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 derived from the leaves of the wintergreen herb. This oil is known to emit a sweet, minty, and somewhat warming woody aroma. It helps to deodorize indoor environments and helps improve negative moods, mental pressure, feelings of stress, and concentration for a greater sense of emotional balance. Wintergreen oil also finds application in skin and hair. It is known to soothe dryness and irritation, rejuvenate the skin, eliminate odor-causing bacteria, and prevent hair loss.

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.

Based on type, the wintergreen oil market is divided into organic and conventional. The conventional segment held a larger share of the market in 2023. Conventional wintergreen oil is extracted using raw materials obtained from plants that are grown with the use of chemical pesticides, synthetic growth hormones, and petroleum-based fertilizers. Conventional wintergreen oil is easily available in the market as compared to organic wintergreen oil, as there are many manufacturers in the market providing conventional wintergreen oil. Conventional wintergreen oil is cheaper than organic ones; however, using chemicals and fertilizers in conventional farming primarily affects the end product's health and nutrient levels. Further, the growing preference for organic variants in applications such as food, personal care, and cosmetics may affect the market for conventional wintergreen oil during the forecast period.

A few players operating in the wintergreen oil market include NOW Health Group Inc, Edens Garden Essentials Corp, doTERRA International LLC, Florihana Distilleries, Silky Scents LLC, Bristol Botanicals Ltd, The Lebermuth Co, The Good Scents Co, Nature's Note Organics LLC, NHR Organic Oils Ltd, Young Living Essential Oils LC, Axxence Aromatic GmbH, Naturalis, Plant Therapy LLC, Last Forest Enterprises Pvt Ltd, and among others. Players operating in the wintergreen oil market focus on providing innovative and healthy products at affordable prices to fulfill customer demand.

The overall wintergreen oil market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. Also, multiple primary interviews have been conducted with industry participants to validate the data and gain more analytical insights into the topic. The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers-along with external consultants such as valuation experts, research analysts, and key opinion leaders-specializing in the wintergreen oil market.