The global Mint Essential Oils market is forecast to reach USD 23.08 Billion by 2030, according to a new report by Reports and Data. Growing demand from the end-use industries is driving the demand for the market. Mint Essential Oils find applications in industries such as aromatherapy, pharmaceuticals, food and beverage, personal care, and cosmetics. Increasing advancements in the methods of oil extraction are also leading to a surge in demand for the product.
Rapid urbanization, along with the growing influence of social media, has made natural plant extract-based healing treatment popular. These include aromatherapy and spa. This has led to increased use of Mint Essential Oils in aromatherapy applications and stress-relieving spas. Increases in aromatherapy applications due to the increasing urbanization are expected to lead to a further increase in demand for the product.
Increasing disposable incomes, especially in developing countries, has led to the changing lifestyles of the population. There is a shift towards organic and natural personal care and cosmetic products, in the developing and developed countries. In countries like the U.S., the U.K., and Germany, there is increasing consumption of organically extracted oils in the cosmetics and personal care industries. This is leading to an increase in the market size of Mint Essential Oils.
The COVID-19 impact:
The COVID-19 Pandemic has led to lockdowns across major countries globally. This has led to major players of the market not being operational and has led to the supply side taking a hit. Also, major industries where the product is used are not functional in the current scenario, leading to a decline in market demand. Certain industries, such as Medical and Food and Beverage, which come under the essential services, are still operational and are finding the use of the product. This has stopped the demand from going down drastically.
It is expected that when the situation becomes normal and industries start operating again, the demand for the market will go up again. Also, some of the major players who are not operating in the current scenario are involved in product innovations. This will help them capture a greater market share when the market opens again and will positively impact the market by increasing the demand for the product.
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Key participants include AM Todd, Labbeemint, P Callison, Young Living Essential Oils, Sydney Essential Oil Co. (SEOC), Rocky Mountain Essential Oils, Moksha Lifestyle Products, India Essential Oils, Reynaud & Fils (HRF), and Flavex Naturextrakte GmbH, among others.
Further key findings from the report suggest
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For the purpose of this report, Reports and Data have segmented into the global Mint Essential Oils market on the basis of product, application, usage, and region:
Type Outlook (Revenue, USD Billion; Volume, Kilo Tons; 2019-2030)
Application Outlook (Revenue, USD Billion; Volume, Kilo Tons; 2019-2030)
Regional Outlook (Revenue, USD Billion; Volume, Kilo Tons; 2019-2030)
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