Spearmint oil is an aromatic substance extracted from the leaves and flowers of the spearmint herb. Spearmint oil is extracted by using the steam distillation method. Spearmint oil is often used in food and beverages in order to impart a minty flavor to confectionaries, chewing gums, beverages, sweets, desserts, ice creams, etc. Spearmint oil shows great application in personal care products such as toothpastes, mouth fresheners, mouthwashes, perfumes, deodorants, and cosmetics. Spearmint oil is also used in therapeutics for its analgesic and antimicrobial properties. Spearmint oil is often used in aromatherapy in order to cope with problems such as migraines, headaches, fatigue, and digestive problems. Spearmint oil is a natural stress reliever, and hence, is used in aromatherapy for uplifting the mood, relax the body, and to ease the feeling of nervousness as well as stress.
North America to Set the Pace for Consumption of Spearmint Oil
The global spearmint oil market is expected to show an incremental opportunity of US$ 123.5 Mn by 2027 over 2018. In the global spearmint oil market, the organic segment, by nature, is anticipated to experience the highest CAGR of 8.4%. North America holds the largest share in terms of value in the global spearmint oil market. Europe has a lesser market share because it is a mature market.
Among the global spearmint oil market's nature segments, the conventional segment is expected to dominate in terms of volume, due to its lower price as well as easy accessibility in various regions across the globe. The preference for the organic segment is growing in developed as well as developing countries, along with the on-going organic trend and increasing spending capacity of consumers. The organic segment is expected to experience robust growth during the forecast period.
Increasing Use of Spearmint Oil in Aromatherapy and Therapeutics
By end use, the aromatherapy and therapeutics and food & beverage segments are expected to exhibited high growth in the terms of volume and value, respectively. The increasing popularity of aromatherapy and the growing demand for natural additives in food and beverages attributes to the growth of these segments. The use of spearmint oil in personal care as well as home care products is also expected to increase during the forecast period.
Growing Consumer Awareness About Naturally Derived Products
Increasing health issues due to use of products with artificial additives has led to an increase in the awareness among consumers about the advantages of the use of natural and organic ingredients such as spearmint oil in food as well as personal and home care products.
Spearmint oil has carvone, 1, 8-cineole, limonene, and β-myrcene as its primary constituents. These chemicals are known to have a highly beneficial effect on a person’s mental and physical health, and hence, spearmint oil finds many applications in aromatherapy and therapeutics. The rising awareness about the health benefits of spearmint oil proves to be one of the most prominent drivers for the growth of the spearmint oil market during the forecast period.
Owing to the benefits of spearmint oil, many manufacturers of cosmetics and personal care products tend to incorporate spearmint oil in various products such as skin moisturizers and lotions. The minty and refreshing flavor of spearmint oil allows it to be used in a huge way in oral care products such as toothpastes, mouthwashes, and chewing gums.
Spearmint Oil Preferred by Health Conscious Consumers
There has been an increase in the instances of the outbreak of diseases such as dengue and zika virus, which are mainly spread by mosquitoes. Spearmint oil is a well-known insect repellent, and hence, has attracted the manufacturers of insect repellent creams and formulations.
The pet industry is growing, and so is the demand for various pet care products. Spearmint oil is making its way in pet care products as a natural alternative due to its various beneficial effects. Spearmint oil is used to treat various digestive issues, help in metabolism, and treat bad breath problems in dogs and cats.
The erratic supply of raw materials, i.e. spearmint for production; low awareness about the benefits of spearmint oil, especially in underdeveloped countries and untapped markets; the presence of substitutes in the market are some of the factors that are restraining the growth of the spearmint oil market.
North America to be the Foremost Revenue Generating Region in the Global Spearmint Oil Market
By region, the global spearmint oil is segmented as North America, Latin America, Europe, Asia Pacific, and Latin America. North America is expected to dominate the global spearmint oil market during the forecast period. Europe and Asia Pacific follow North America in the global spearmint oil market, owing to the increasing prominence of aromatherapy and the high demand for personal and home care products. North America and Europe are anticipated to grow with high CAGRs in the spearmint oil market over the forecast period. Asia Pacific and Latin America are running close to Europe and North America, owing to the high number of developing countries as well as a good customer base in both regions.
Owing to all these factors, the global spearmint oil market is expected to grow positively in terms of volume and value over the forecast period.
