Peppermint Oil Market Demand Outlook, Top Key Players Analysis, Current Trends, Development Status, CAGR of 6.6% Forecast 2031

The global peppermint oil industry was estimated at $331.7 million in 2021, and is anticipated to hit $658.2 million by 2031, registering a CAGR of 6.6% from 2022 to 2031.

Surge in number of spa & relaxation centers have boosted the growth of the global peppermint oil market. On the other hand, high price of peppermint oil, limited availability of raw materials, and availability of synthetic substitutes impede the market growth. However, rise in awareness regarding benefits of peppermint oil would open new opportunities in the future.

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According to the insights of CXOs of leading companies, the peppermint oil market holds high potential in the food & beverage industry. Presently, the peppermint oils market is dominated by natural peppermint oil; however, conventional peppermint oil generated a notable revenue in 2021 and is expected to gain significant market share during the forecast period. Moreover, regulations imposed by the U.S. Food and Drug Administration on essential and organic oils used as flavors and regulations imposed by Consumer Product Safety Commission on air fresheners, and household cleansers are expected to limit the North American market growth during the forecast period.

According to UMMC (University of Maryland Medical Center), peppermint oil can be an effective treatment for flatulence, indigestion, and irritable bowel syndrome. The use of peppermint oil fragrance is suggested by the therapist to improve memory and enhance readiness and is also used as a natural insect repellent. It is mostly cultivated in India, Italy, the U.S., Japan, and UK. It is extracted from fresh plant leaves using a steam refining process. Peppermint essential oil is steam distilled from the fragrant herb, primarily composed of the chemical components of menthol and menthone. Peppermint oil is used in aromatherapy for acne, dermatitis, asthma, bronchitis, digestive problems, colds, headaches, and fatigue.

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According to peppermint oil industry analysis, the peppermint oil market size is segmented on the basis of product type, application, distribution channel, and region. By product type, the market is classified into natural peppermint oil and conventional peppermint oil. Among these, natural peppermint oil segment occupied the major share of the market in 2021, and is projected to maintain its dominance during the forecast period.

By region, North America held the major share in 2021, accounting for nearly two-fifths of the global peppermint oil market revenue. Rise in demand by consumers, surge in consumer awareness, and increase in the use of body care & cosmetic products across the region drive the market growth. Asia-Pacific, on the other hand, would cite the fastest CAGR of 8.1% from 2022 to 2031. This is because developing countries such as India, Singapore, and Indonesia are adopting peppermint oils at a significant rate.

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Key players in the market:

Aromaaz International
Greenleaf Extractions Pvt. Ltd.
Lebermuth, Inc.
Melaleuca Inc.
Young Living Essential Oils
doTerra
Mountain Rose Herbs
NOW Foods
Aksu Vital Natural Products and Cosmetics
Plant Therapy Essential Oils

The report analyzes these key players in the global peppermint oil market. These players have incorporated various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in assessing the operating segments, their business performance & product portfolio, and so on.

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