Mint Oil Prices – Historical Graph
- The average price in the past 3 days is
- The average price in the past 7 days is
- The average price in the past 30 days is
- The average price in the past 365 days is
Popular questions about mint oil prices:
Mint Oil Prices Explained
Mint oil prices showed value fluctuations due to supply and demand dynamics across regional markets.
Increased consumer preference for natural and eco-friendly products (personal care and cleaning industries) boosted demand for mint oil in North America. Adverse weather conditions in key mint-growing areas led to a decrease in production. For example, a severe drought in the United States impacted the yield of peppermint crops, leading to a supply shortage and higher prices.
A stable supply of mint oil due to favorable growing conditions and efficient production practices made European mint oil prices modest. The demand in Europe remained steady, driven by the pharmaceutical and food industries.
In Asia (particularly in China and India), limited local production and increased utilization of aromatherapy translated to increased imports and higher prices. In the Middle East, the market was relatively small but showed growth potential, with rising interest in natural and organic products.
Why are mint oil prices fluctuating?
1. Decreased Production
The decrease in production due to drought and excessive rainfall affected mint oil prices. Several mint-growing regions (particularly in India) experienced unfavorable weather conditions, affecting the crop’s yield.
The country currently battles the effects of El Niño which causes dry weather seasons.
As a result, the Indian government predicted a 23% drop in its total 2024 crop yield. India accounts for 80% of global mint oil exports and the country’s diminished output influences the fluctuating mentha oil prices.
2. Increased Demand from Key Industries
Mint oil is a key ingredient in many pharmaceutical products such as cough drops, nasal sprays, and pain relievers. Additionally, the food and beverage industry uses mentha oil to flavor candies, chewing gum, and toothpaste.
The increasing demand for this commodity from these top consumers due to the rebounding of the manufacturing market drives mint oil prices.
3. Winter Demand
The winter season typically sees a spike in demand for mint oil from Fast-Moving Consumer Goods (FMCG) industries.
For instance, mentha oil is used in cold relief medicines such as pain relief balms and ointments. The cold weather in the US and Europe tends to boost the sale of these products. Thus, this robust demand and the reduced supply contributed to the mint oil price surge.
4. Export Inquiries and Rupee Depreciation
The international market plays a significant role in determining the price of mint oil. There is a consistent increase in export inquiries which drives its prices.
Additionally, the depreciation of the rupee (mint oil’s currency trading standard) made exports more profitable.
Moreover, the carry-forward stock of mint oil declined significantly. Last year, the carry-forward stock was about 6,693 tonnes and this year, the market expected its stock to fall to 246 tonnes due to the combination of lower supply and declining production.
Overall, this reduced production, increasing inquiries; and depreciating rupee created a supply-demand imbalance, leading to higher mint oil prices.
Which variables impact the price of mint oil?
- Decreased Production
- Increased Demand from Key Industries
- Winter Demand
- Export Inquiries and Rupee Depreciation
- Weather Conditions
- Currency Fluctuations
Where does mint oil come from?
Mint oil is a natural essential oil extracted from the mint plant native to India and Europe. These are the processing steps of mint oil:
1. Harvesting – The mint plant is harvested in full bloom. The leaves and stems are cut and collected.
2. Drying – The mint leaves and stems are dried in the sun or a drying oven to remove moisture from the plant material to extract the oil.
3. Extraction – There are two main methods of extracting mint oil: steam distillation and hydrodistillation.
Steam distillation – In steam distillation, the dried mint leaves and stems are placed in a still, and steam is passed through them. The steam vaporizes the oil which is collected and condensed in a separate container.
Hydrodistillation – In hydrodistillation, the dried mint leaves and stems are placed in a still with water. The water is heated which produces steam that vaporizes the oil. The steam and oil are gathered and precipitated in a separate drum.
4. Purification – After extracting, the mint oil is purified to remove any impurities. This step involves filtering the oil or using a centrifuge to separate the oil from any water or other impurities.
5. Packaging – The final product or purified mint oil is packaged in bottles or containers for storage and distribution.
What are the uses of mint oil?
Mint or peppermint oil is a versatile essential oil with various applications due to its strong and refreshing scent, known for cooling and invigorating properties. Here are some of the top applications of mint oil:
1. Health and Wellness
Digestive problems – Mint oil relieves digestive problems such as nausea, indigestion, and gas. Additionally, it improves appetite and reduces vomiting.
Headaches – It’s a good soothing oil for headaches and migraines. It is applied typically to the forehead and temples, or inhaled.
Respiratory problems – It is used to treat the common cold, asthma, and bronchitis. These conditions are common during fall and winter.
Muscle pain – A good pain reliever. It relieves muscle pain and inflammation such as muscle cramps, minor cuts, and wounds.
Stress and anxiety – Due to its calming and relaxing properties, it is used to relieve stress and anxiety.
2. Beauty and Personal Care
Oral hygiene – Mentha oil has antibacterial and antifungal properties. It is added in making toothpaste and mouthwash as it’s a good oral hygiene kit.
Skincare – Due to its cooling and anti-inflammatory properties, it reduces redness and irritation caused by acne, eczema, and psoriasis.
Hair care – Additionally, mint oil stimulates hair growth and reduces dandruff. It is added to shampoo and conditioner for scalp treatment.
3. Food and Beverage
Flavoring agent – Mint oil is a popular flavoring agent in foods and beverages such as candies, chewing gum, toothpaste, and ice cream.
What is the future price of mint oil?
The Business Growth Reports reported that the global mint oil market is expected to reach $1,774.67 million by 2030. The Asia Pacific region will be the largest market followed by North America and Europe. Additionally, it is forecasted to grow at a CAGR of 10.5% in 2030, according to a report by GII Research. This growth comes from the following:
- Increasing demand for mint oil in the food and beverage industry, particularly in developing countries.
- The rising awareness of the health benefits of mint oil such as its digestive, respiratory, and pain-relieving properties.
- Growing demand for mint oil in the pharmaceutical industry for new drugs and therapies.
- Increasing use of mint oil in cosmetics and personal care products due to its pleasant aroma and refreshing properties.
Overall, mint oil prices will be around $ 1,800 and $2,000 per ton in 2030. This represents an increase of 2-5% from the current price.