Spearmint Oil Market
Spearmint Oil Market Analysis By Source (Natural, Organic), By Form (Absolute, Concentrates, Blends), By Application (Therapeutics, Aromatherapy, Food & Beverages, Cosmetics, Toiletries, Fragrances, Cleaning & Home), By Distribution Channel (Modern Trade, Franchise Outlets, Specialty Stores, Online) and Region - Global Market Insights 2023 to 2033
Analysis of Spearmint Oil Market Covering 30+ Countries Including Analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
Spearmint Oil Market Outlook (2023 to 2033)
The global spearmint oil market is valued at US$ 473 million in 2023 and is forecasted to expand at a steady 5.1% CAGR over the next ten years (2023 to 2033). As a result, worldwide spearmint oil demand is estimated to reach a market revenue of US$ 780 million by 2033-end.
Spearmint oil is obtained from the steam distillation process of spearmint leaves obtained from the spearmint plant (Mentha spicata). The oil is a more refined version of peppermint oil owing to its significantly less menthol content and this has also earned it the nickname of ‘gentler mint oil’.
Carvone, Limonene, 1, 8-cineole, and β-Myrcene are prime chemical constituents of spearmint oil that give it its distinct fragrance and flavour. This chemical formulation of spearmint oil makes it a highly beneficial product for an individual’s mental as well as physical well-being.
Top Spearmint Essential Oil Benefits :
- Helps in digestion
- Antimicrobial properties
- Stress reduction
- Hormone balance
- Headache relief
Therapeutic use of spearmint oil is projected to open up new avenues of opportunities for new as well as established spearmint oil companies in the long run. Growing awareness regarding the benefits of natural and organic-derived products among consumers is also projected to create an uptick in demand for spearmint oil over the coming years. The surging use of spearmint oil as a flavoring agent in the food & beverages industry is also estimated to benefit market growth.
- In February 2023, Oreo, a Mondel?z International-owned brand known for its biscuits, announced the launch of a new mint-flavored ice cream. The product has a mint ice cream base with pieces of actual Oreo cookies mixed in it.
Increasing disposable income, evolving consumer preferences, growing use of alternative medicine, high use of natural ingredients in cosmetics and pharmaceutical formulations, and rising emphasis on sustainable and ethical sourcing practices are other factors that could benefit market development going forward.
Spearmint oil is also used as a disinfectant for protecting and healing internal wounds in the intestines, stomach, and food pipeline. Manufacturers operating in the healthcare industry are also slated to witness significant demand for spearmint oil attributed to its antispasmodic and antiseptic qualities.
On the flip side, consumption of spearmint oil by pregnant women is not recommended as it could adversely affect their health, which can be ascribed to the oil’s emenagogue properties. Moreover, the availability of substitute products such as peppermint oil and menthol oil is likely to impact demand for spearmint oil in various industries negatively. Such factors are predicted to inhibit the growth of the global spearmint market over the coming years.
|Spearmint Oil Market Size (2023)||US$ 473 Million|
|Projected Market Value (2033F)||US$ 780 Million|
|Global Market Growth Rate (2023 to 2033)||5.1% CAGR|
|Key Companies Profiled||
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Which Application is Spearheading Global Essential Oil Demand Growth?
“Aromatherapy to Lead Essential Oil Consumption“
Demand for different types of essential oils has been increasing rapidly around the world in recent years and the majority of this can be ascribed to the growing popularity of aromatherapy. As more and more people look for a way to escape their hectic lifestyles and reconnect with their mental peace, aromatherapy has emerged as a preferred method for individuals to do just that.
- Demand for aromatherapy is projected to rise at a phenomenal CAGR of more than 10% over the next ten years.
Aromatherapists are exploring the use of mandarin oil, peppermint oil, lavender oil, lime oil, grapefruit oil, spearmint essential oil, etc. to heal and calm people in aromatherapy. The growing use of spearmint oil to relieve stress and calm people in aromatherapy is also anticipated to boost market growth across the study period.
Learn more about aromatherapy’s huge impact on the spearmint essential oil demand with details of aspects such as local supply, pricing trends, product standards, safety regulations, and new developments in this spearmint oil market research analysis by skilled analysts at Fact.MR, a market research and competitive intelligence provider.
Investing in Asian and European countries is predicted to be a more rewarding option for spearmint oil companies as compared to investing in North American countries.
Which Asian Countries Should Spearmint Oil Vendors Target?
