Global Spearmint Oil market size is estimated to be valued over US$ 212.1 million in 2019. Overall, the industry will create an incremental opportunity of USD 134.3 billion during the forecast period. These oil are multi-purpose oil is widely used as ailments to soothe skin rashes and acne related problems along with vomiting, headaches, nausea, and cold symptoms. It has been in use since ages by traditional medicine practice including Ayurveda. Due to its high application, it is in high demand among end-users. As such, consumption of spearmint is increasing at an impressive rate.
Spearmint oil market demand is based on range of factors. On macroeconomic level, increasing disposable income along with rise in per capita income has greatly impacted the net sales worldwide. Global GDP per capita registered 1.96% higher growth in 2017 than that in 2016. Spending has increased on various segments including food and beverage, personal care products and cosmetics industry.
Spearmint oil also finds its usage as insect repellent. It is used as an ingredient in insect repellent especially for mosquito removal. As per the estimates, insect repellent market was valued over US$ 3.7 billion in 2018. This is expected to register a CAGR of 4.1% to create huge incremental opportunity for key players along with allied industry players. Nowadays, demand for organic insect repellent has sharply arisen. This is a good market prospect for spearmint oil.
Global Spearmint Oil Market Value and Forecast: Application Analysis
Bekryl has analyzed the spearmint oil industry demand across food and beverages, personal care, home care, topical and medicinal therapeutics. Collectively, these applications accounted for 93.7% consumption spearmint oil. Among all the key applications, food and beverages accounted for 27% market share in 2018. Consumption is expected to further rise with increasing popularity of organic foods. Topical And medicinal therapeutics accounted for highest share in 2018. The share, though, is expected to decline over the forecast period, since industry players are finding opportunities in other niche sectors such as cosmetic market.
Global Spearmint Oil Market Size and Forecast: Regional Analysis
Globally, North America spearmint oil market accounted for 38.9% share in 2018. Presence of large number of food & beverage companies along with increasing highly usage in medicinal therapeutics has created favorable ecosystem for players. The oil is also being seen used across spas. As per the estimates, there are over 5,700 spa in the region. Consumer penetration for aromatherapy has also increased in spa. Secondly, food and beverage sector is also playing a major role in uptake of spearmint oil market. Eating habit has been a concern. Cases of allergic reactions, mental issues and other diseases has increased in the region. Food processing companies are coming up with natural resources to ensure healthy lifestyle among consumers. The trend is seen worldwide with Western Europe standing next to North America.
Global Spearmint Oil Market Size and Forecast: Competition Landscape
Sales of spearmint oil is done across B2B and B2C. Few key players are:
- Stan Chem International
- Mentha and Allied Products Private Limited
- Lebermuth Inc.
- Plant Therapy Essential Oils
- Young Living Essential Oils
- Melaleuca Inc.
- Bontoux SAS
- Treatt PLC
- Vigon International Inc.
- Ultra International Ltd
- Bhagat Aromatics Limited
- Mountain Rose Herbs Inc.
- AOS Products Private Limited
By Production Type:
- Topical Products
- Medicinal Therapeutics
- Home Care Products
- Personal Care Products
- Bakery and Confectionaries
- Pet Foods
- Dairy Products
By Distribution Channel:
- Food & Beverage Processing Companies
- Independent Outlets (Spas, Salons, etc.)
- General Stores
- Convenience Stores
- Hypermarkets and Supermarkets
- Pharma/Drug Stores
What Will You Discover in the Report?
- An in-depth analysis of the Spearmint Oil market across regions – North America, Latin America, Western Europe, Central and Eastern Europe, Asia Pacific, Middle East, and Africa.
- How the Spearmint Oil market sales is expected to grow throughout the forecast period.
- How geopolitical policies and technological changes will affect the Spearmint Oil market in near future
- Where the stakeholders should invest to generate higher profit margins
- How consumers (end-users) will reflect to the Spearmint Oil industry during the forecast period
- Who are the Spearmint Oil industry leaders and what are the key initiatives taken by them for long term growth
Who will benefit from the Report?
- Spearmint Oil Industry Suppliers
- Spearmint Oil Industry Manufacturers
- Consultants and Analysts
Analyst access with Bekryl Market Analysts
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