Status : Published Published On : May, 2024 Report Code : VRCH2103 Industry : Chemicals & Materials Available Format : Page : 198

Global Menthol Market – Analysis and Forecast (2025–2030)

Industry Insights By Type (Singles and Blends), By Product (Peppermint Oil, Spearmint Oil, Corn Mint Oil, Menthol Oil, Dementholized Oil and Terpene Less Oil), By Application (Aromatherapy, Personal Care & Cosmetics, Food & Beverages, Pharmaceuticals, Tobacco, Perfumery, and Other Industrial Uses), By Distribution Channel (Direct and Retail), By Extraction Methods (Steam Distillation, Solvent Extraction, Cold Press Extraction, and Supercritical Fluid Extraction), By Quality Grading (Menthol Content (High Menthol Oil (HMO), Medium Menthol Oil (MMO), and Dementholized Oil), Color and Odor, Optical Rotation and Specific Gravity), By End Users (Bulk Buyers, Distributors and Traders, Small and Medium-Sized Enterprises (SMEs), and Export Market) and By Geography (North America, Asia-Pacific, Europe and Rest of the World)

Industry Overview

The Global Menthol Market was valued at USD 4.5 billion in 2023 and is expected to reach up to USD 7.4 billion in 2030, growing at a CAGR of 4.9% during the forecast period 2025-2030.

Menthol Market

The Menthol Market refers to the market of specific type of essential oil that is produced from the Mentha plant, commonly known as mint. It is unique for its healing properties as well as its invigorating fragrance. Ideally, Menthol refers to the extract from the Mentha Arvensis plant. Mentha Oil is widely used in the pharmaceutical sector due to its anti-inflammatory, analgesic, and decongestant effects. It is frequently used to manufacture throat lozenges, cough and cold remedies, and pain relievers. Asthma and Chronic Obstructive Pulmonary Disease (COPD) are two respiratory conditions which are rising, increasing the demand for menthol-based inhalers and respiratory products. Mentha oil is an important commodity in the global market, and it can be a good investment opportunity for those looking to diversify their portfolio.

The global Menthol market is divided into different segments according to its type, application and geographical distribution.

Market Segmentation

Insight by Type

The Global Menthol market is categorized into two primary groups namely, singles and blends. Among these two segments, the singles segment is on dominant position in the market due to the distinct flavor and aroma profiles. However, the blend variety, which combines oils from multiple Mentha species, is also gaining a strong foothold into the market, especially in applications where a balanced or customized flavor profile is necessary.

Insight by Product

The Global Menthol market can be broadly divided into peppermint oil, spearmint oil, corn mint oil, menthol oil, dementholized oil and terpene less oil segments based on the product. The peppermint segment has a larger share due to the high demand due to its powerful fragrance and wide applicability across a wide range of industry verticals which includes food & beverage, personal care, and medicines. However, the dementholized oil also shows promise for significant growth in the forecast period due to rising demand for natural fragrances and flavors and lower menthol content, especially useful in the food and cosmetics industries.

Insight by Application

The Global Menthol market is segmented into aromatherapy, personal care & cosmetics, food & beverages, pharmaceuticals, tobacco, perfumery, and other industrial uses. Aromatherapy is projected to lead due to lifestyle changes and increased demand for therapeutic products. Pharmaceuticals dominate with mentha oil used in medicinal products. Food & beverages will grow significantly, driven by antimicrobial properties enhancing shelf life. Rising disposable income and awareness will boost sales in cosmetics and personal care products containing Mentha oil. Overall, diverse applications and increasing demand propel the Indian Mentha oil market's growth.

Insight by Distribution Channel

The Global Menthol market is segregated based on distribution channels into direct and retail segments. Out of the two, the direct segment, categorized by direct sales channels such as business-to-business (B2B) transactions and agreements with bulk buyers, holds a dominating position in the market. This is attributed to established relationships between mentha oil producers and large-scale consumers across various industries. However, the retail segment, comprising channels like specialty stores, online platforms, and supermarkets, is poised for substantial growth in the forecast period. Increasing consumer demand for natural and herbal products, coupled with the rising availability of Mentha oil-based products in retail outlets, is expected to drive the expansion of the retail segment at a significantly high rate. 

