategies and Key Policies by Distributors/Suppliers/Traders
Chapter 11: In-depth Analysis of Key Marketing Strategies by Market Vendors
Chapter 12: Evaluation of Market Impact Factors
Chapter 13: Forecasted Global Mint Essential Oil Market Size (2023-2031)
Reasons to Acquire This Report
(A) This research imparts invaluable insights tailored for senior management, policymakers, industry professionals, product innovators, sales executives, and stakeholders within the market. It equips them with the information needed to make well-informed decisions and craft effective strategies.
(B) The report delivers a comprehensive analysis of global, regional, and country-level Mint Essential Oil market revenues, extending projections until 2031. This dataset empowers companies to gauge their market presence, recognize avenues for growth, and explore emerging markets.
(C) Through meticulous segmentation of the Mint Essential Oil market encompassing types, applications, technologies, and end-uses, this study empowers leaders to blueprint their products and allocate resources based on the projected growth trajectories of each segment.
(D) Investors stand to gain from the market analysis by gaining insights into market scope, positioning, key drivers, challenges, limitations, expansion prospects, and potential risks. Armed with this knowledge, they can make well-considered investment choices.
(E) The report conducts an intricate analysis of competitors, unraveling their pivotal strategies and market positioning. This intelligence equips businesses with a profound understanding of the competitive landscape, enabling them to chart their own strategies accordingly.
(F) The study facilitates the assessment of Mint Essential Oil business projections delineated by region, key countries, and prominent companies, bestowing invaluable information for investment strategizing and decision-making.
Why is our study consequential?
Our study holds paramount importance for various reasons, a few of which include:
• Assisting businesses in gauging the viability of new or existing products or services.
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• Providing a preemptive understanding of consumer demand prior to introducing new products, services, or features.
• Enhancing the overall efficacy of marketing, advertising, and promotional initiatives.
• Analyzing market trends to aid businesses in devising adaptive strategies.
• Guiding businesses in the optimal placement of their products.
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