At 5.7% CAGR, Asia Pacific Wintergreen Oil Market is Projected to be Worth US$ 21.67 Million by 2031, says Business Market Insights

According to Business Market Insights’ research, the Asia Pacific wintergreen oil market was valued at US$ 13.91 million in 2023 and is expected to reach US$ 21.67 million by 2031, registering a CAGR of 5.7% from 2023 to 2031. Rising adoption of aromatherapy among population and consumer preference for personal care products and cosmetics with natural ingredients are among the critical factors attributed to drive the Asia Pacific wintergreen oil market growth.

The wellness industry encourages individuals to exercise self-care as it encompasses mental, physical, spiritual, and emotional well-being, which are perceived as key aspects of health. Teenagers and young working professionals, in particular, find it difficult to handle stress, which severely influences their overall health. According to the World Health Organization’s (WHO) June 2023 report, ~260 million people living in Southeast Asia suffer from mental health disorders.  As a result, there has been an increasing emphasis on mental health in recent years. Consumers in developing regions have started adopting aromatherapy to overcome such issues.

Aromatherapy is emerging as an excellent way of practicing self-care. Promotion campaigns and direct selling initiatives (via social media) by vendors contribute significantly to the awareness and popularity of aromatherapy across the world. These therapies involve using wintergreen oil and various other essential oils, which trigger profound emotional responses in the brain. Wintergreen oil emits a minty, sweet, and somewhat warming woody aroma that is known to stimulate the mood, making it ideal for boosting body’s function. Its ability to deodorize indoor environments can help elevate mood, relieve mental stress, and boost concentration, thereby inculcating a greater sense of emotional balance in people. Moreover, wintergreen oil also used for muscle pain relief. The busy lifestyle of lifestyle of consumers across the globe is causing muscle related issues. This is a major factor driving the demand of wintergreen oil in aromatherapy. Thus, the surging adoption of aromatherapy bolsters the wintergreen oil market.

On the contrary, the availability of alternatives hampers the growth of Asia Pacific wintergreen oil market.

Based on type, the Asia Pacific wintergreen oil market is bifurcated into organic and conventional. The conventional segment held 86.7% market share in 2023, amassing US$ 12,066.97 Thousand. It is projected to garner US$ 18,655.08 Thousand by 2031 to register 5.6% CAGR during 2023–2031.

In terms of end use, the Asia Pacific wintergreen oil market is segmented into pharmaceuticals, food and beverages, personal care and cosmetics, aromatherapy, and others. The aromatherapy segment held 52.9% share of Asia Pacific wintergreen oil market in 2023, amassing US$ 7,365.47 Thousand. It is anticipated to garner US$ 11,624.86 Thousand by 2031 to expand at 5.9% CAGR during 2023–2031.

By distribution channel, the Asia Pacific wintergreen oil market is divided into wholesalers, supermarkets and hypermarkets, pharmacies and drugstores, and online retail. The wholesalers segment held 77.2% share of Asia Pacific wintergreen oil market in 2023, amassing US$  10,743.76 Thousand. It is projected to garner US$ 16,598.86 Thousand by 2031 to expand at 5.6% CAGR from 2023 to 2031.

Based on country, the Asia Pacific wintergreen oil market is categorized into Australia, China, Japan, India, South Korea, and the Rest of Asia Pacific. Our regional analysis states that China captured 30.0% share of Asia Pacific wintergreen oil market in 2023. It was assessed at US$   4,172.47 Thousand in 2023 and is likely to hit US$ 6,813.96 Thousand by 2031, registering a CAGR of 6.3% during 2023–2031.

Key players operating in the Asia Pacific wintergreen oil market are NOW Health Group Inc, Edens Garden Essentials Corp, doTERRA International LLC, Florihana Distilleries, Young Living Essential Oils LC, Naturalis, and Last Forest Enterprises Pvt Ltd, among others.

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