Insight by Extraction Methods

Based on the extraction methods the Global Menthol market is divided into Steam Distillation, Solvent Extraction, Cold Press Extraction, and Supercritical Fluid Extraction (SFE) segments. While the steam distillation segment is the dominating extraction method due to the extensive use across different industries, the Supercritical Fluid Extraction (SFE) segment is expected to grow at a significant rate during the forecast period due to its eco-friendly nature, higher efficiency in extracting specific compounds, and increasing adoption in the pharmaceutical and food industries.

Insight by Quality Grading

The Global Menthol market is divided by different quality grading based on menthol content, color, and odor, optical rotation, and specific gravity. Out of these sections, the menthol-based grading can be further divided into High Menthol Oil (HMO), Medium Menthol Oil (MMO), and Dementholized Oil (DMO) segments. Consider all these segments, the High Menthol Oil (HMO) is the dominating grade due to its high demand in pharmaceuticals and oral care products but the Medium Menthol Oil (MMO) segment is also showing promise for significant growth in the forecast period. It is mainly attributed to its more balanced profile of menthol content and higher applicability in a wider range of products.

Insight by End Users

The type of end users also divided the Global Menthol market into Bulk Buyers, Distributors and Traders, Small and Medium-Sized Enterprises (SMEs), and Export Market. Out of these segments, the bulk buyer’s segment, comprising large-scale consumers, dominates the market due to the high purchasing power and extensive usage of Mentha oil. However, the export market segment is showing promise for significant growth in the analysis period fueled by increasing demand from international markets.

Global Global Menthol Market Report Coverage

Report Metric


Historical Period

2018 - 2023

Base Year Considered


Forecast Period

2025 - 2030

Market Size in 2023

U.S.D.  4.5 Billion

Revenue Forecast in 2030

U.S.D.  7.4 Billion

Growth Rate


Segments Covered in the Report

By Type, By Product, By Application, By Distribution Channel, By Extraction Methods, By Quality Grading, and By End Users

Report Scope

Market Trends, Drivers, and Restraints; Revenue Estimation and Forecast; Segmentation Analysis; Impact of COVID-19; Companies’ Strategic Developments; Market Share Analysis of Key Players; Company Profiling

Regions Covered in the Report

North America, Asia-Pacific, Europe and Rest of the World

Industry Dynamics

Industry Trends

Manufacturers are incorporating natural ingredients like Menthol more nowadays in their formulations to cater to the growing number of consumers looking for products free from synthetic additives. The quality and efficiency of Menthol have increased significantly in the recent years due to rapid technological advancements and their use in the cultivation practices of mint and in the extraction techniques of Menthol. Steam distillation is the most common process for manufacturing Menthol. The fastest growing section of the Menthol market is the natural Menthol segment.

Growth Drivers

Menthol is a versatile organic molecule that finds widespread use in several sectors like personal care, confectionery, oral hygiene, tobacco products and pharmaceuticals. The worldwide menthol market has been divided into various applications based on the sectors in which it is utilized.

The growth drivers of the Menthol Market are the rising demand for the personal care and pharmaceutical industries, the rising popularity of products with menthol flavors and the rising demand for natural and organic products during the forecast period. The rising investments in R&D initiatives to enhance menthol-based products' effectiveness and quality also plays important role in the growth of the market. The confectionery industry is the another significant market for menthol. Menthol is frequently utilized in sweets and other confectionery goods due to its cooling and refreshing qualities. Also due to its cooling and rejuvenating qualities, menthol is a common ingredient in soaps, shampoos, and lotions for the body to calm and soothe the skin after application, leaving the user feeling fresh and clean. Various industries have a high demand for menthol because of its refreshing qualities and ability to cover up undesirable tastes and odors.


However, the growth of this market is limited by several factors which includes the availability of synthetic menthol at a lower price than natural menthol, strict regulations regarding the use of menthol in various industries and growing competition from other natural and herbal ingredients. The global supply chain and market demand have also been impacted by the COVID-19 pandemic, causing a slowdown in the global menthol market.


The number of aging and geriatric population generally suffer from several illnesses apart from arthritis which results in the increase of consuming Menthol-based food and beverages. This is mainly attributed to the therapeutic benefits of the oil in curing muscular and joint problems. This has created new opportunities for growth of the global Menthol market. Continual research and development for new formulations and applications have also created better opportunities for market growth.

