The market for essential oils of peppermint in Sri Lanka, expressed in thousands of US dollars, has exhibited variability over the last decade, concluding at a value of 232.4 in 2023. This evaluation reflects a slight dip of 0.79% from the previous year, following a positive recovery after the substantial decline in 2020. The 5-year compound annual growth rate stands at -0.81%, indicating a modest contraction over this period, albeit with intermittent years of growth.
Future trends to watch include potential market recovery influenced by increased consumer awareness and preferences for natural products, along with possible expansions in export opportunities as global demand for essential oils increases. Sustained growth will likely depend on these demand dynamics and the stability of local production capacities.
