Global Menthol Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Menthol Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Menthol, also called peppermint camphor, terpene alcohol with a strong minty, cooling odor and taste. It is obtained from peppermint oil or is produced synthetically by hydrogenation of thymol. Menthol is used medicinally in ointments, cough drops, and nasal inhalers. It is also used as flavoring in foods, cigarettes, liqueurs, cosmetics, and perfumes.

Market Overview:

The latest research study on the global Menthol market finds that the global Menthol market reached a value of USD 985.36 million in 2022. It’s expected that the market will achieve USD 1301.76 million by 2028, exhibiting a CAGR of 4.75% during the forecast period.

Affect the normal operation of the industry

The raging COVID-19 has plunged the global economic environment into depression. The influence of COVID-19 on menthol industry will involve all major links and entities in the industrial chain. The management efficiency of the company declined, commuting was hindered and the company's development strategy and marketing methods were forced to adjust. In addition, during the COVID-19 period, the logistics speed slowed down or even stopped, and the supply of raw materials for menthol production was tight. The company's production is limited to some extent, and the production of related enterprises in the hardest hit areas is greatly affected.

Affect industry supply chain

The epidemic will have a short-term impact on the menthol industry. Affected by the epidemic situation, the enterprises that produce menthol the procurement and transportation supply of raw materials and equipment are difficult to reach the designated position, and the upstream enterprises affect the work progress of downstream enterprises. Product manufacturing enterprises in menthol industry are affected to varying degrees, and production and delivery may be delayed to some extent. At the same time, if it can't meet the customer's delivery time requirements according to the contract, it may cause the customer to find another enterprise and lose business.
In addition, the COVID-19 epidemic has led to the closure of many manufacturing plants around the world. The epidemic caused huge income loss to the end-user industry. The strict blockade imposed by the government limits the cross-border trade between countries, which is another factor that is not conducive to the market share of menthol. In addition, it is expected that after the blockade is lifted in many countries, the product demand of the end-user department may increase.

Widely used in fields

Menthol is widely used in toothpaste, perfume, cigarettes, chewing gum, drinks and candy, etc. It can also be used in ointment, which has cooling and antipruritic effects. Oral administration can be used for headache and inflammation of nose, pharynx and larynx.
At present, menthol has replaced cyclododecane and played a role in rescuing cultural relics in archaeological sites. Using the volatile characteristic, menthol has become a cultural relic protection material. Its discovery and application have solved the urgent need of rescue protection in archaeological excavations, and it has broad application prospect and high popularization value.
Menthol's extensive downstream applications promote its market demand.

Oral hygiene industry demand is rising

Consumers' increasing demand for a healthy lifestyle drives the development of the industry, and oral health is an indispensable part of life. People's awareness of oral health is getting stronger and stronger, and their understanding of the reasons behind oral problems is getting deeper and deeper, which also promotes the continuous expansion of the oral market. Consumers are paying more and more attention to oral care, and the demand for products is gradually increasing. Any oral care product can be influenced by the trend of high quality, including toothpaste, mouthwash, denture care products and so on. Toothpaste is one of the products most obviously affected by high quality, because toothpaste and toothbrush account for a large part of oral health care products. Menthol has the functions of flavoring, cooling, sterilization and antisepsis. Oral Hygiene is an important downstream application of menthol, and the development of oral hygiene industry drives the growth of menthol market.

Menthol side effect

Menthol can cause eye and skin irritation. When used on the skin, menthol is typically diluted into a carrier oil, lotion, or other vehicle. If a high-percentage menthol product is applied to the skin, irritation and even chemical burns have been reported.
Products that contain menthol are flammable. Some researchers think that cigarettes with menthol might increase the risk of becoming addicted to smoking and might be more toxic than regular cigarettes. Nicotine replacement products used to stop smoking work for menthol cigarette smokers as well. Some side effects of menthol may limit market growth.

Region Overview:

Geographically, China held the largest market share – 28.62% in 2022.

Company Overview:

Symrise AG is one of the major players operating in the Menthol market, holding a share of 13.09% in 2023.

Symrise AG

Symrise AG is a diversified chemical manufacturer. The Company produces perfume oils, fragrance bases, cosmetic raw materials and ingredients, plant extracts, aroma chemicals, flavorings, fruit powders, and seasonings.

Takasago

For more than 100 years, with a corporate philosophy “Contributing to Society through Technology” in mind, Takasago has developed flavors and fragrances for some of the world's most successful manufacturers of foods, beverages, fine fragrances, home and personal care products.

Segmentation Overview:

As for product types, the Natural Type segment held the largest market share in 2022.

Natural Type

Natural menthol is obtained by freezing peppermint oil. The resultant crystals of menthol are then separated by filtration.

Synthetical Type

At present, the main synthesis processes to realize industrialization are M-cresol process of Symrise in Germany, citronella oil process of Takasago in Japan and citral process of BASF.

Application Overview:

By application, the Oral Hygiene segment occupied the biggest share from 2018 to 2022.

Key Companies in the global Menthol market covered in Chapter 3:

Yinfeng Pharma
Neeru Enterprises
Nantong Menthol Factory
Xiangsheng Perfume
Tienyuan Chem
Fengle Perfume
Bhagat Aromatics
Takasago
Ifan Chem
Arora Aromatics
Silverline Chemicals
Great Nation Essential Oils
KM Chemicals
Vinayak
BASF
Symrise AG
Nectar Lifesciences
Agson Global
Swati Menthol & Allied Chem
Mentha & Allied Products

In Chapter 4 and Chapter 14.2, on the basis of types, the Menthol market from 2018 to 2029 is primarily split into:

Natural Type
Synthetical Type

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Menthol market from 2018 to 2029 covers:

Oral Hygiene
Food & Beverage
Fragrances
Other

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)