L-menthol Market Assessment, By Type [Bio-based, Synthetic], By Application [Personal Care and Cosmetics, Medicine, Tobacco, Confectionaries, Others], By Region, Opportunities and Forecast, 2017-2031F

L-menthol Market Assessment, By Type [Bio-based, Synthetic], By Application [Personal Care and Cosmetics, Medicine, Tobacco, Confectionaries, Others], By Region, Opportunities and Forecast, 2017-2031F

Global L-menthol market is projected to witness a CAGR of 4.83% during the forecast period 2024-2031, growing from USD 734.81 million in 2023 to USD 1071.67 million in 2031F. Market growth can be attributed to the rising demand from the confectionery industry and rapid expansion of the personal care industry, including cosmetics.

The rise in research and development activities to assess the efficacy of L-menthol for treating various diseases is a major global L-menthol market trend. For instance, Skane in Sweden is conducting an interventional study to evaluate the effects of L-menthol on breathlessness in patients suffering from chronic obstructive pulmonary disease. The study aims to evaluate the mechanism and effectiveness of inhaled menthol for relieving chronic dyspnea in patients with chronic obstructive pulmonary disease. The study is estimated to conclude in December 2024. Such studies will boost the demand for L-menthol over the forecast period and provide lucrative growth opportunities for the market.

Increasing the requirement for L-menthol, due to its extensive applications in a wide range of cosmetic formulations, such as lip balms and glosses, supports the market expansion. The rising demand for personal care products and cosmetics, owing to increasing awareness about the various advantages associated with these products, augmenting disposable incomes, and growing investments by the manufacturers towards marketing and promotional activities, is expected to boost the global market for L-menthol. The propelling collaborations between producers of personal care products and cosmetics and social media content creators are aiding them in expanding their consumer base and reaching their target audience, boosting the demand for these products.

Furthermore, the demand for menthol is increasing as a flavoring agent in toothpastes, candies, perfumes, and beverages owing to its fresh mint flavor. This, in turn, is augmenting the demand for L-menthol and positively influencing the market's growth.

Rising Expansion of Cosmetics and Personal Care Industry Boosts Global L-menthol Market Growth

The rapid expansion of the cosmetics and personal care sector in various regions across the globe is providing lucrative growth opportunities to the market as menthol has peppermint odor and cooling properties and is commonly found in shaving creams, cleansers, ointments, and detoxifying shampoos. India Brand Equity Foundation estimated that India's cosmetics industry will grow at a CAGR of 25%, reaching a value of USD 20 billion by 2025. Researchers have found that menthol has analgesic effects when applied topically, making it a popular product targeting blemish-prone or irritated skin. The feature makes it suitable for use in formulations designed for scalp irritation, cooling gels, and after-sun lotions. In lip products, menthol is increasingly used in lip balms and glosses to create a temporary plumping effect by improving blood flow in that area. Thus, boosting the utilization of L-menthol in cosmetics and personal care products will propel the market's growth.

Growth of Confectionary Industry Boosts Global L-menthol Market Demand

The rapid expansion of the confectionery industry is propelling the demand for L-menthol as the product finds its applications in various confectionery items. Due to its refreshing and cooling properties, it is used in various confectionery products including compressed tablets and chewing gum. It is used as a flavoring agent and as a food additive. Thus, the growth of the confectionary sector is boosting the requirement for L-menthol. For instance, the National Confectioners Association estimates that the gum and mint segment witnessed a growth of 3.8% in 2021. The rise in consumption of mints and gums is bolstering the requirement for L-menthol and positively influencing the market's growth. The rising consumption of chewing gum can be attributed to the rising awareness regarding the various benefits offered by them including increased flow of saliva, which results in reduced plaque acid and strengthening of teeth. Various studies indicate that chewing gum can promote feelings of relaxation, enhance memory, improve attention, and reduce stress levels. Thus, boosting consumption of chewing gum is augmenting the global L-menthol market growth.

