Mentha oil prices are seen moving between 900 and 980 since the last few months. Prices have appreciated from 900 to nearly 1100 in the month of July and after that, prices have reversed the trend. Business interest still appears gloomy despite trade related activities picking up after the pandemic problems started reducing. Demand has reportedly increased from China.
India’s Mentha Oil Exports:
Mentha oil finds use in the manufacture of medicines related to treatment of corona. Usage is in making sanitizers as well. India had exported Rs 600 crores of Mentha oil to China from April to August of 2021, which is nearly Rs 100 crores greater than last year's same period.
In global context the imports of peppermint have increased by roughly 10 percent year on year to $989M. Germany remains the largest peppermint importer in the EU, accounting for 37% of the total imports. In 2020, the Netherlands has emerge as the fastest-growing importer.
Average peppermint import offers in the EU have risen by 9.2% in 2020, versus year 2019. India is the largest producer and exporter of Mentha Oil and its derivatives and India remains in top position in terms of global Mentha oil production and exports. Out of total Mentha oil produced, nearly 73% is contributed by India, followed by China (18%) and others (7%).
Every year about 20 thousand tons of Mentha oil and related products are exported from India to America, China, Europe and South America. Mentha oil is used in making Aggarbatti sticks also. India’s incense sticks (Aggarbatti) industry dominates in the state of Karnataka and as Ayurveda is increasingly becoming popular; its exports have started rising.
The arrivals are lower currently, while business avenues are improving yet markets are trading in a narrow range. It seems domestic and exports demand need to improve further for triggering a smart upside rally in this commodity.
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