The wintergreen oil market size is projected to reach US$ 90.26 million by 2031 from US$ 60.20 million in 2023. The market is expected to register a CAGR of 5.2% during 2023–2031. With the growing inclination toward organic components, the introduction of novel oil varieties for aromatherapy, food & beverages, pharmaceuticals, etc., applications is likely to continue as a key trend in the market.
The market for wintergreen oil is mainly driven by factors such as health benefits associated with wintergreen oil and the rising adoption of wintergreen oil in aromatherapy. Wintergreen oil is significantly used in various industrial applications as well as households for its functional properties. Also, consumers in developing regions have started adopting aromatherapy to overcome different issues. Aromatherapy is emerging as an excellent way of practicing self-care. These therapies involve using wintergreen oil and various other essential oils, which trigger profound emotional responses in the brain.
Wintergreen oil is derived from the leaves of the wintergreen herb. This oil is known to emit a sweet, minty, and warming woody aroma. It helps deodorize indoor environments and helps improve mood, relieve mental pressure and stressful feelings, and enhance concentration for a greater sense of emotional balance. Wintergreen oil also finds application in skin and hair care. It is known to soothe dryness and irritation, rejuvenate the skin, eliminate odor-causing bacteria, and prevent hair loss. Some of the major players in the market are 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, and Last Forest Enterprises Pvt Ltd. These market players focus on offering high-quality and innovative products to consumers.
Wintergreen oil is significantly used in various industrial applications as well as households for its functional properties. Its unique, refreshing flavor and fragrance render it suitable for usage in home care products, food and beverages, perfumes, and personal care products. The oil is incorporated as a flavoring agent in oral care products such as toothpaste and mouthwash. 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.
With increasing disposable incomes, consumers are willing to spend more on skincare products that make their skin appear healthy and radiant. People also spend extensively on personal care products as they become conscious about their appearance in social environments. A subsequent surge in the amounts spent on beauty products benefits the personal care and cosmetic industries across the world. Further, the rising influence of celebrities and social media on people's lifestyles, coupled with the increasing reach of the Internet, drives this industry. Europe has the most prominent cosmetic sector across the world. According to the Centre for the Promotion of Imports from developing countries (CBI), Europe is currently among the largest markets for natural and organic cosmetics, accounting for 38% of the global natural and organic cosmetics market value. In 2020, the European market for natural and organic cosmetics was valued at US$ 4.74 billion, up from US$ 4.15 billion in 2018. Thus, with the proliferating natural cosmetics industry, the burgeoning preference for natural ingredients in skincare and haircare products is expected to provide lucrative opportunities for the wintergreen oil market during the forecast period.
Key segments that contributed to the derivation of the wintergreen oilmarket analysis are type, end use, and distribution channel.
The geographic scope of the wintergreen oil market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America. Europe dominates the market. As consumers become increasingly cautious about the potential side effects associated with synthetic chemicals, there is a notable shift toward natural remedies and holistic wellness practices in the region. Wintergreen oil, known for its potent analgesic and anti-inflammatory properties, fits well into this trend. Its efficacy in providing relief from muscle pain, joint discomfort, and respiratory issues makes it a valuable addition to personal care and therapeutic products. In addition to health and wellness applications, wintergreen oil is gaining popularity in aromatherapy. According to the 2022 Annual Report by the European Federation of Pharmaceutical Industries and Associations, production value in the research-based European pharmaceutical industry rose from US$ 118.06 billion in 2000 to US$ 402.05 billion in 2022. With its focus on meeting the surging consumer preference for natural therapeutic options with greater safety, pharmaceutical companies are incorporating wintergreen oil into topical pain relief products, balms, and ointments designed to treat conditions such as arthritis, muscle strains, and joint pain, among other ailments.
The regional trends and factors influencing the Wintergreen Oil Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Wintergreen Oil Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 60.20 Million |
| Market Size by 2031 | US$ 90.26 Million |
| Global CAGR (2023 - 2031) | 5.2% |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2031 |
| Segments Covered |
By Type
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Wintergreen Oil Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Wintergreen Oil Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The wintergreen oil market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A key recent development in the wintergreen oil market is mentioned below:
The "Wintergreen Oil Market Size and Forecast (2021–2031)" report provides a detailed analysis of the market covering below areas:
The List of Companies - Wintergreen Oil Market
Europe accounted for the largest share of the market in 2023.
The wintergreen oil market size is projected to reach US$ 90.26 million by 2031.
The inclination toward organic products is likely to emerge as a prominent trend in the market in the future.
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, and Last Forest Enterprises Pvt Ltd are a few of the key players operating in the wintergreen oil market.