Asia-Pacific Witnesses Significant Growth

The growth of the market in Asia-Pacific can be attributed to the strong presence of various key market players and rising population. The rapid expansion of the food industry in the region is further supporting the expansion of the market for L-menthol, owing to its refreshing and cooling properties, and applications as a flavoring agent in various food and beverages, including flavored drinks, candies, and chewing gums.

Additionally, the rapid expansion of the pharmaceutical sector in the region, owing to the significant growth of the population, further provides lucrative growth opportunities to the market as L-menthol finds usage in various pharmaceutical products. For instance, Invest India estimates that the pharmaceutical industry in the country will reach a value of USD 130 billion by 2030. The growth will boost the demand for L-menthol in the region as it is widely used for oral and topical applications. It is a versatile active ingredient formulated into different dosage forms for providing symptomatic relief for several conditions. Also, it is utilized by pharmaceutical companies to develop OTC cough suppressants and Rx, oral anesthetics, and topical and gesics. Thus, propelling the demand for the product and augmenting the market's growth.

Synthetic Menthol to Witness Significant Growth

The expansion of the segment can be attributed to the relatively pure and cost-effective nature of the synthetic formulation as opposed to their bio-based counterparts. The rising requirement for menthol due to the rapid expansion of industries, such as food and beverage and cosmetics, is propelling the demand for a consistent supply of L-menthol, due to which the requirement for synthetic L-menthol is increasing as the chemical is relatively easier to manufacture commercially. The rapid expansion of the food and beverage industry in various regions across the globe is providing lucrative growth opportunities to the market. For instance, the Food and Drink Federation estimates that in 2022 the food and beverage industry was the biggest manufacturing sector in the United Kingdom, and the food and drink exports were valued at USD 26 billion (GBP 25 billion) in 2022. The growth of the food and drink industry is boosting the requirement for L-menthol as a flavoring agent.

Rising Requirement for L-menthol for Medicines Boosts Global L-menthol Market Size

The rapid expansion of the pharmaceutical sector in various regions across the globe owing to increasing prevalence of various diseases and disorders and significant growth of the population is bolstering the requirement for various medications. For instance, the European Federation of Pharmaceutical Industries and Association estimated that in 2021, Europe accounted for 23.4% of global pharmaceutical sales and North America accounted for 49.1%. The growth propels the demand for L-menthol as the product finds various applications in oral and topical formulations.

L-menthol provides a fresh odor and minty taste with a cooling sensation and enables penetration enhancement for topical formulations. It can be used as a local anesthetic, nasal decongestant, topical analgesic, and antitussive. L-menthol treats sore mouth, minor irritation, sore throat, pain, and inhaled or cold irritants. The chemical induces a cooling sensation on the skin upon topical application, inhalation, and oral ingestion by stimulating the cold-sensitive receptors expressed on the skin without dropping the skin's temperature. Due to these advantages offered by the product, the demand for L-menthol is increasing in the pharmaceutical industry, propelling the expansion of the market.

Future Market Scenario (2024 – 2031F)

As per the global L-menthol market analysis, the demand for L-menthol will significantly increase over the forecast period owing to rising demand from the food, pharmaceutical, cosmetics and personal care industry. The rising research and development activities for evaluating the efficacy of menthol for pain relief is further boosting the product demand. For instance, KU Leuven in Belgium is conducting an interventional study for assessing the mechanisms and effectiveness of menthol inhalation for relief of Dyspnea in individuals with COPD and health individuals. Menthol inhalation is a promising and novel treatment option for acute relief of dyspnea. The aim of the study is to systematically examine the mechanism of dyspnea relief and includes two treatment interventions, strawberry scent and menthol inhalation. The study is estimated to conclude in June 2027. Such studies will propel the requirement for L-menthol and provide lucrative growth opportunities for the market in the coming years.

Key Players Landscape and Outlook

The growth of the market is supported by rapid expansion of the scent and care segments by various companies, which in turn will boost the demand for L-menthol and augment the growth of the market.