Geographic Overview

Geographically, the global Menthol Market is divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa regions. The Asia-Pacific market is supposed to grow at a higher CAGR during the forecast period. It is mainly due to the diverse and large market spread over densely populated countries like China, India, Japan, South Korea, South-East Asia, and rest of Asia Pacific. Growing pressure from governments to reduce carbon emissions in large countries like India and China, growing awareness of health among people, and enhanced retail infrastructure also propels the growth of the market in this region.

Competitive Insight

The Warner Graham Company is a manufacturer of blends and distributes the finest quality chemicals which include Pure Ethyl Alcohol, Industrial Solvents, Specialty Olefins, Denatured Alcohol, Surfactants and Emollients, and Deicers. The company offer the flexibility to blend and package, as well as private labeling and contract manufacturing, to the customers’ specifications. They also supply hospitals, universities, and a large number of government facilities. They offer the highest quality products.

Takasago International Corporation is a major international producer of flavours and fragrances headquartered in Japan, with presence in 27 countries and regions worldwide. By effectively utilizing the group's management resources in each region, they deliver reliable products with high-quality, and services to customers worldwide.

Key Players covered  in the report

Some of the key players in the Menthol Market are Warner Graham Company, Takasago International Corporation, Barnet Products Corporation, BASF SE, Agson Global, Symrise AG, NecLife, Tienyuan Chem, Fengle Perfume, Yinfeng Pharma, Great Nation Essential Oils, Xiangsheng Perfume, Ifan Chem, Arora Aromatics, Nantong Menthol Factory Co. Ltd., Bhagat Aromatics Ltd., Agson Global Pvt. Ltd., Mentha & Allied Products Pvt. Ltd.

Recent Developments by Key Players

BASF is expanding its aroma ingredients business with new plants in China and Germany. The new manufacturing facilities include a citral plant in Zhanjiang, China, as well as menthol and linalool downstream plants at in Ludwigshafen, Germany. BASF’s Verbund concept, according to the company, adds value through the efficient use of resources. Production plants, energy and material flows, logistics and site infrastructure at its Verbund sites are all integrated. The citral plant in China, meanwhile, will strengthen the chemical’s giant’s position in key growth regions. It shall increase the production of a broad range of aroma ingredients and downstream products globally.

Segments Covered in the Report

  • By Type
    • Singles
    • Blends
  • By Product
    • Peppermint Oil
    • Spearmint Oil
    • Corn Mint Oil
    • Menthol Oil
    • Dementholized Oil
    • Terpene Less Oil
  • By Application
    • Aromatherapy
    • Personal Care & Cosmetics
    • Food & Beverages
    • Pharmaceuticals
    • Tobacco
    • Perfumery
    • Other Industrial Uses
  • By Distribution Channel
    • Direct
    • Retail
  • By Extraction Methods
    • Steam Distillation
    • Solvent Extraction
    • Cold Press Extraction
    • Supercritical Fluid Extraction
  • By Quality Grading
    • Menthol Content
    • Color and Odor
    • Optical Rotation
    • Specific Gravity
  • Quality Standards
    • ISO Certification
    • Food Grade and Pharmaceutical Grade
  • By End Users
    • Bulk Buyers
    • Distributors and Traders
    • Small and Medium-Sized Enterprises (SMEs)
    • Export Market

Region Covered in the Report

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • Germany
    • U.K.
    • France
    • Italy
    • Spain
    • Russia
    • Rest of Europe
  • Asia-Pacific (APAC)
    • China
    • Japan
    • India
  • Rest of the World
    • Brazil
    • Saudi Arabia
    • South Africa
    • U.A.E
    • Other Countries

Menthol Market Size

Source: VynZ Research

Menthol Market Analysis

Source: VynZ Research

Frequently Asked Questions

The Global Menthol Market consumption was 68.6 thousand metric tons in 2023.
The market is expected to reach up to 83.3 thousand metric tons in 2030, growing at a CAGR of 5.1% during the forecast period 2025-2030.
The rising demand for personal care and pharmaceutical products, popularity of menthol flavors, and increasing demand for natural and organic products are key drivers of market growth.
Challenges include competition from synthetic menthol, regulatory restrictions, and the impact of the COVID-19 pandemic on the global supply chain.
The aging population and increasing demand for menthol in various industries present opportunities for market growth.
Menthol is commonly extracted through steam distillation from mint plants, particularly Mentha Arvensis.

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Research Methodology

  •  Desk Research / Pilot Interviews
  •  Build Market Size Model
  •  Research and Analysis
  •  Final Deliverabvle


Key Takeaways