Growing prevalence of indigestion and respiratory problems has led to a robust demand for spearmint oil in the healthcare industry. Attributed to health-related benefits, spearmint oil is likely to witness an upsurge in demand among the personal care and cosmetic product manufacturers. Such factors are likely to impact the global market positively. According to a recent report published, the global spearmint oil market will register a steady CAGR growth over the forecast period, 2017 – 2022.
Market Dynamics
Rich in antioxidant properties, the spearmint oil witnesses a robust demand in various industries. Increasing prevalence of common cold, indigestion, respiratory problems has led to a boost in demand for spearmint oil in the healthcare industry. Moreover, spearmint is further used for disinfecting internal wound in the food pipeline, stomach and intestine. Apart from treatment of infections and diseases, spearmint oil is likely to witness an upsurge in demand in the cosmetic industry. Attributed to antiseptic and anti-oxidant properties, spearmint oil witnesses a significant demand among cosmetic manufacturers for reducing various skin imperfections and wrinkles.
Growing need for insect repellant creams, anti-bacterial and anti-inflammatory products for soothing inflamed skin, itching, redness and swelling is expected to rev up demand for spearmint oil in the personal care industry. Attributed to anti-inflammatory, spearmint oil will witness a considerable demand among the personal care product manufacturers. Due to such factors growth of the global market of spearmint oil will witness an increase during the predicted period. Spearmint oil will witness significant demand in the therapeutic industry attributed to revitalizing properties and restorative fragrance. Manufacturers in the therapeutic industry are predicted to witness a robust demand for spearmint oil. Such factors will fuel the global market growth of spearmint positively by the end of 2022.
Segmentation Analysis
Natural spearmint oil among various products is likely to register a relatively high CAGR growth in the global spearmint oil through 2022. This segment will represent more than US$ 120 Mn in terms of value during the predicted period. Absolute spearmint oil among various product forms is likely to represent the most attractive segment in the global market of spearmint oil market by 2022 – end.
Sales of spearmint oil will witness a significant growth through online portals among other distribution channels. Franchise outlets is expected to register the second highest CAGR growth in the global market of spearmint oil during the projected period. Therapeutic industry among other end users will reflect a relatively high CAGR growth in the global market. However, the food and beverages industry will represent a relatively high growth in terms of revenue by the end of 2022.
Regional Analysis
Europe among other regions is expected to remain a leading market for spearmint oil throughout 2022. Natural spearmint oil products are likely to outsell the organic products for spearmint oil in this region. Expansion of online channels is expected to contribute towards growth of the Europe market in terms of revenue during the projected period. Online distribution channel is expected to witness a relatively high CAGR growth, followed by franchise outlets. Spearmint oil in Europe will witness robust demand in the therapeutic industry.
The report has also profiled leading players in the global market for spearmint oil, which include IL Health and Beauty Natural Oils Co., Inc., Aromaaz International, Aksuvital, DoTERRA International, Plant Therapy Essential Oils, Lionel Hitchen Essential Oils, Synthite Industries Ltd., Young Living Essential Oils, The Lebermuth Company Inc., and Green Fields Oil Factory.
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