The market for peppermint oil is projected to reach a value of USD 232.4 million by 2024 and is expected to grow to USD 458.4 million by 2034, reflecting a compound annual growth rate (CAGR) of 7.00% over the forecast period. This growth is driven by increasing utilization of peppermint oil in the pharmaceutical and personal care sectors.
Peppermint oil finds extensive applications in healthcare and pharmaceuticals, effectively addressing conditions such as muscle pain, colds, coughs, sinus issues, and indigestion. The advancement of healthcare infrastructure has correspondingly bolstered sales within the peppermint oil market.
On a global scale, there has been a notable increase in the incidence of diabetes, cardiovascular diseases, and obesity. This surge in health challenges has amplified the demand for natural products like peppermint oil, renowned for its significant health benefits and its ability to treat or alleviate these conditions.
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The global market for peppermint oil-based aromatherapy is poised for rapid growth. This growth is driven by increasing adoption of aromatherapy for its potential health and mental wellness benefits, particularly in stress and anxiety relief.
Furthermore, a significant driver behind the expansion of the peppermint oil market is the shift in consumer preferences from synthetic pharmaceuticals to organic medicinal solutions. This trend reflects a desire to maintain well-being through natural means while minimizing environmental impact.
Competitive Landscape
Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.
Recent Developments in the Peppermint Oil Market
- The new roller mix from Loving Essentials Oils, a top-tier USA-based supplier of essential oils worldwide, was unveiled in July 2023. It is created using natural chemicals extracted from ginger and peppermint plants using steam distillation and cold pressing. In addition to being designed to relieve pain and nausea, the medication lowers the possibility of painful skin reactions.
- Les Derives Résiniques ET Terpeniques, a leader in the development and distribution of premium, renewable, and naturally derived ingredients worldwide, was acquired by Firmenich in May 2020. Firmenich is positioned as a pioneer in sustainable ingredients for cosmetics and other uses following this acquisition.
- To assist people in concentrating on their health objectives, dôTERRA unveiled three new wellness programs, several new essential oil products, and diffusers in October 2020.
- Myrissi was purchased by Givaudan in February 2021. The purchase of Myrissi is supporting Givaudan’s long-term fragrance & beauty strategy. With their A.I. experience, Givaudan can provide new organoleptic methods to customers.
Key Companies in the Peppermint Oil Market
- 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 LLC
- Biolandes
- Greenleaf Extractions Pvt. Ltd.
- The Lebermuth Company
- Synthite Industries Ltd.
- doTerra
- Bio Extracts (Pvt.) Ltd.
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Key Segments Covered
By Source:
- Organic
- Natural
By Form:
- Absolute
- Concentrates
- Blends
By Method of Extraction:
- Distillation
- Carbon Dioxide Extraction
- Cold Press Extraction
- Solvent Extraction
- Others
By Application:
- Therapeutics
- Aromatherapy
- Food & Beverages
- Cosmetics
- Toiletries
- Fragrances
- Cleaning & Home
- Others
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia and Pacific
- East Asia
- Middle East and Africa
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