Mentha Oil Market Analysis
Spend growth in this market has the potential to touch a value of over USD 300 million spend momentum accelerate at a CAGR of more than 5% between 2019-2024. Mentha oil is finding usage in the food and beverage industry as one of the key ingredients in the composition of confectionary products such as chewing gums, candies, and peppermint. However, the easy availability of synthetic menthol, which is also the cheaper alternative to mentha oil, will inhibit spend growth in the mentha oil market during the forecast period.
Top Spending Regions in the Mentha Oil Market
North America will have the largest contribution in terms of spend share in the global mentha oil market.
North America
The economic prowess enables consumers to afford flavored cigarettes which is paving the way for an exponential demand growth in the mentha oil market. Increasing focus on oral hygiene in the US is resulting in the wide adoption of mentha oil in the oral care sector, thereby propelling spend momentum in the mentha oil market.
APAC
High awareness about oral hygiene and rising income of end-consumers is increasing the adoption of oral and personal care products that include toothpastes, mouthwashes, and mouth sprays. This is propelling demand growth in the mentha oil market in APAC.
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What are the Key Price Trends in this Market?
- Across some of the countries in APAC, mentha oil is traded as a commodity which is resulting in spot market speculators raise bets on mentha futures. This is because the demand for mentha oil is being driven by consuming end-user industries in the spot market when compared to limited supply. According to the mentha oil price trends, this is driving the overall market price.
- Increase in the prices of raw materials such as the mentha crop is driving supplier's OPEX. This is exerting an inflationary impact on buyer's procurement spend in the mentha oil market.
- Increase in taxes is driving the compliance cost of mentha oil suppliers during the cross-border supply of the commodity. As the global availability of mentha oil is highly dependent on imports, taxation will contribute toward the increase in the mentha oil price.
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Insights Offered in this Mentha oil Market Report
- Global and regional spend potential for the mentha oil market for the period of 2019-2024
- Supplier relationship management practices in the mentha oil market
- Supplier margins and selection criteria in the mentha oil market
- Top mentha oil suppliers and their cost structures
- Top mentha oil suppliers in the US and their cost structures
- Mentha oil market spend analysis in the US
- Mentha oil price trends, and forecasts
- Cost drivers influencing the mentha oil prices
Insights into Mentha Oil Supply Market
- The high dependence on imports from APAC is limiting the mentha oil supply market influence in North America. The majority of the supply base consists of distributors, which can cater to the entire region.
- Global and regional mentha oil suppliers engage in strategic partnerships with equipment suppliers who assist the former in in improving their operational efficiency and minimize human errors through the automation of their production processes. Such partnerships are crucial for mentha oil suppliers to curb their expenses on labor and achieve superior-quality mentha oil while boosting their profit margins.
- Buyers from large pharmaceutical and personal care manufacturing companies are advised to implement practices such as the tracking of supply-demand scenarios to monitor the mentha oil prices across different geographies. This will help them to strategize their procurement across different regions by allocating more resources and building relationships with suppliers in a region to negotiate on contracts where the cost is projected to fall.
Insights into Some of the Leading Mentha Oil Suppliers
The supply market dynamics hint at a substantial hike in suppliers' OPEX which will drive buyer's procurement spend. Keeping such dynamics in mind, strategic selection of suppliers and maintaining an effective supplier relationship management are observed to facilitate buyers with optimized procurement expenditure and better category management in the mentha oil market. This mentha oil market procurement intelligence report has enlisted the top suppliers and their cost structures, SLA terms, best selection criteria, and negotiation strategies for the top mentha oil suppliers. The top mentha oil suppliers highlighted in this report include:
- dōTERRA International LLC
- Young Living Essential Oils
- Takasago International Corp.
- Morimura Bros Inc.
- Symrise AG
- Sharp Mint Ltd.
Criteria to select suppliers in this dynamic mentha oil market is subject to change based on the day-to-day market outlook. Get a free demo of our procurement platform to gain immediate access into real-time insights to the changing suppliers selection criteria.
