Spearmint Oil Market to Register Incremental Dollar Opportunity During COVID-19 Crisis and Forecast 2018–2027
The change during the COVID-19 pandemic has upgraded our reliance on trend setting innovations, for example, augmented reality, virtual reality, and the industrial internet of things. The unfulfilled money related targets are convincing the associations to embrace robotization and cutting edge innovations to remain ahead in the market rivalry. Organizations are using this open door by distinguishing day by day operational needs and teaching robotization in it to make a computerized framework as long as possible.
The latest report by PMR, titled ‘Spearmint Oil Market: Global Industry Analysis (2013-2017) and Forecast (2018-2027)’, gives some vital insights in the terms value and volume in the global spearmint oil market. The global spearmint oil market is expected to exhibit a healthy CAGR of 5.1% in the terms of value during the forecast period, with various forecasting factors, regarding which, PMR offers some important insights in detail.
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Factors such as the increasing demand for organic and natural additives in various food, beverage, and personal as well as home care products, the popularity of aromatherapy, and rising health concerns are driving the global spearmint oil industry. The food and beverage segment holds the highest market share in the spearmint oil. Spearmint oil is used to impart a minty flavor to various food products and beverages. Spearmint oil is used to produce various candies, ice creams, chewing gums, desserts, confectionaries, sweets, etc., due to its refreshing mint flavor. The anti-microbial activity of spearmint oil as also acts an inbuilt preservative.
The busy and high-paced work culture, especially in developed countries, triggers a stress-like condition. Spearmint oil is known to be a natural stress reliever. When inhaled, the scent has a calming effect on the brain and the body, allowing the body to relax, and thus reducing nervousness and stress. Aromatherapy is the use of aromas from natural essential oils for rejuvenation, relaxation, and for the treatment of some health issues. Spearmint oil is used in aromatherapy in order to induce positive feelings and thoughts, and fight nervousness and stress. The demand for spearmint oil is increasing as a natural and harmless alternative for synthetic stress relievers that are used in aromatherapy and perfumes. The prominence of aromatherapy is on the rise, especially among the working population. The increasing popularity of aromatherapy is a major driver for the global spearmint oil market. Spearmint oil has many therapeutic properties such antiseptic, anti-spasmodic, disinfectant, carminative, stimulant, restorative, analgesic, anti-inflammatory, antimicrobial, decongestant, and antioxidant properties, and is thus used a lot for therapeutics purposes.
Increasing disposable income and the rising awareness about following a healthy lifestyle have led to an increase in the use of personal as well as home care products. Spearmint oil is used in various home care products such as room fresheners and cleaners for its relaxing aroma as well as antimicrobial effect. Being a good insect repellent, spearmint oil is in demand from the manufacturers of mosquito repellents. Spearmint oil is used in a number of cosmetics for its re-energizing effect on the skin, especially in various moisturizers and lotions. Spearmint oil is also used in oral care products such as mouth fresheners and toothpastes due to its refreshing flavor. The increasing use of personal and home care products with the natural aromatics is one of the major driving factors for spearmint oil.
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North America Expected to Dominate the Global Spearmint Oil Market
North America dominates the spearmint oil market, currently, and is expected to lead the global spearmint oil market over the forecast period. North America has a developed economy with high demand for personal and home care products, as well as a large number food processing companies. The rapidly rising demand from consumers for organic additives in products creates the demand for products such as spearmint oil. Europe and Asia Pacific follow North America in the global spearmint oil market.
Key Manufacturers of Spearmint Oil
This report puts light on the trends and opportunities in each segment, and gives insights and detailed analysis on the growth of the global spearmint oil market. The final section of the report provides a competitive landscape of the current key players involved in the manufacturing of spearmint oil. Company profiles also give the key offerings, short- and long-term strategies of manufacturers, and recent developments in the spearmint oil space.
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Company Profiles
- Young Living Essential Oils
- Lebermuth Inc.
- doTERRA International
- Treatt PLC
- NOW Health Group Inc.
- Melaleuca Inc.
- Ultra International Ltd
- Stan Chem International
- Vigon International Inc.
- Mentha and Allied Products Private Limited
- AOS Products Private Limited
- Bhagat Aromatics Limited
- Plant Therapy Essential Oils
- Bontoux SAS
- Mountain Rose Herbs Inc.