Currently, Indias share of the global essential oils market is around 22 per cent and 18 per cent in value and quantity terms respectively. The global essential oil output is pegged at 1,10,000 tonne per annum with Indias American mint oil output estimated at around 11,000 tonne per annum. Mint oil is just one of the several essential oils produced in the country. India presently has a global market share of around 30 per cent in American mint oil and the United States has a global market share of 60 per cent.
India, however, is the leader in Japanese mint oil in the global market with a share of 90 per cent with the balance being taken up by China. Mr Varshney said India is expected to capture up to 50 per cent of the global market for American mint oils because of American farmers switching over to cultivation of vegetables, fruits and nuts.
The countrys mint oil exports are also expected to rise owing to the price competitiveness Indias mint oil has over that of American mint oil. India has $10 per kg advantage over American mint oil.
The latter is available in the global market at $25 per kg while Indias mint oil is priced at $15 per kg.
Meanwhile, scientists at CIMAP, Lucknow a CSIR laboratory has developed a new variety of Japanese mint oil plants called Kosi, which is expected to increase the yield by 150 per cent.
Dr Patra of CIMAP, who developed the variety is to be honoured on Sunday at the international conference on essential oils being held in Mumbai.