“India and China to Offer Lucrative Investment Returns”
Any spearmint oil company looking to make a mark in the Asia Pacific region should definitely draft exclusive strategies to succeed in India and China, both of which are the leading markets in this region. Rising disposable income coupled with the growing popularity of aromatherapy has opened up new prospects of growth for spearmint oil suppliers in the aforementioned countries.
Evolving consumer preferences in these countries are also projected to uplift sales of spearmint soaps, spearmint tea, spearmint candles, spearmint toothpaste, etc. Besides this use of spearmint oil for digestion, spearmint oil for nausea, and spearmint oil for headaches is also projected to increase in India and China as people opt for alternative medicine.
How Will Spearmint Oil Demand Fare in the United States?
“Rising Use of Spearmint Oil in Home Care Products”
As consumers lean toward products made from natural ingredients, home care, and personal care product manufacturers are turning to essential oils for their pleasant fragrance and antimicrobial properties. Spearmint oil is one of those popular oils that is being extensively used in home care products for its refreshing aroma and antibacterial characteristics.
Spearmint gum, spearmint body wash, spearmint lotion, and spearmint diffuser are some popular products that are sought after in the United States marketplace. The use of spearmint oil for weight loss and spearmint oil for sleep is also slated to increase in the country as the incidence of obesity and insomnia is rising at a rapid pace.
Why are Spearmint Oil Providers Flocking to Europe?
“Rising Use of Natural and Organic Ingredients in Cosmetics Formulation”
Use of spearmint oil for the skin has multiple benefits and people are becoming more aware of these benefits. The aforementioned factor is pushing cosmetics and personal care product manufacturers to add spearmint oil and other natural ingredients to their product formulations. Organic and natural skin care has a huge market in European countries as consumers here are more aware and willing to spend on natural products.
Presence of key cosmetics and personal care brands in France, Italy, and the United Kingdom also creates an opportune scenario for spearmint oil suppliers. Increasing focus on diversification of spearmint essential oil uses is also projected to benefit its demand in the European region over the next ten years.
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Supplying organic spearmint oil via online channels could be the perfect strategy for companies looking to maximize their revenue generation through 2033.
Preference for Which Type of Spearmint Oil Will Be High?
“Organic Spearmint Oil to Be Most Sought After”
Growing popularity of veganism and plant-based trends is projected to set the stage for high organic spearmint oil demand in the future. Increasing consumer awareness regarding the benefits of organically sourced spearmint essential oil and a high preference for organic ingredients in manufacturing are also estimated to uplift growth in the organic segment through 2033.
Where Will Most Market Revenue Come From?
“Online Channels to Bring in High Cash Streams”
Sales of spearmint oil via online channels are projected to rise at a higher CAGR than all other sales channels. Growing penetration of e-commerce and the rising availability of the Internet in all regions of the world are primarily promoting the popularity of online channels. Moreover, the availability of a wide range of variety and attractive discounts are also estimated to push people to purchase their batch of spearmint essential oil via online stores.
Leading spearmint oil providers are estimated to focus on supplying their oil to different manufacturers who can incorporate it into their products to give it a distinct flavor or fragrance.
- In June 2023, Tic Tac, the popular confectionary brand from Ferrero, announced the launch of its new spearmint-flavored Tic Tac mints. The product gives consumers a fresh minty taste with mild sweetness.
- In February 2020, Dr. Bronner’s, an American personal care brand, announced the launch of its new All-One toothpaste. The toothpaste is formulated by using organic spearmint oil and menthol crystals to give it a long-lasting minty fresh feel.
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Key Segments of Spearmint Oil Industry Research
By Source :
By Form :
By Application :
- Food & Beverages
- Cleaning & Home
By Distribution Channel :
- Modern Trade
- Franchise Outlets
- Specialty Stores
By Region :
- North America
- Latin America
- FAQs -
The global spearmint oil market stands at US$ 473 million in 2023.
By 2033-end, spearmint oil demand is forecasted to reach a market value of US$ 780 million.
Spearmint oil sales are projected to increase at 5.1% CAGR from 2023 to 2033.
Spearmint oil is widely used to deal with skin problems, nausea, cold symptoms, and headaches.
Use of spearmint oil can stimulate hair follicles and increase blood flow, which could help in hair growth.
Plant Therapy Essential Oils, Green Fields Oil Factory, The Lebermuth Company Inc., and DoTERRA International are key manufacturers of spearmint oil.