It is estimated that the peppermint oil market is steadily growing while a CAGR of 3.9% in the forecast period 2017 – 2022. According to the Fact.MR assessment, the increasing preference for complementary and alternative medicines and the increasing reliance on natural remedies are just some of the most important factors driving the $ 671 million Peppermint Oil Market by End of 2022.
The recognition of peppermint oil as a GRAS product is another key factor in the growth of peppermint oil in various industries, particularly aromatherapy, F&B, and therapeutics.
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According to a Fact.MR study, the aromatherapy, therapeutic, and F&B industries will report significant demand for peppermint oil during the forecast. Aromatherapy will continue to represent the greatest need, while therapeutics are expected to follow the path through the end of 2022. The growing preference for complementary and alternative drugs is one of the main identified factors responsible for the increasing demand for peppermint oil in aromatherapy and therapeutic applications.
The Fact.MR study shows that natural peppermint oil is expected to hold two-thirds of the peppermint oil market and generate sales of $ 440 million by 2022. The counterpart to the natural peppermint oil – organic peppermint oil – should be moderate CAGR of 3.3% in the forecast period.
Health risks continue to limit the growth prospects of the peppermint oil market
Despite strong recognition in the therapeutic industry, peppermint oil has been rigorously debated in medical research regarding health risks from peppermint ingredients used in cosmetics, foods, and therapeutic products. The Cosmetic Ingredient Review published in 2017 found that peppermint oil is safe to use in cosmetics at the currently permitted concentration. However, in order to fully approve the safety assessment, additional validations are required for the toxicological endpoint of peppermint oil and data on skin irritation. In addition, a significant number of allergy incidences related to peppermint cosmetics have been reported since 2000.
Peppermint oil is easily available through supermarkets and hypermarkets and explains the larger market share of modern trade. Modern retail is estimated to occupy nearly half of the market share and exceed $ 300 million by the end of 2022. Franchises are expected to follow suit, accounting for a fifth of the global market share, as consumers increasingly prefer the premium deals when purchasing peppermint oil.
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Peppermint absolute oil is in great demand in perfumery, cosmetic and aromatherapy applications due to the higher concentration of aromatic compounds. The study shows that absolute peppermint oil will hold over 44% of the world market share by 2022. The concentrated form of peppermint oil is expected to follow the path and will be valued at $ 220 million by the end of the forecast period.
Manufacturers in the peppermint oil market are focused on supplying high quality, certified peppermint oil products amid the growing number of discerning consumers. Because peppermint cultivation is still concentrated in two countries – the US and Canada – the peppermint oil market is dominated by a handful of exporters who determine the pricing of peppermint oil.
Although the different countries of the world have started growing peppermint, it only satisfies local demand and cannot close the growing gap between supply and demand. In addition, manufacturers in the supply chain face the challenges of contaminated inventory. The opacity of the peppermint supply chain is likely to hamper future growth of the peppermint oil market through 2022.
Competitive landscape
The Peppermint Oil Market Competitive Section provides users with a short list of players in the Peppermint Oil Market. Few of the profiled players in the Peppermint Oil market report are Herbal Therapy Essential Oils, Lionel Hitchen Essential Oils, Green Fields Oil Factory, IL Health & Beauty Natural Oils Co. Inc., Aromaaz International, Aksuvital, Natures Natural India, and Shaanxi Guanjie Technology Co., Young Living Essential Oils LC, Biolandes, Greenleaf Extractions Pvt Ltd., The Lebermuth Company, Synthite Industries Ltd., doTerra and Bio Extracts (Pvt) Ltd. are among the top companies in the global peppermint oil market.
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