Peppermint Oil Market With Future Prospects, Key Player Swot Analysis And Forecasts To 2024
Global Peppermint Oil Market: Overview
The global peppermint oil market is gaining traction owing to the convenience it provides to various industries, especially food and beverages. Peppermint oil is usually extracted from the peppermint herb’s flowers and stem. The further process of distillation involves steam which is mainly used for extracting the oil. This oil is highly used in manufacturing the medicines as it provides a wide array of therapeutic benefits.
From the perspective of nature of peppermint oil, the global peppermint oil market is bifurcated into conventional peppermint oil and organic peppermint oil. Among these two nature segments, organic peppermint oil segment accounts for the largest share and is expected to boost the global peppermint oil market during the forecast period. This is because of the increasing demand for chemical-free and natural ingredients among consumers. Apart from this, the demand for the conventional peppermint oil is also rising due to its lower cost and easy accessibility.
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Global Peppermint Oil Market: Notable Developments
Some of the recent developments which may influence the contours of the peppermint oil market in a big way include:
- The global peppermint oil market is mostly dominated by several exporters who are mainly concentrated in two countries – Canada and the United States. Rising need for peppermint oil, specifically in the mint flavored products in the food and beverages and confectionary industries has led the bulk of peppermint exportations from these countries.
- National governments and several international organizations have recommended in good agricultural practices in order to cater challenges in the global peppermint oil market which includes contamination of biomass stock.
- Many market players are using peppermint oil as a painkiller for enhancing the calming and relaxing effects in the humans’ nervous system. Thus, nowadays, such oil is highly preferred by consumers in the section of aromatherapy.
Key players operating in the global peppermint oil market include AOS Products Pvt., Shanti Chemicals, Essex Laboratories LLC, Hindustan Mint & Agro Products, and Foodchem International Corporation.
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Global Peppermint Oil Market: Key Growth Dynamics
Rising Need for Natural Food Additive Bolsters Demand in Peppermint Oil Market
Along with various end-users, peppermint oil is also highly utilized in personal and home care products. Several home care products include room fresheners, cleaners utilize peppermint oil due to its energizing fragrance. Growing demand for safe and organic food additive from confectionary and food and beverage industry and increasing awareness about natural products among consumers are the major factors believed to be fueling demand in the global peppermint oil market.
Peppermint oil helps in reducing anxiety and restlessness and improving memory and alertness. This oil is highly used as a painkiller for relieving stress and helps in relaxing and calming the nervous system. Such USPs are projected to propel expansion in the global peppermint oil market. Along with this, rising need for harmless, convenient, and natural alternative of conventional synthetic chemicals which are used in perfumers, showers, and massages and rising working population are expected to propel growth in the global peppermint oil market.
Global Peppermint Oil Market: Regional Outlook
Geographically, Asia Pacific is expected to lead the global peppermint oil market as the region has seen rapid establishment of food and beverages industry. Growing demand for natural fragrance, rising expenditures in healthcare and pharmaceutical industries, and rising need for natural cosmetic products could also be responsible for fueling growth in the peppermint oil market in this region.
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