Peppermint Oil Market

Peppermint Oil Market Outlook (2024 to 2034)

The global peppermint oil market is calculated to increase from a valuation of US$ 230.3 million in 2024 to US$ 444.6 million by 2034. Worldwide sales of peppermint oil are foreseen to increase at a CAGR of 6.8% from 2024 to 2034.

Peppermint oil is extracted from a hybrid plant of watermint and spearmint. Peppermint oil contains high concentrations of menthone and pulegone that have natural pesticide characteristics.

Along with its well-known cooling effect, peppermint oil is studied for its carminative effect and short-term treatment of irritable bowel syndrome and other minor ailments. Demand for peppermint essential oil is estimated to increase steadily over the coming years as awareness regarding its health benefits rises among the general population.

Key Peppermint Oil Benefits

• Relieves headaches
• Natural painkiller
• Promotes hair growth
• Soothes itching
• Alleviates anxiety
• Improves memory
• Boost immunity

The surging popularity of aromatherapy, the rising use of peppermint flavor in the food industry, and the high preference for plant-based products are some of the factors boosting peppermint oil market growth. High investments in research to uncover benefits and health effects associated with peppermint oil use are also estimated to open lucrative opportunities for peppermint oil manufacturers through 2034.

• As per a study published in the BMJ Supportive & Palliative Care journal, use of essential peppermint oil aromatherapy could help relieve pain for people who have undergone open heart surgery and might also help them improve their sleep quality.

Rising cases of alopecia are also estimated to boost the use of peppermint oil for hair growth. Growing aesthetic awareness and rising demand for organic and natural ingredients in personal care are projected to promote the use of peppermint oil for acne treatment.

• In May 2023, Everyone for Every Body, a personal care brand, announced the launch of six new hair care products made from high-quality non-GMO ingredients. Some of the products launched are scented with peppermint essential oil and tea tree essential oil.

Report Attribute	Detail
Peppermint Oil Market Size (2024E)	US$ 230.3 Million
Forecasted Market Value (2034F)	US$ 444.6 Million
Global Market Growth Rate (2024 to 2034)	6.8% CAGR
South Korea Market Value (2034F)	US$ 23.9 Million
Organic Peppermint Oil (2024E)	US$ 79.5 Million
Key Companies Profiled	Plant Therapy Essential Oils; Lionel Hitchen Essential Oils; doTerra; Greenleaf Extractions Pvt. Ltd.; IL Health & Beauty Natural Oils Co. Inc.; Aromaaz International; Aksuvital; Green Fields Oil Factory; Young Living Essential Oils LC; Biolandes; Natures Natural India; Synthite Industries Ltd.; Shaanxi Guanjie Technology Co.; The Lebermuth Company; Bio Extracts (Pvt.) Ltd.

How Lucrative is the Peppermint Oil Business?

“Rising Use of Peppermint Oil for Healing Purposes”

Demand for essential oils is increasing across the globe. This can be due to the rising popularity of aromatherapies. For mental peace, many individuals are opting for aromatherapy to cut from their hectic work schedule. Also, people experiencing orthopedic pain opt for aromatherapy to lower the pain.

Essential oils such as mandarin oil, peppermint oil, citrus oil, argan oil, sandalwood oil, agarwood oil, clove leaf oil, eucalyptus oil, and lemon oil are widely used in aromatherapies for healing purposes. Thus, increasing the application of essential oils and soaps in aromatherapies is expected to uplift the sales of peppermint oil.

“Increasing Popularity of Plant-based Flavors over Synthetic Variants Increasing Application of Peppermint Oil in Food & Beverages”

Increasing awareness of health issues associated with the use of synthetic additives or artificial flavors in food and beverages is boosting the demand for various natural alternatives, such as plant-bioactive compounds and oils. The antibacterial and antioxidant features of plant-based oils including peppermint oil are expected to boost their applications in food and beverages.

Natural peppermint oil is used to add flavor and aroma to various food products. The move towards organic and natural food products is emerging as a notable peppermint oil market trend. Thus, the organic and clean-label trend is set to boost the profits of peppermint oil producers in the coming years.

What is Challenging Regional Companies from Expanding their Market Reach?

“Presence of Oligopoly in Supply Chain”

The presence of oligopoly is the prime aspect that is inhibiting the growth scope of the peppermint oil industry. Europe and North America are home to major exporters and producers of peppermint oil, which challenges the participation of other regional market players and impedes their market reach. Furthermore, the lack of raw materials required to produce peppermint oil is also expected to hinder market development in the long run.

Start-up Ecosystem

• Contes De Flore is a start-up based in India that offers sustainable products derived from cold-pressed oils, natural plant butter, plant extracts, powders, and herbs.
• CORE & PURE is an essential oil start-up based in India that specializes in the production of purest quality essential oils and products to promote holistic health, beauty, and wellness. The company provides 100% natural essential oils.

Country-wise Analysis

Apart from the United States and Canada, peppermint oil suppliers are also targeting India, China, Japan, Germany, and the United Kingdom to bolster their global market presence and improve their sales potential as well.

• The North American peppermint oil market size is calculated to reach US$ 107.2 million by 2034.
• East Asia is expected to hold 22.2% of the global peppermint oil market share in 2024.

What’s Driving Sales of Peppermint Oil in the United States?

“Presence of Prominent Peppermint Oil Manufacturers”

Attribute	United States
Market Value (2024E)	US$ 24.2 Million
Growth Rate (2024 to 2034)	7.2% CAGR
Projected Value (2034F)	US$ 48.6 Million

The United States accounts for a leading share of the North American market and is projected to maintain a similar stance across the forecast period. Increasing demand and acceptance of mint-flavored products in the country are estimated to contribute to high sales of peppermint oil.

