Market Outlook
Spearmint extract is a flavoring agent used to enhance the pungent aroma and sweet flavor in eatables. The spearmint is also called as green mint, curled mint, garden mint, fish mint, hierbabuena. Due to its easy binding nature, spearmint extract is commonly used as a condiment in continental foods. Spearmint extract consists of active chemical components such as carvone, β-pinene, α-pinene, 1,8-cineole, limonene, myrcene, and menthol. Carvone is the most abundant ingredient present in spearmint extract which gives a distinctive smell. The traditional herbal aroma of spearmint extract enables its application over flavored green tea, mojitos, yogurt drinks. The spearmint extract is also utilized as a flavoring agent in wines and beer. In addition, spearmint extract finds its application over cakes, cookies, candies and other confectionaries too. The spearmint extract is used as a condiment and flavoring agent, and it also has vital medicinal values. Spearmint extract consists of therapeutic properties such as antispasmodic, antiseptic, cephalic, carminative, and others. Spearmint extract helps in promoting digestion, oral health and occasional stomach upset. Spearmint extract improves respiratory circulation, immunity, and provides antioxidant protection. Spearmint extract is also used in vaporizer fluids and as an expectorant to loosen coughs. Bound to these factors, the global spearmint extract market is projected to witness significant growth in terms of value and volume over the forecast period.
Growing Demand for Spearmint Extracts in the Cosmetic Industry
The demand for spearmint and processed spearmint extracts in the recent years has increased due to changing consumer preference over natural ingredients. The spearmint extracts are not only used in dietary supplements and food condiments, but also have numerous application in cosmetics and personal care products. Due to the presence of vitamins and anti-oxidants in high concentration, spearmint extract is used as a cleanser, skin toner, and moisturizer. As spearmint extract has aromatic properties, it is also used in aromatherapy used massage, spa, and other hospitality sectors. They also have application in sunscreens. The spearmint extract works on the skin by increasing the blood flow in the skin cells, thereby regenerating the new cells. Among the various forms of spearmint extract, the spearmint essential oil is used widely. Spearmint extract finds its application in organic cosmetics, which is expected to bring wide opportunities for the investors. The spearmint extract oil is also used as an organic perfume. The spearmint extract is also used in personal care products such as toothpaste, bathing soaps, air fresheners, etc. due to its exotic aroma.
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Exhibit 1: Global Market Share of Spearmint Extract, 2016
Global Spearmint Extract Market: Segmentation
On the basis of end use, the global spearmint extract market has been segmented as- Food Confectionaries Condiments Others Beverage Tea Mojito Others Dietary Supplements Pharmaceuticals Aromatherapy Pet foods Cosmetics & Personal Care Household Others
On the basis of distribution, the global spearmint extract market has been segmented as- Direct Indirect Supermarket/Hypermarket Pharmaceuticals Specialty stores E-commerce
On the basis of form, the global spearmint extract market has been segmented as- Powder Extract Capsules
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Global Spearmint Extract Market: Key Players
Examples of some of the key players operating in the spearmint extract market include OliveNation, New Way Herbs, Amoretti, Hawaii Pharm, St. Moritz, Masterfoodeh Co., Aromaaz International, IL Health & Beauty Natural Extracts Co. Inc., Aksuvital, Shaanxi Guanjie Technology Co.,LorAnn Extracts, Traditional Medicinals, Inc., Secrets Of The tribe, Scentual Aroma Inc., etc.
Opportunities for the Participants
As a natural cosmetic ingredient, the demand for spearmint extract is high among the consumers and product developers across the globe. In addition, spearmint extract has numerous health benefits and multiple applications in food and food processing industries, which are the factors expected to drive its demand across the world.
Global Spearmint Extract Market: Regional Outlook
Spearmint extract is widely used across the world due to its ample benefits. Among all the regions, Europe is expected to the dominant regional market for spearmint extract due to growing consumer preference for organic cosmetics. In North America, the spearmint extract is highly used in the food processing industry due to growing concern about healthy condiment and flavoring agents among the consumers. In the Asia Pacific, the increasing demand for flavors and fragrances is expected to contribute to the growth of the spearmint extract market. In Latin America and MEA, spearmint extract is used in pharmaceuticals and pet feeds.
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