The scope of our recent study on the "Wintergreen Oil Market Forecast to 2031 - Global Analysis - by Type, Category, End Use, and Geography" includes the factors fueling the wintergreen oil market growth, revenue estimation, and forecast, market share analysis, and the identification of significant market players and their key developments.
The wintergreen oil market size is projected to reach US$ 60.20 million in 2023 to US$ 90.26 million by 2031; it is estimated to register a CAGR of 5.2% from 2023 to 2031.
Wintergreen oil is significantly used in various industrial applications as well as households for its functional properties. Its unique, refreshing flavor and fragrance renders it suitable for usage in home care products, food and beverages, perfumes, and personal care products. Wintergreen oil is incorporated as a flavoring agent in oral care products such as toothpaste and Mouthwashes. In the food & beverages industries, it is used in candies, chocolates, and baked goods to spike them with a fresh, minty flavor. It is also added to a variety of culinary creations. Thus, the increasing consumption of baked goods and culinary products bolsters the demand for wintergreen oil in the food and beverages industry. Moreover, this oil is added to skincare and haircare formulations due to its ability to improve complexion, reduce dryness and scalp irritation, eliminate odor-causing bacteria, rejuvenate skin, and prevent hair loss. Its antioxidant properties also render it ideal in skincare and cosmetic product formulations. Wintergreen oil is employed as a natural home deodorizer that can help mask foul smells. It is also used in-home care products to sanitize the air owing to its antimicrobial and antibacterial properties.
Wintergreen oil is often used to address hypertension and obesity, as its appetite-suppressing property is known to help manage cravings. Further, its application on body surfaces improves blood circulation, promotes the body's detoxification, enhances metabolic function and digestion, calms inflammation, and alleviates pain. It also soothes the symptoms of colds, psoriasis, infections, and flu. Wintergreen oil-based products are employed to relieve chronic nerve pain, headaches, premenstrual syndrome (PMS) symptoms, and arthritis because the oil naturally contains aspirin-equivalent substances as active constituents. Wintergreen oil is also used in massage sessions, as it revitalizes exhausted and tender muscles, helps decrease spasms, promotes cell breathing, and soothes headaches and discomfort associated with the lower back, nerves, joints, and ovaries. Thus, wide range of functional properties of wintergreen oil boosts its demand for various applications, driving the wintergreen oil market growth.
Various alternatives available for wintergreen oil include synthetically produced methyl salicylate and other essential oils that possess similar properties. Eucalyptus oil, tea tree oil, lavender oil, and citrus oil are major essential oils that can be used as substitutes for wintergreen oil. The natural wintergreen oil is extracted from the leaves of wintergreen plants. However, the cultivation of these plants is limited to East Asia, China, Nepal, Canada, etc., which makes the production process vulnerable to unforeseen circumstances and climatic changes. Thus, the procurement of raw materials can be challenging for manufacturers due to geological and geopolitical limitations. Additionally, the extraction process yields tiny quantities of oil, which results in a surge in the prices of wintergreen oil. As the prices of natural wintergreen oil are skyrocketing, local and small-scale end users may switch to affordable options such as synthetic methyl salicylate and other essential oils. Methyl salicylate for commercial applications is produced through the esterification of salicylic acid with methanol, which is a cost-efficient process than natural wintergreen oil production. Thus, the easy availability and low costs of alternatives hinder the growth of the wintergreen oil market.
Europe accounted for a remarkable share of the wintergreen oil market in 2023. The France and Germany are the largest markets for wintergreen oil water in Europe. As per the European Federation of Pharmaceutical Industries and Associations, Germany is Europe's third largest pharmaceutical producer after Switzerland and Italy. The pharmaceutical production in the country was valued at US$ 36.2 billion in 2020. Wintergreen oil is widely used in the production of paint relief products and muscle rubs. According to the Federation of German Food and Drink Industries (BVE), the food & beverages industry generated revenue of US$ 20.7 billion in 2022, which is 17.9% higher than in 2021. With the increasing operations of the industry, there is a growing demand for natural extracts, creating lucrative opportunity for wintergreen oil in the country.
France, renowned for its rich culinary heritage and appreciation for high-quality ingredients, is experiencing an upsurge in demand for wintergreen oil. This trend reflects a growing interest in health, sustainability, and transparency within the French food market. Like other developed nations, French consumers are increasingly prioritizing health and wellness in their diets. Wintergreen oil is extensively used in the production of food products such as freshening lozenges, cookies, chocolates, and candies. The growing popularity of natural ingredients over synthetic flavors is bolstering the demand for wintergreen oil in France. Furthermore, the rising popularity of aromatherapy is another factor driving demand for wintergreen oil in the country. Wintergreen oil is known to increase circulation, enhance metabolic function and digestion, promote the body's detoxification, ease pain, calm inflammation, and soothe symptoms of psoriasis, infections, colds, and the flu. The increasing awareness about the benefits of wintergreen oil is driving the market growth in France.
Based on end use, the personal care and cosmetics segment is projected to register the fastest CAGR from 2023 to 2031. Wintergreen oil has antiseptic properties; hence it can be used in small amounts to help treat minor skin irritations and infections in skin care products. The oil is used as a flavoring agent in products such as mouthwash and toothpaste. It also stimulates hair growth, reduces scalp dryness and dandruff, and strengthens hair strands. Head massage with wintergreen oil facilitates an increase in blood flow to hair follicles, thereby enabling an adequate supply of nutrients. These characteristics help promote hair growth, and result in fuller and thicker hair. Further, wintergreen oil is used to make scents and perfumes due to its refreshing fragrance. The personal care product and cosmetics industries are growing notably owing to the rising disposable income of people and the development of e-commerce platforms, and their growth contributes to the progress of the wintergreen oil market.
Asia Pacific is expected to register the fastest CAGR in the global wintergreen oil market from 2023 to 2031. The wintergreen oil market in Asia Pacific is experiencing significant growth with the increasing consumer preference for natural and holistic health products. With people becoming aware of the benefits of essential oils, there is a significant shift toward using essential oil for various applications. Wintergreen oil, known for its anti-inflammatory and pain-relieving properties, is becoming popular in the production of products meant for treating conditions such as arthritis, muscle pain, and headaches. The shift toward natural remedies is bolstered by a growing middle class with rising disposable incomes.
Global Wintergreen Oil Water Market Breakdown - by Region
The report includes the segmentation of the global wintergreen oil market as follows:
The global wintergreen oil market is segmented based on type, end use, and distribution channel. In terms of type, the market is segmented into organic and conventional. Based on end use, the market is segmented into pharmaceuticals, food and beverages, personal care and cosmetics, aromatherapy, and others. By distribution channel, the market is segmented into wholesalers, supermarkets and hypermarkets, pharmacies and drugstores, and online retail.
By geography, the market is broadly segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South & Central America. The North America market is further segmented into the US, Canada, and Mexico. The wintergreen oil water market in Europe is sub-segmented into Germany, France, the UK, Italy, Spain, and the Rest of Europe. The Asia Pacific wintergreen oil water market is further categorized into China, India, Japan, Australia, South Korea, and the Rest of Asia Pacific. The market in the Middle East & Africa is further segmented into South Africa, Saudi Arabia, the UAE, and the Rest of Middle East & Africa. The South & Central America market is further categorized into Brazil, Argentina, and the Rest of South & Central America.
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