Spearmint oil is used in the treatment of internal wounds, respiratory problems, and indigestion. Healthcare and therapeutic industry also witnesses a considerable demand for spearmint oil. The global spearmint oil market is likely to witness a steady growth attributed to substantial demand in the healthcare and therapeutic industry. Expansion of online channels will impact growth of the global market. The Global Spearmint Oil Market is expected to register a moderate CAGR growth, and will represent a market value of US$ 454.4 Mn in 2022.
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Healthcare Industry to Witness Significant Demand
Application of spearmint oil extends beyond the food industry. Attributed to various health-related benefits, this oil witnesses an upsurge in demand for treating indigestion, common cold, and respiratory problems. Spearmint oil is also used as a disinfectant for protecting and healing internal wounds in intestines, stomach, and food pipeline. Manufacturers operating in the healthcare industry witness significant demand for spearmint oil attributed to the antispasmodic and antiseptic qualities.
Consumption in the Personal Care Industry
Spearmint oil is used in production of mosquito repellant and fumigants attributed to the anti-inflammatory properties. Apart from its use an insecticide, spearmint oil is also used to soothe itching, swelling, inflamed skin and redness. Due to such factors, manufacturers producing personal care products witness a considerable demand for spearmint oil.
Aromatherapy to Boost Growth of the Global Market
Use of spearmint oil is not only limited to healthcare and personal care industries. Attributed to restorative fragrance and revitalizing properties, spearmint oil is increasingly used in aromatherapy. Manufacturers operating in the therapeutic industry witness considerable demand for production of essential oils. Such factors are likely to contribute towards growth of the global spearmint oil market significantly.
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Considerable Consumption among Cosmetic Manufacturers
Rich antiseptic and anti-oxidant qualities of spearmint oil is predicted to extend its application in the cosmetic industry. Spearmint oil is increasingly used for reducing skin imperfections and wrinkles. Application of this oil also increases elasticity and resilience of skin. Bound to such factors, spearmint oil is witnessing considerable demand among cosmetic manufacturers.
On the other hand, consumption of spearmint oil by pregnant women could adversely affect their health attributed to its emenagogue properties. Moreover, availability of substitute products is likely to impact demand for spearmint oil in various industries negatively. Such factors are predicted to inhibit growth of the global spearmint market during the predicted period.
Therapeutic Industry to Register Significant Growth
Natural spearmint oil will outsell organic spearmint oil, and will represent a value of over US$ 120 Mn by 2022 – end. Europe will remain the largest market for spearmint oil globally. Natural spearmint oil among other products is expected to reflect the highest CAGR in the global spearmint oil market throughout 2022.
Absolute spearmint oil is likely to remain the most attractive segment among other forms, and will represent a value of more than US$ 60 Mn in 2017. This segment will register the highest CAGR in the global spearmint market, followed by blends form.
Therapeutics among other application segments will register the highest CAGR growth, followed by food and beverages industry. However, food and beverages will witness the highest growth in terms of revenues, representing a value of more than US$ 30 Mn by the end of 2022.
Online channel of distribution will register the highest CAGR growth in the global market, followed by franchise outlets. Modern trade among other distribution channels will witness significant growth in terms of sales by the end of 2022. Sales of spearmint oil through modern trade is predicted to reach over US$ 50 Mn by 2022 – end.
Competition Tracking
Companies such as Aromaaz International, DoTERRA International, Lionel Hitchen Essential Oils, Plant Therapy Essential Oils, Synthite Industries Ltd., The Lebermuth Company Inc, Young Living Essential Oils, Green Fields Oil Factory, IL Health and Beauty Natural Oils Co., Inc, and Aksuvital are anticipates to remain active in the expansion of global spearmint oil market.
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