Spearmint Oil Market: Introduction
The proposed market report of PMR on the global spearmint oil market evaluates the opportunities in the current market, and provides updates and insights corresponding to different segments involved in the global spearmint oil market over the forecast period 2018–2027. The global spearmint oil market report further exhibits the estimated data for 2018, and forecast data up to 2027 in terms of value (US$ Mn) and volume (MT). In terms of value, the spearmint oil market is anticipated to increase at a CAGR of 5.1% during the forecast period. The present study exhibits the trends and market dynamics of the spearmint oil market in five major regions - North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. The report also includes the study of the current issues with consumers, and various future opportunities for the spearmint oil market.
Spearmint Oil Market: Report Description
The report explores the global spearmint oil market for the period 2018–2027. The primary objective of the global spearmint oil market report is to provide insights into the key developments in the market that are consistently supporting the transformation of global businesses that are associated with spearmint oil. It is very important to consider that, in an ever wavering economy, we provide the estimated (Y-o-Y) year-on-year growth rate in addition with the Compound Annual Growth Rate (CAGR) for the overall forecast, to understand the better analysis and evaluation of the global spearmint oil market, and to discover equitable opportunities.
Yet another key feature of this report is that, the estimation of the global spearmint oil market and the corresponding revenue forecast is carried out in terms of absolute dollar opportunity. This is usually not prioritized while forecasting overall market numbers. Absolute dollar opportunity analysis is very essential in evaluating the degree of opportunity that a provider can observe to execute as well as to contrast the potential resources from a sales perspective in the global spearmint oil market.
The global spearmint oil market report starts with an elaborated executive summary, and the market definition of various segmentations that are included and their respective shares in the global spearmint oil market. The report further incorporates the major macroeconomic factors which have an effect over the growth of the spearmint oil market. The market report also highlights the various market dynamics that includes the drivers and restraints in the global spearmint oil market. Current opportunities as well as on-going trends in the spearmint oil market are also discussed in the report. The report further underlines the study of the present issues with industrial processing, and opportunities for the spearmint oil market. It also encompasses value chain analysis, which provides a structural view of the overall profitability from the manufacturer to the end user of the spearmint oil market. In order to provide users with a clear view of the global spearmint oil market, we have exhibited the competitive analysis of key market players and their strategic expansions. The competitive dashboard presents a detailed comparison of spearmint oil manufacturers on valuable parameters such as key product offerings, total revenue, key developments, and key strategies. The study intensifies the global spearmint oil market attractiveness analysis by nature, end use, distribution channel, and region.
To evaluate the overall market size of spearmint oil, the report on the spearmint oil market considers various fundamental aspects based on secondary research. Furthermore, it emphasizes quantitative evaluation such as market shares by nature, application, region-wise market shares, and other qualitative data from primary respondents, which have been consolidated to arrive at clear and accurate market estimations. The forecast presented in the spearmint oil market report arrives at the total revenue being generated, and expected revenue contribution in the future by the global spearmint oil market.
Spearmint Oil Market: Competition Analysis
Detailed profiles of companies that manufactures spearmint oil are included in the global spearmint oil report to analyze their developmental strategies, key product offerings, and recent developments, as they have a significant role in the global spearmint oil market. Key market players covered in the spearmint oil market report are doTERRA International, Young Living Essential Oils, Ultra International Ltd, Melaleuca Inc., Treatt PLC, Bontoux SAS, Plant Theraphy Essential Oils, NOW Health Group Inc., Lebermuth Inc., Mountain Rose Herbs Inc., Bhagat Aromatics Limited, Vigon International, AOS Products, Stan Chem International, Mentha, and Allied Products Private Limited.
Spearmint Oil Market: Segmentation
The subsequent sections analyze the global spearmint oil market on the basis of nature, end use, distribution channel, and region, and presents a forecast for the period 2018–2027. The market is segmented as follows:
Spearmint Oil by Nature
Spearmint Oil by End Use
Spearmint Oil by Distribution Channel
Spearmint Oil by Region
PMR Research Methodology
PMR is committed towards providing its clients with unbiased market research solutions. PMR follows a robust methodology for deducing data that is included in this report. A demand-side approach is followed to estimate the sales of target products, followed by in-depth supply-side assessment of value generated, key trends, and events over a predefined period. This methodology is based on the use of standard market structures, methods, and definitions that are based on inputs from local sources in over 5 regions, i.e. Europe, Asia Pacific, the Middle East and Africa, Latin America and North America, which PMR considers for segmenting the global market. Statistics, characteristics, and variances are collected at a regional level, aggregated at the same level, and then synthesized at the worldwide level to create global market measurements. The report is compiled after months of research with tried-and-tested methodologies in order to offer the most accurate results. Our main sources of research include: