The peppermint oil market is dominated by exporters based primarily in two countries: the United States and Canada. Increasing demand for peppermint oil, notably in mint-flavored confectionery items, has driven the majority of peppermint exports from these two nations, where the United States contributes more than 70% of the worldwide peppermint and spearmint supply.
In the peppermint oil business, access to raw materials remains an issue, resulting in an opaque supply chain. Furthermore, enterprises in the peppermint oil sector are still dealing with adulteration and contamination of biomass stock.
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The market for peppermint oil is driven by the need for complementary and alternative medicines.
Essential oils, particularly peppermint oil, have long been used in supplementary medicine. The popularity of complementary and alternative medicine (CAM) has recently skyrocketed. Herbal medicines are frequently used with conventional medical procedures to create an integrated medicine approach.
Over 30% of adult Americans choose complementary and alternative therapies, according to the National Center for Complementary and Integrative Health (NCCIH). According to the WHO, traditional herbal medicine (THM) is used by up to 80% of the African population.
Key Players:
- Plant Therapy Essential Oils
- Lionel Hitchen Essential Oils
- Green Fields Oil Factory
- IL Health & Beauty Natural Oils Co. Inc.
- Aromaaz International
- Aksuvital
- Natures Natural India
- Shaanxi Guanjie Technology Co.
- Young Living Essential Oils LC
- Biolandes
- Greenleaf Extractions Pvt Ltd
- The Lebermuth Company
- Synthite Industries Ltd.
- doTerra and Bio Extracts (Pvt) Ltd.
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Regional Analysis:
Health Concerns Continue to Limit Peppermint Oil Market Growth Prospects
Despite its widespread usage in the therapeutics sector, peppermint oil has been extensively studied in the medical research community for the health hazards posed by peppermint compounds found in cosmetics, food, and pharmaceutical goods.
The Cosmetics Ingredients Review, released in 2017, confirmed that peppermint oil may be used safely in cosmetics at presently allowed concentrations.
However, more validations for peppermint oil’s toxicological endpoint and skin irritation data are necessary before the safety evaluation can be fully certified. Furthermore, a significant number of allergic incidents associated with peppermint cosmetics have been observed since 2000.
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