Spearmint Oil Market

Spearmint Oil Market Outlook (2024 to 2034)

The global spearmint oil market is estimated at US$ 497.8 million in 2024 and is projected to climb to a value of US$ 818.7 million by 2034. Global demand for spearmint oil has been forecasted to rise at a CAGR of 5.1% from 2024 to 2034.

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 flavor. 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.

Sales of spearmint oil via online channels are projected to rise at a high CAGR. Growing penetration of e-Commerce and the rising availability of the Internet across the world are primarily promoting the popularity of online channels. Moreover, the availability of a wide range of varieties and attractive discounts are also estimated to push people to purchase their batch of spearmint essential oil via online stores.

Report Attribute	Detail
Spearmint Oil Market Size (2024E)	US$ 497.8 Million
Forecasted Market Value (2034F)	US$ 818.7 Million
Global Market Growth Rate (2024 to 2034)	5.1% CAGR
Canada Market Value (2034F)	US$ 71.7 Million
Conventional Spearmint Oil Demand Growth (2024 to 2034)	5.4% CAGR
Key Companies Profiled	Aromaaz International; The Lebermuth Company Inc.; Young Living Essential Oils; doTERRA International; AOS Products Pvt. Ltd.; Shaanxi Guanjie Technology Co., Ltd.; Synthite Industries Ltd.; Plant Therapy Essential Oils; Green Fields Oil Factory; Ultra International B.V.; NOW Foods; Mountain Rose Herbs; IL Health and Beauty Natural Oils Co. Inc.; Lionel Hitchen Essential Oils; Avi Naturals; Biolandes.

Why are Spearmint Oil-based Products Exhibiting High Demand Growth?

“Growing Popularity of Natural and Herbal Treatments”

Spearmint oil is also used as a disinfectant for protecting and healing internal wounds in the intestines, stomach, and food pipelines. Manufacturers operating in the healthcare industry are also expected to witness significant demand for spearmint oil attributed to its antispasmodic and antiseptic qualities.

Evolving consumer preferences, the growing popularity of herbal medicine, the high use of natural ingredients in cosmetics and pharmaceutical formulations, and the rising emphasis on sustainable and ethical sourcing practices are some of the factors that are anticipated to expand the spearmint oil market growth in coming years.

Which Aspects are Expected to Lower Use of Spearmint Oil to Some Extent?

“Emmenagogue Properties of Spearmint Oil Believed to Cause Miscarriages”

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 emmenagogue properties. Also, the availability of substitute products such as menthol oil and other essential oils is expected to impact the demand for spearmint oil in various industries negatively. Such factors are predicted to hamper the growth of the global spearmint market over the coming years.

Start-up Ecosystem

• Based in India, Contes De Flore is a start-up that manufactures varieties of sustainable products made from plant extract, powder, cold-pressed oils, natural plant butter, and herbs.
• AromaColors is a Polish start-up that offers high-quality food additives, essential oils, blends, juices, and more. The company’s natural flavor and color blends are used widely by restaurants, bakeries, and patisseries.

Country-wise Analysis

Investing in Asian and European countries is predicted to be a more rewarding option for spearmint oil companies. The East Asia spearmint oil market size is projected to reach US$ 193.2 million by 2034.

Which Asian Countries Should Spearmint Oil Manufacturers Target?

“India and Japan Will Offer High Investment Returns”

Attribute	Japan
Market Value (2024E)	US$ 33.5 Million
Growth Rate (2024 to 2034)	5.6% CAGR
Projected Value (2034F)	US$ 57.8 Million

Any spearmint oil company looking to make a mark in the Asia Pacific region should draft exclusive strategies to succeed in India, Japan, and China, all are the leading markets in this region. The traditional use of herbal medicines coupled with the growing popularity of aromatherapy is opening growth opportunities for spearmint oil suppliers in the aforementioned countries.

Evolving consumer preferences regarding the use of natural personal care and home care products in these countries are also projected to uplift sales of spearmint soaps, spearmint tea, spearmint candles, and, spearmint toothpaste. Besides this, the use of spearmint oil for digestion, spearmint oil for nausea, and spearmint oil for headaches is also projected to witness high growth in Japan and India as people opt for alternatives to allopathic medicines.

Is There High Demand for Spearmint Oil in the United States?

“High Use of Spearmint Oil in Home Care Products”

Attribute	United States
Market Value (2024E)	US$ 54.7 Million
Growth Rate (2024 to 2034)	5.5% CAGR
Projected Value (2034F)	US$ 93.6 Million

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. 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 Producers Focusing on European Countries?

“Rising Use of Natural and Organic Ingredients in Cosmetics Formulations”

Use of essential oil for the skin has multiple benefits and as people are becoming more aware of these benefits, this is expected to be a notable spearmint oil market trend and boost the revenue growth of leading producers in Europe. The aforementioned factor is also 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 push its demand growth in the European region over the coming years.

Category-wise Analysis

What is the Prime Application Area of Spearmint Oil?

“High Use of Spearmint Oil in Aromatherapy & Therapeutics”

Attribute	Aromatherapy & Therapeutics
Segment Value (2024E)	US$ 176.2 Million
Growth Rate (2024 to 2034)	5% CAGR
Projected Value (2034F)	US$ 286.5 Million

Demand for different types of essential oils is increasing swiftly around the globe and the majority of this can be ascribed to the growing popularity of aromatherapy. As people look for a way to escape their hectic lifestyles and reconnect with their mental peace, aromatherapy is emerging as a preferred method.

• Aromatherapy & therapeutics are projected to capture 35% of the global spearmint oil market share by 2034.

Aromatherapists make high use of Argan oil, eucalyptus oil, mandarin oil, peppermint oil, lavender oil, lime oil, grapefruit oil, and spearmint essential oil to heal and calm people through aromatherapy. Thus, spearmint oil finds application in aromatherapy to relieve stress and calm neurological nerves.

Which Type of Spearmint Oil is Most Widely Preferred?

“Organic Spearmint Oil Most Sought After”

Attribute	Organic Spearmint Oil
Segment Value (2024E)	US$ 428.6 Million
Growth Rate (2024 to 2034)	5.1% CAGR
Projected Value (2034F)	US$ 701.6 Million

Growing popularity of veganism and plant-based trends is projected to drive high demand for organic spearmint oil. Increasing consumer awareness regarding the benefits of organically sourced spearmint essential oil and a high preference for organic ingredients in food product manufacturing are also estimated to promote the sales of organic spearmint oil through 2034.

Competitive Landscape

Key players in the spearmint oil market 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.

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

Key Segments of Spearmint Oil Market Research

• By Nature :

  • Organic
  • Conventional

• By Application :

  • Aromatherapy & Therapeutics
  • Food & Beverages
  • Personal Care
  • Home Care
  • Others

• By Form :

  • Absolute
  • Concentrates
  • Blends

• By Distribution Channel :

  • Modern Trade
  • Franchise Outlets
  • Specialty Stores
  • Online

• By Region :

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