The presence of renowned peppermint oil manufacturers and the high amount of exports of the same are also extrapolated to introduce new developments in the country. Moreover, the surging awareness regarding the health benefits of peppermint oil is pushing pharmaceutical companies to use it in their drug formulations. Peppermint oil for nausea and peppermint oil for muscle pain are projected to be popular in the United States.

• In July 2023, Loving Essential Oils, a provider of essential oils based in the United States, announced the launch of a new roller blend for pain and nausea relief. The product features a mix of ginger and peppermint oil.

How will Peppermint Oil Manufacturers Fare in China?

“High Demand for Traditional and Alternative Medicine”

Attribute	China
Market Value (2024E)	US$ 24.9 Million
Growth Rate (2024 to 2034)	6.8% CAGR
Projected Value (2034F)	US$ 48.2 Million

Growing awareness regarding the ill effects of modern medicine and pharmaceuticals on human health is pushing people in China to opt for alternative and traditional medicines. Chinese traditional medicine has been around for centuries and involves the use of medicinal herbs and essential oils to treat various health conditions.

Urbanization is leading to stressful lives and the people of China are turning to aromatherapy for relief, which is also anticipated to promulgate sales of peppermint oil in the country over the coming years. The high use of peppermint oil in the manufacturing of different products such as cosmetics, pharmaceuticals, nutritional supplements, and personal care products in China is also slated to open up profitable doors for key vendors.

Will European Countries Be Lucrative Markets for Peppermint Oil Companies?

“Expansion of Cosmetic Industry and Preference for Clean-label Ingredients in Germany and France”

Europe is home to some of the most renowned cosmetic and personal care brands in the world and increasing adoption of peppermint essential oil in their products is slated to be the prime prospect driving market growth through 2034. A high focus on sustainability and eco-consciousness is giving impetus to the clean-label trend in European countries such as the United Kingdom, France, and Germany.

Evolving consumer preferences are further promoting sales of peppermint oil products in European countries. The growing popularity of aromatherapy and its benefits is also anticipated to boost the consumption of peppermint oil in these countries.

Category-wise Analysis

The trend of living clean with plant-based products is projected to uplift the sales of natural peppermint oil over the coming years. This Fact.MR research estimates that natural peppermint oil is estimated to capture 65.5% of the global market share in 2024.

Which Source is Widely Popular for Peppermint Oil Manufacturing?

“Natural Peppermint Oil Exhibiting High Applications across Industries”

Attribute	Natural Peppermint Oil
Segment Value (2024E)	US$ 105.8 Million
Growth Rate (2024 to 2034)	6.9% CAGR
Projected Value (2034F)	US$ 293.5 Million

Growing awareness regarding the benefits of natural ingredients and the rising popularity of plant-based products is projected to bolster shipments of natural peppermint oil products over the coming years. Increasing use of natural ingredients in cosmetics and personal care products is also projected to boost the demand for natural peppermint oil throughout the study period (2024 to 2034).

Why is Absolute/Concentrate Peppermint Oil Highly Sought After?

“Absolute/Concentrate Peppermint Oil Widely Utilized Due to its Refreshing Aroma and Flavor”

Attribute	Absolute/Concentrate Peppermint Oil
Segment Value (2024E)	US$ 169 Million
Growth Rate (2024 to 2034)	6.7% CAGR
Projected Value (2034F)	US$ 324.6 Million

The demand for absolute/concentrate peppermint oil is high due to its versatile applications in pharma, cosmetics, food & beverages, and homecare products. Concentrated peppermint oil is one of the most popular flavoring agents in chewing gums, candies, and beverages. The refreshing aroma of peppermint oil is driving its application in personal care and home care products.

Competitive Landscape

Leading peppermint oil providers are expanding their product portfolio by launching novel products to improve their sales and revenue generation potential. Key players in the peppermint oil industry are focusing on expanding their business operations in new countries and regions to improve their market share on a global scale.

• In February 2023, Zed Black, a renowned manufacturer of fragrance products in India, announced the launch of its new range of essential oils. The new exquisite range is labeled ‘Orva Naturals’ and consists of flavors such as peppermint, lavender, tea tree, rosemary, lemongrass, and orange.
• In June 2022, doTERRA, a leading producer of essential oils, announced the commencement of its expansion in South America with a new office in Chile. The company plans to capitalize on the changing consumer landscape in the region.
• In 2021, Alo, a leading provider of yoga clothing and accessories, announced the launch of a new range of essential oils to take the relaxation experience to a whole new level. Two of these six products contain peppermint as an ingredient.

Fact.MR provides detailed information about the price points of key producers of peppermint oil positioned across the world, sales growth, production capacity, and speculative technological expansion, in the recently updated market report.

Key Segments of Peppermint Oil Market Research

• By Source :

  • Organic
  • Natural

• By Form :

  • Absolute/Concentrate
  • Blends

• By Method of Extraction :

  • Distillation
  • Carbon Dioxide Extraction
  • Cold Press Extraction
  • Solvent Extraction
  • Others

• By Application :

  • Therapeutics
  • Aromatherapy
  • Food & Beverages
  • Cosmetics
  • Toiletries
  • Fragrances
  • Cleaning & Home
  • Others

• By Region :

  • North America
  • Latin America
  • Western Europe
  • Eastern Europe
  • East Asia
  • South Asia & Pacific
  • Middle East & Africa