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Pepper Mint Oil Market Expected to Secure Notable Revenue Share during 2017-2022 | Key Players are Green Fields Oil Factory, Aromaaz International, Aksuvital, Natures Natural India, Shaanxi Guanjie Technology Co., Young Living Essential Oils LC, etc.
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The peppermint oil market landscape is dominated by exporters majorly concentrated in two countries - the United States and Canada. Increasing demand for peppermint oil, particularly in the mint flavored products in the confectionery market has led the bulk of peppermint exports from these two countries where the U.S. supplies over 70% of the global peppermint and spearmint. Access to raw materials continues to pose a challenge in the peppermint oil market leading to an opaque supply chain. Further, companies in the peppermint oil market continue to face challenges of adulteration and contamination of biomass stock. While national governments and international organizations recommend good agricultural practices to resolve current supply chain issues, pricing of the peppermint oil is dictated by a handful of peppermint oil market players.
Demand for Complementary and Alternative Medicines Propels Peppermint Oil Market
Essential oils, especially peppermint oil finds deep-rooted traditional applications in complementary healthcare. Recently, the popularity of complementary and alternative medicine (CAM) has gained significant momentum. Herbal remedies are usually combined with mainstream medical therapies to give rise an integrated medicine approach. According to the National Center for Complementary and Integrative Health (NCCIH), over 30% of adult Americans prefer complementary and alternative medicines. WHO states that up to 80% of the African population relies on traditional herbal medicine (THM). China also has reports about 40% penetration of THM in all the healthcare delivery. As modern consumers greatly rely on natural remedies and CAM, the fast-growing herbal medicines market is likely to bolster the demand for peppermint oil in the herbal healthcare products.
GRAS Tag Authenticates Use of Peppermint Oil across End-User Industries
Peppermint oil has received a GRAS (Generally Recognized as Safe) tag. Increasing importance of certification and FDA approvals across industries, particularly food and cosmetics, has transformed the global landscape of food and cosmetics manufacturing. In addition, ‘clean label’ trend has increased transparency regarding the ingredients used during the manufacturing process. Owing to the FDA approval of peppermint oil as a GRAS product, use of peppermint oil across end-user industries is well received.
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Despite holding a strong recognition in the therapeutics industry, peppermint oil has been rigorously discussed in the medical research community with regard to health risks posed by peppermint ingredients used in the cosmetics, food and therapeutic products. The Cosmetics Ingredients Review published in 2017 revealed safe use of peppermint oil in cosmetics under currently approved concentration. However, the safety assessment to be completely approved, additional validations for peppermint oil’s toxicological endpoint and skin irritation data are required. In addition, a considerable number of allergy incidences related to peppermint cosmetics has been reported since 2000.
Competitive Landscape
The competitive landscape section of the peppermint oil market provides the users with a concise list of the market players in the peppermint oil marketplace. Few of the profiled players in the peppermint oil market report are Plant Therapy Essential Oils, Lionel Hitchen Essential Oils, Green Fields Oil Factory, IL Health & Beauty Natural Oils Co. Inc., Aromaaz International, Aksuvital, Natures Natural India, 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 operating in the global peppermint oil market.
The peppermint oil market is marked by manufacturers engaged in foraying new business ventures, procuring certifications and strengthening their R&D facilities. For example, in 2017, Synthite Group, a global provider of spices and essential oil ventured into the personal care segment and is likely to begin the production of soaps and hair oil. The Lebermuth Company has recently received a Safe Quality Food (SQF) certification which is expected to enhance consumer trust of Lebermuth’s fragrance and flavor ingredients. Another global leader in the peppermint oil market, doTERRA, recently inaugurated an Agriculture Laboratory in Nepal with an aim to contribute to strengthening agriculture education and increasing farmers’ access to advanced technology.
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