Pyrethrum and Peppermint Market

The global market for pyrethrum and peppermint is expected to continue its upward trend, with forecasted increases in both market volume and value by 2030. China is the largest consumer and producer of pyrethrum and peppermint, with significant growth in consumption and production rates. The United States and India also play key roles in the market, with steady growth in imports and exports. Overall, the market shows strong expansion, with growing demand worldwide.

Market Forecast

Driven by increasing demand for pyrethrum and peppermint worldwide, the market is expected to continue an upward consumption trend over the next eight-year period. Market performance is forecast to retain its current trend pattern, expanding with an anticipated CAGR of +1.9% for the period from 2022 to 2030, which is projected to bring the market volume to 1.2M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +4.1% for the period from 2022 to 2030, which is projected to bring the market value to $6.5B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Pyrethrum and Peppermint

In 2022, approx. 1.1M tons of pyrethrum and peppermint were consumed worldwide; surging by 9.9% on the previous year. The total consumption volume increased at an average annual rate of +1.8% from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations being observed throughout the analyzed period. As a result, consumption attained the peak volume and is likely to continue growth in the immediate term.

The global pyrethrum and peppermint market revenue surged to $4.7B in 2022, jumping by 15% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). The market value increased at an average annual rate of +3.9% over the period from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Consumption By Country

China (258K tons) constituted the country with the largest volume of pyrethrum and peppermint consumption, accounting for 24% of total volume. Moreover, pyrethrum and peppermint consumption in China exceeded the figures recorded by the second-largest consumer, Egypt (91K tons), threefold. The third position in this ranking was taken by the United States (72K tons), with a 6.7% share.

In China, pyrethrum and peppermint consumption increased at an average annual rate of +6.5% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Egypt (+1.2% per year) and the United States (+2.9% per year).

In value terms, China ($1.4B) led the market, alone. The second position in the ranking was taken by the United States ($400M). It was followed by Egypt.

In China, the pyrethrum and peppermint market expanded at an average annual rate of +9.8% over the period from 2012-2022. The remaining consuming countries recorded the following average annual rates of market growth: the United States (+4.8% per year) and Egypt (+1.7% per year).

The countries with the highest levels of pyrethrum and peppermint per capita consumption in 2022 were Azerbaijan (1,923 kg per 1000 persons), Kazakhstan (1,706 kg per 1000 persons) and Germany (607 kg per 1000 persons).

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the key consuming countries, was attained by India (with a CAGR of +30.9%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Pyrethrum and Peppermint

In 2022, production of pyrethrum and peppermint increased by 1.6% to 893K tons, rising for the second year in a row after two years of decline. In general, production continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 with an increase of 3.8%. As a result, production attained the peak volume of 926K tons. From 2019 to 2022, global production growth failed to regain momentum.

In value terms, pyrethrum and peppermint production reached $3B in 2022 estimated in export price. The total output value increased at an average annual rate of +2.7% from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations being observed throughout the analyzed period. The pace of growth appeared the most rapid in 2013 with an increase of 13%. Over the period under review, global production attained the peak level at $3.1B in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

Production By Country

China (247K tons) remains the largest pyrethrum and peppermint producing country worldwide, comprising approx. 28% of total volume. Moreover, pyrethrum and peppermint production in China exceeded the figures recorded by the second-largest producer, Egypt (114K tons), twofold. The third position in this ranking was held by India (65K tons), with a 7.3% share.

From 2012 to 2022, the average annual growth rate of volume in China was relatively modest. In the other countries, the average annual rates were as follows: Egypt (+1.7% per year) and India (+0.8% per year).

Imports

World Imports of Pyrethrum and Peppermint

In 2022, supplies from abroad of pyrethrum and peppermint increased by 14% to 895K tons, rising for the sixth consecutive year after three years of decline. The total import volume increased at an average annual rate of +3.8% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, pyrethrum and peppermint imports rose sharply to $3.8B in 2022. Overall, total imports indicated a strong expansion from 2012 to 2022: its value increased at an average annual rate of +5.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +57.6% against 2015 indices. The growth pace was the most rapid in 2013 with an increase of 14%. Global imports peaked in 2022 and are expected to retain growth in the near future.

Imports By Country

In 2022, China (147K tons), followed by the United States (87K tons), India (83K tons) and Germany (76K tons) were the major importers of pyrethrum and peppermint, together generating 44% of total imports. Japan (30K tons), Taiwan (Chinese) (29K tons), Spain (28K tons), South Korea (27K tons), France (21K tons), the UK (18K tons), Bangladesh (17K tons), Italy (16K tons) and Poland (16K tons) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Bangladesh (with a CAGR of +17.5%), while imports for the other global leaders experienced more modest paces of growth.

In value terms, the United States ($495M), Germany ($434M) and Japan ($240M) were the countries with the highest levels of imports in 2022, together accounting for 30% of global imports. China, South Korea, France, Taiwan (Chinese), Spain, India, the UK, Italy, Poland and Bangladesh lagged somewhat behind, together accounting for a further 29%.

Among the main importing countries, Poland, with a CAGR of +11.9%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices By Country

In 2022, the average pyrethrum and peppermint import price amounted to $4,283 per ton, dropping by -2% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.6%. The most prominent rate of growth was recorded in 2014 when the average import price increased by 9.2% against the previous year. Global import price peaked at $4,371 per ton in 2021, and then shrank modestly in the following year.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Japan ($7,948 per ton), while Bangladesh ($1,020 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (+7.8%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Pyrethrum and Peppermint

In 2022, the amount of pyrethrum and peppermint exported worldwide rose to 725K tons, growing by 3.5% against the previous year. The total export volume increased at an average annual rate of +2.4% from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations in certain years. The pace of growth appeared the most rapid in 2013 with an increase of 24%. The global exports peaked in 2022 and are expected to retain growth in the near future.

In value terms, pyrethrum and peppermint exports expanded slightly to $3.7B in 2022. The total export value increased at an average annual rate of +5.2% over the period from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2013 when exports increased by 30%. Over the period under review, the global exports hit record highs in 2022 and are likely to see gradual growth in the near future.

Exports By Country

China (136K tons) and India (106K tons) represented roughly 33% of total exports in 2022. It was distantly followed by Myanmar (33K tons), achieving a 4.5% share of total exports. The following exporters - Morocco (27K tons), Germany (26K tons), Egypt (24K tons), Afghanistan (19K tons), Poland (19K tons), Spain (19K tons), Indonesia (18K tons), the United States (15K tons), the Netherlands (13K tons) and Vietnam (12K tons) - together made up 26% of total exports.

From 2012 to 2022, the biggest increases were recorded for Myanmar (with a CAGR of +27.9%), while shipments for the other global leaders experienced more modest paces of growth.

In value terms, China ($887M) remains the largest pyrethrum and peppermint supplier worldwide, comprising 24% of global exports. The second position in the ranking was taken by India ($439M), with a 12% share of global exports. It was followed by Germany, with a 6.3% share.

In China, pyrethrum and peppermint exports increased at an average annual rate of +2.1% over the period from 2012-2022. In the other countries, the average annual rates were as follows: India (+8.4% per year) and Germany (+5.2% per year).

Export Prices By Country

The average pyrethrum and peppermint export price stood at $5,057 per ton in 2022, approximately reflecting the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.8%. The most prominent rate of growth was recorded in 2020 an increase of 8.4%. Over the period under review, the average export prices reached the peak figure in 2022 and is expected to retain growth in the near future.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Germany ($8,860 per ton), while Myanmar ($751 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by India (+5.4%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform