The essential oils of peppermint market in South Korea experienced varied growth over the past decade. From a market value of $7.05 million in 2013, it reached $9.60 million in 2023. The trends reveal significant fluctuations, with strong growth in 2016 and 2021, counterbalanced by downturns in 2015 and 2020. The market's average annual growth rate (CAGR) over the last five years stands at 1.82%. In recent years, growth has been steady, with a modest year-on-year increase of 1.44% in 2023.
Future trends could be influenced by an increasing demand for natural products and consumer interest in wellness and aromatherapy. Innovations in product applications and packaging, alongside strengthening distribution channels, are expected to drive further market growth. Watch for market dynamics influenced by regulatory changes and the availability of raw materials.
