Market Introduction:
In this new aura of a modern world, people have started to prefer natural and herbal products instead of high priced artificial products. Species of genus Gaultheria are commonly called as plants of wintergreen as they remain green in winters also, native to North America, especially northeastern the United States and Canada. The plant grows best in shady locations such as mountains and forests where the temperature is low. Wintergreen oil, which is pale yellow or pinkish in color, is extracted from the leaves of wintergreen with the help of steam distillation process. Wintergreen oil is of high importance and has a high reputation since ages as it possesses various therapeutic properties such as anti-rheumatic, anti-arthritic, antiseptic, aromatic, analgesic properties, etc. Wintergreen oil has various health benefits such as pain relief actions, anti-rheumatic, anti-bacterial and antiseptic actions, astringent, diaphoretic, promotes skin and hair health, etc. Wintergreen oil is also used in a variety of foods, teas, aromatherapy, and cosmetic and personal care products. It is also used in blending with different essential oils such as essential oils of mint, narcissus, oregano, etc.
On the basis of region, wintergreen oil market is holding the highest share in North America in terms of consumption, followed by Asia and then Europe. Wintergreen Oil market is expected to grow significantly during the forecast period.
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Wintergreen Oil Market: Segmentation
Wintergreen Oil market can be segmented on the basis of applications, origin, and region.
Wintergreen Oil is an herbal alternative, and can be segmented on the basis of applications into aromatherapy, personal care products, pharmaceuticals, and food industry. Food industry segment is expected to grow at higher CAGR comparing to others during the forecast period
On the basis of origin, Wintergreen Oil market can be segmented into organic wintergreen oil and conventional wintergreen oil. Organic products are more preferred in the market as it is considered that organic products are healthier and possesses more benefits than that of conventional products.
Wintergreen Oil Market: Drivers, Restraints, and Trends
Due to change in the market trend, people are more interested in natural products which will play an important role in fueling the growth of present Wintergreen Oil Market. As per recent trends, the organic products are favored for consumption and for use. Wintergreen oil is new in many countries and has a potential market to grow because of its established reputation in therapeutic properties. Improved farming techniques in the producing regions and plant’s own ability to grow fast have created a good surplus yield, which is leading to the easy availability of cheap raw source for the production of wintergreen oil, hence could be considered as a driving force. Analgesic actions and several other properties such as diaphoretic and antiseptic actions of wintergreen oil are expected to increase the demand of wintergreen oil in the market.
Less awareness among the population about the wintergreen oil could be considered as a restraint for the market. High dosage of concentrated wintergreen oil could be toxic and may interact negatively with medications, owing to its restraints.
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Wintergreen Oil Market: Regional Outlook
Depending on the geographic regions, global Wintergreen Oil market is segmented into five key regions: North America, Latin America, Europe, APAC, and MEA.