PUBLISHER: Knowledge Sourcing Intelligence | PRODUCT CODE: 1148465
PUBLISHER: Knowledge Sourcing Intelligence | PRODUCT CODE: 1148465
The global mint market is projected to grow at a CAGR of 5.74% to reach US$8.527 billion by 2027, from US$5.770 billion in 2020.
Increasing concerns among individuals to consume healthy food and improve oral hygiene are causing a surge in demand and pushing the market growth.
A majority of consumers these days prefer to consume sugar-free mints in order to maintain oral health and keep their teeth and gums healthy by consuming breath mints and chewing gums which sometimes contain substances such as Xylitol, among others, in order to aid in the whitening of teeth.
Therefore, these factors are leading to an increase in the demand for mint and are bolstering the market growth over the forecast period. In addition, some individuals are consuming power mints or stronger mints due to the prevalence of bad breath or other symptoms in order to mask the odours and to keep their mouths fresh and free from bacteria.
Furthermore, the usage of mint in different foods and beverages is associated with a ton of health benefits. Its usage is being promoted by chefs, restaurants, and people globally. Some health benefits include relief from a condition such as nausea, headaches, respiratory disorders (for example, coughs), and depression. Additionally, it is preferred in beauty and cosmetic products to aid in the improvement of skin texture and the removal of acne.
The popularity of using mint in different global cuisines with food, beverages, and snacks is a contributing factor
Mint is an increasingly popular condiment used in different cuisines to provide a distinct taste to different dishes and improve its flavour profile. Mint is used in dips used to serve different types of chips, or mint can be used as a garnish on meat with a spicy and earthy taste to provide a cool zing to it.
In addition, mint is used in bakery items and desserts with chocolate and other sweeter ingredients to provide a cool but sweet flavour. Consequently, mint is cool in nature and is extensively used in countries with hotter climates to cool the beverages to provide a fresh and cooling sensation to the body and help lower the perspiration levels and the temperature of the body. Thus, these widespread uses contribute to market growth over the forecast period.
Product Offerings by Major Market Players in the Mint Market
The offering of better varieties of mint with enhanced properties, such as quality and flavour, among others, by existing and new players are estimated to lead to increased adoption and propel the market growth further over the forecast period.
Some of the examples of product offerings are as follows:
The North American region to hold a considerable share over the forecast period owing to the increasing use of Mexican Food
The North American region is expected to hold a noteworthy market share over the forecast period owing to the fact that there are market players involved in catering to the demands of the consumers by launching different varieties of mints, including herbs and spices and breath mints.
Moreover, the rising usage of mints and mouthwashes is increasing among individuals that are involved in activities such as smoking and consuming alcohol in order to mask the smell or the user with a busy life and have less time to follow proper oral hygiene and use mouthwashes as an alternative.
Online Distribution channel to witness a notable growth
The growing penetration of internet services, the easy availability of 4G and high-speed internet on the different low-end and high-end devices, and the availability of grocery, confectionery, and food items online have made it easier for people to shop on e-retail and e-commerce channels, from the comfort of their home due to time-saving and lucrative discounts. In addition, the participation of different grocery delivery players globally has resulted in the rapid growth of the online grocery sector and is contributing to the market share this segment holds.
Key Developments
Impact of the COVID-19 pandemic
The COVID-19 pandemic led to a disruption in supply and production lines, leading to a fall in demand for the global mint market. The shutdown of significant industries and related sectors led to a downfall in the economy. The closure of retail stores and services led to a decrease in demand for the mints market since a majority of the market's sale is done through retail stores. However, with the resumption of industrial and retail activities, and the lifting of COVID-19 protocols, the market is expected to increase in demand.
Segmentation:
Peppermint
Spearmint
Others
Online
Offline
North America
South America
Europe
Middle East and Africa
Asia Pacific