The new report by Expert Market Research titled, ‘Global Wintergreen Oil Market Report and Forecast 2023-2028’, gives an in-depth analysis of the global wintergreen oil market share, assessing the market based on its segments like types, applications, and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
The key highlights of the report include:
Market Overview (2018-2028)
- Forecast CAGR (2023-2028): 8.8% (Global Essential Oil Market)
The growth of the market is driven by the growing demand for essential oils. The increasing application of wintergreen oil in the pharmaceutical industry owing to the ability of the product to treat different conditions, such as bacterial infection, cold, headache, and tooth decay, among others, is driving the market growth.
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Wintergreen oil is also utilised in the food and beverage industry as flavouring agents in items, such as candies. The increasing demand for the product from FMCGs, such as toothpastes and mouthwashes, is likely to aid the market growth.
In terms of region, the Asia Pacific region accounts for a significant share of the market owing to the increasing footfall of consumers in supermarket and convenience stores owing to the propelling demand for FMCGs.
Wintergreen Oil Industry Definition and Major Segments
Wintergreen oil, locally referred to as Gaultheria Procumbens and Gaultheria Fragrantissima, is defined as a type of oil which is traditionally obtained from the leaves of wintergreen plant. The procurement process of the oil involves the fermentation of stem, and leaves, among others. The oil comes with numerous medicinal benefits.
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On the basis of type, the market can be segmented into:
Based on application, the market has been segmented into:
- Personal Care
- Food and Beverage
The regional markets for wintergreen oil include:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
Wintergreen Oil Market Trends
The key trends in the wintergreen oil market include the growing expansion of the e-commerce industry, which is boosting the sales of the downstream products of wintergreen oil, such as toothpaste, personal care products, and clean-labelled food products, among others.
Meanwhile, the growing research and development activities in the pharmaceutical industry aimed towards developing minimally invasive treatment for headaches and cold, are likely to be the crucial trends in the market. The increasing adoption of aromatherapy product from the household, owing to the increasing awareness about the product and increasing disposable income, is further bolstering the market growth.
Key Market Players
The major players in the market are:
- Lebermuth Co., Inc.
- NOW Health Group, Inc.
- NHR Organic Oils
- Vinayak Ingredients India Pvt Ltd.
- Rakesh Sandal Industries
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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