PUBLISHER: Allied Market Research | PRODUCT CODE: 1193109
PUBLISHER: Allied Market Research | PRODUCT CODE: 1193109
The global peppermint oil market was valued at $331.7 million in 2021, and is projected to reach $658.2 million by 2031, growing at a CAGR of 6.6% from 2022 to 2031.Peppermint (Mentha piperita L.) is a Lamiaceae family plant that is grown all over the globe. Peppermint oil has therapeutic properties as a carminative and gastric stimulator. Peppermint oil is among the most extensively used and most valued organic oil in the flavoring of formulations and medications for cough syrups, sweets, oral care, chewing gum, and beverages. Peppermint oil has been found to have antifungal, antibacterial, antiparasitic, antioxidant, and antiviral properties.
The peppermint plant's leaves and flowers are used to make peppermint essential oil. In addition to its widespread use in food and drink, peppermint oil is used as a scent in soaps and cosmetics. It has been used for medical purposes since the historical period. Records from the time of ancient Greece, Egypt, and Rome describe its usage for stomach issues. Irritable bowel syndrome (IBS), the common cold, headaches, sinus infections, and other disorders are the most prevalent uses for peppermint oil. While dealing with issues such as joint discomfort, itching, headaches, and muscular aches, it is advised to apply peppermint oil topically. Peppermint oil is used in aromatherapy to heal colds and coughs, lessen discomfort and tension, and enhance mental performance.
According to 2020 randomized clinical trials, it was found that inhaling peppermint oil vapors through a nebulizer reduces the severity, frequency, and duration of vomiting and nausea in people who are recovering from heart surgery. Moreover, the University of Maryland Medical Center (UMMC) mentioned that it can be an effective treatment for indigestion, flatulence, and irritable bowel syndrome.
Peppermint oil is widely used in aromatherapy for treating stomach infection, headache, asthma, and other respiratory problems. Manufacturers provide peppermint oil in various proportions such as highly concentrated or diluted, and are available in several varieties such as Black Mitcham, Todd Mitcham, and others. It is mainly used as a flavoring agent in chewing gums and toothpaste. Increase in the number of spa and relaxation centers has fueled the growth of this segment. Rise in awareness regarding the benefits of peppermint oil boosts its adoption among consumers. Young Living Essential Oils and Avi Naturals are the two-peppermint essential oil producing companies.
Peppermint oil appears to be safe when taken orally (by mouth) or applied topically. Many clinical trials have used peppermint oil safely, but in some cases cause severe irritation, provoke an allergic reaction and, over time, prove hepatotoxic. Heartburn, nausea, abdominal pain, and dry mouth are all possible side effects of taking peppermint oil orally. Peppermint oil can occasionally cause allergic reactions. Peppermint oil capsules are frequently enteric coated to reduce the likelihood of heartburn.
The U.S. has approximately 21 million adults who have experienced at least one major depressive episode, which has increased demand for essential oils aromatherapy. Furthermore, people's shifting preferences from man-made drugs to organic therapeutic methods to ensure their own well-being while leaving a minimal environmental footprint is another major factor driving peppermint oil market revenue growth. According to data from the Centers for Disease Control and Prevention from 2019, 5.8 million people in the U.S. have Alzheimer's disease and related dementias, with 5.6 million of them being 65 years of age or older and around 200,000 having the disease at a younger age, which results in increasing preferences of peppermint oil for spa and relaxation centers globally.
The major factor that boosts the market growth is the increase in consumer preference for natural and organic products, be it cosmetics, food, or similar other product categories. This in turn, has led the manufacturers operating in such industries to develop products that contain natural additives. Thus, rise in usage of peppermint oil among various end-user industries coupled with factors such as rapid industrialization, increase in disposable income, and improved standards of living in emerging economies, supplement the market growth.
The factors that restrict the market growth are high price of peppermint oil, availability of synthetic substitutes, and limited availability of raw materials. Government support and favorable regulations are expected to offer lucrative opportunities for market growth. Moreover, steady rise in demand for natural aromatic fragrances and flavors in spa and relaxation applications along with cosmetics is anticipated to promote the demand for peppermint oil during the forecast period.
The onepeppermint oil market is segmented based on product type (natural peppermint oil and conventional peppermint oil), application (food and beverages, medical, cleaning and home, spa and relaxation, and others) distribution channel (direct distribution, MLM distribution, retail distribution, and others), and region the North America (U.S., Canada, Mexico), Europe ( Germany, UK, France, Italy, Spain and Rest of Europe), Asia-Pacific (China, Japan, India, Indonesia, Malaysia, South Korea, Singapore, Australia, and Asia-Pacific), LAMEA (Brazil, Chile, UAE, Saudi Arabia, and Rest of LAMEA) .The product type segment is further classified into natural peppermint oil and conventional peppermint oil. The natural peppermint oil is accounted for the maximum revenue share in 2021 and is anticipated to consolidate its position during the forecast period. In addition, the food & beverage industry majorly uses natural peppermint oil because of its non-harmful nature. By application, the peppermint oils market is classified into food & beverages, medical, cleaning & home, spa & relaxation, and others. cleaning and home segment is estimated be the fastest growing application segment.
Other applications, such as home cleaning products and textile products where peppermint oil serves as sweet-smelling mixes, and healthy substitutes for synthetic products are anticipated to witness sustainable development in future. By region, the market is categorized into North America, Europe, Asia-Pacific, and LAMEA.
The prominent players analyzed in this report include Aksu Vital Natural Products and Cosmetics, Aromaaz International, DoTERRA, Greenleaf Extractions Pvt. Ltd., Lebermuth, Inc., Melaleuca Inc., Mountain Rose Herbs, NOW Foods, Plant Therapy Essential Oils, and Young Living Essential Oils.
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