Peppermint oil market is estimated to grow at a steady pace while reporting a CAGR of 3.9% during the forecast period of 2017 – 2022. As per Fact.MR valuation, growing preference for complementary and alternative medicines and increasing reliance on natural remedies are few of the vital fillips responsible for the US$ 671 Mn market for peppermint oil by the end of 2022.
Recognition of peppermint oil as a GRAS product is another key factor responsible for the increasing adoption of peppermint oil across industries, particularly aromatherapy, F&B and therapeutics.
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According to Fact.MR study, aromatherapy, therapeutics and F&B industries will report considerable demand for peppermint oil during the forecast. Aromatherapy will continue to account for the highest demand while therapeutics is expected to follow the trail by 2022 end. Growing preference for complementary and alternative medicines is one of the prime factors identified which is responsible for generating greater demand for peppermint oil in aromatherapy and therapeutic applications.
Demand for peppermint oil in the F&B sector is expected to account for almost 20% of the global market share. Increasing use of peppermint oil in the toiletries such as toothpaste, mouthwash and mouth freshener also contributes to the overall growth of the market.
Owing to the increasing demand for natural ingredients, Europe is estimated to report the highest demand for peppermint oil while accounting for 37% of the total market share. Fact.MR study estimates a 1.2x growth of the peppermint oil market in Europe by 2022 against the backdrop of increasing demand for essential oils in the region.
North America and APEJ are estimated to follow the trail with comparable market shares. Emerging demand for crude oil in China and India presents emerging opportunities for peppermint oil market. North America peppermint market is majorly propelled by growing reliance on the natural herbal remedies.
Fact.MR study shows that natural peppermint oil is expected to hold two-third share of the peppermint oil market while accounting for worth US$ 440 Mn revenues by 2022. Counterpart of the natural peppermint oil – organic peppermint oil is likely to report a moderate CAGR of 3.3% during the forecast period.
Peppermint oil is easily accessible through supermarkets and hypermarkets and explains the larger market share of modern trade. Modern trade is estimated to capture almost half of the market share while surpassing US$ 300 Mn by the end of 2022. Franchise outlets are expected to follow suit and account for one-fifth of the global market share owing to growing consumer preference for the premium offerings in the purchase of peppermint oil.
Absolute peppermint oil is highly sought after in perfumery, cosmetics and aromatherapy applications owing to the higher concentration of aromatic compounds. Study shows that absolute peppermint oil will hold over 44% of the global market share by 2022. The concentrates form of peppermint oil is estimated to follow trail while accounting for worth US$ 220 Mn by the end of forecast period.
Manufacturers in the peppermint oil market are focusing on delivering high quality, certified peppermint oil products amid the rising population of discerning consumers. As cultivation of peppermint remains concentrated in two countries – the United States and Canada, the peppermint oil marketplace is dominated by a handful of exporters that determines the pricing of the peppermint oil.
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Although the several world countries have started peppermint cultivation, it only satiates the local demand and fail to fill the broadening supply and demand gap. In addition, manufacturers in the supply chain face challenges of contaminated stock. The opaque nature of the peppermint supply chain is expected to hamper the future growth of the peppermint oil market through 2022.