Status : Published | Published On : May, 2024 | Report Code : VRCH2103 | Industry : Chemicals & Materials | Available Format :
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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.
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.
Report Metric |
Details |
Historical Period |
2020 - 2024 |
Base Year Considered |
2025 |
Forecast Period |
2026 - 2035 |
Market Size in 2025 |
U.S.D. 4.5 Billion |
Revenue Forecast in 2035 |
U.S.D. 7.4 Billion |
Growth Rate |
5.1% |
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.
Challenges
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.
Opportunities
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
Region Covered in the Report
Source: VynZ Research
Source: VynZ Research
1. Research Overview
1.1. The Report Offers
1.2. Market Coverage
1.2.1. By Type
1.2.2. By Application
1.2.3. By Region
1.3. Research Phases
1.4. Limitations
1.5. Market Methodology
1.5.1. Data Sources
1.5.1.1. Primary Research
1.5.1.2. Secondary Research
1.5.2. Methodology
1.5.2.1. Data Exploration
1.5.2.2. Forecast Parameters
1.5.2.3. Data Validation
1.5.2.4. Assumptions
1.5.3. Study Period & Data Reporting Unit
2. Executive Summary
3. Industry Overview
3.1. Industry Dynamics
3.1.1. Market Growth Drivers
3.1.2. Market Restraints
3.1.3. Key Market Trends
3.1.4. Major Opportunities
3.2. Industry Ecosystem
3.2.1. Porter’s Five Forces Analysis
3.2.2. Recent Development Analysis
3.2.3. Value Chain Analysis
3.3. Competitive Insight
3.3.1. Competitive Position of Industry Players
3.3.2. Market Attractive Analysis
3.3.3. Market Share Analysis
4. Global Market Estimate and Forecast
4.1. Global Market Overview
4.2. Global Market Estimate and Forecast to 2030
5. Market Segmentation Estimate and Forecast
5.1. By Type
5.1.1. Synthetic
5.1.1.1. Market Definition
5.1.1.2. Market Estimation and Forecast to 2030
5.1.2. Natural
5.1.2.1. Market Definition
5.1.2.2. Market Estimation and Forecast to 2030
5.2. By Application
5.2.1. Pharmaceuticals
5.2.1.1. Market Definition
5.2.1.2. Market Estimation and Forecast to 2030
5.2.2. Food And Beverage
5.2.2.1. Market Definition
5.2.2.2. Market Estimation and Forecast to 2030
5.2.3. Oral Hygiene
5.2.3.1. Market Definition
5.2.3.2. Market Estimation and Forecast to 2030
5.2.4. Aromatherapy
5.2.4.1. Market Definition
5.2.4.2. Market Estimation and Forecast to 2030
5.2.5. Cosmetics
5.2.5.1. Market Definition
5.2.5.2. Market Estimation and Forecast to 2030
5.2.6. Flavour and Fragrance
5.2.6.1. Market Definition
5.2.6.2. Market Estimation and Forecast to 2030
6. North America Market Estimate and Forecast
6.1. By Type
6.2. By Application
6.2.1. U.S. Market Estimate and Forecast
6.2.2. Canada Market Estimate and Forecast
6.2.3. Mexico Market Estimate and Forecast
7. Europe Market Estimate and Forecast
7.1. By Type
7.2. By Application
7.2.1. Germany Market Estimate and Forecast
7.2.2. France Market Estimate and Forecast
7.2.3. U.K. Market Estimate and Forecast
7.2.4. Italy Market Estimate and Forecast
7.2.5. Spain Market Estimate and Forecast
7.2.6. Rest of Europe Market Estimate and Forecast
8. Asia-Pacific Market Estimate and Forecast
8.1. By Type
8.2. By Application
8.3. By Country – China, Japan, India, South Korea, and Rest of Asia-Pacific
8.3.1. China Market Estimate and Forecast
8.3.2. Japan Market Estimate and Forecast
8.3.3. India Market Estimate and Forecast
8.3.4. South Korea Market Estimate and Forecast
8.3.5. Singapore Market Estimate and Forecast
8.3.6. Rest of Asia-Pacific Market Estimate and Forecast
9. Rest of the World (RoW) Market Estimate and Forecast
9.1. By Type
9.2. By Application
9.3. By Country – Brazil, Saudi Arabia, South Africa, U.A.E., and Other Countries
9.3.1. Brazil Market Estimate and Forecast
9.3.2. Saudi Arabia Market Estimate and Forecast
9.3.3. South Africa Market Estimate and Forecast
9.3.4. Other Countries Market Estimate and Forecast
10. Company Profiles
10.1. Warner Graham Company
10.1.1. Snapshot
10.1.2. Overview
10.1.3. Offerings
10.1.4. Financial Insight
10.1.5. Recent Developments
10.2. Takasago International Corporation
10.2.1. Snapshot
10.2.2. Overview
10.2.3. Offerings
10.2.4. Financial Insight
10.2.5. Recent Developments
10.3. Barnet Products Corporation
10.3.1. Snapshot
10.3.2. Overview
10.3.3. Offerings
10.3.4. Financial Insight
10.3.5. Recent Developments
10.4. BASF SE
10.4.1. Snapshot
10.4.2. Overview
10.4.3. Offerings
10.4.4. Financial Insight
10.4.5. Recent Developments
10.5. Agson Global
10.5.1. Snapshot
10.5.2. Overview
10.5.3. Offerings
10.5.4. Financial Insight
10.5.5. Recent Developments
10.6. Symrise AG
10.6.1. Snapshot
10.6.2. Overview
10.6.3. Offerings
10.6.4. Financial Insight
10.6.5. Recent Developments
10.7. NecLife
10.7.1. Snapshot
10.7.2. Overview
10.7.3. Offerings
10.7.4. Financial Insight
10.7.5. Recent Developments
10.8. Tienyuan Chem
10.8.1. Snapshot
10.8.2. Overview
10.8.3. Offerings
10.8.4. Financial Insight
10.8.5. Recent Developments
10.9. Fengle Perfume
10.9.1. Snapshot
10.9.2. Overview
10.9.3. Offerings
10.9.4. Financial Insight
10.9.5. Recent Developments
10.10. Yinfeng Pharma
10.10.1. Snapshot
10.10.2. Overview
10.10.3. Offerings
10.10.4. Financial Insight
10.10.5. Recent Developments
10.11. Great Nation Essential Oils
10.11.1. Snapshot
10.11.2. Overview
10.11.3. Offerings
10.11.4. Financial Insight
10.11.5. Recent Developments
10.12. Xiangsheng Perfume
10.12.1. Snapshot
10.12.2. Overview
10.12.3. Offerings
10.12.4. Financial Insight
10.12.5. Recent Developments
10.13. Ifan Chem
10.13.1. Snapshot
10.13.2. Overview
10.13.3. Offerings
10.13.4. Financial Insight
10.13.5. Recent Developments
10.14. Arora Aromatics
10.14.1. Snapshot
10.14.2. Overview
10.14.3. Offerings
10.14.4. Financial Insight
10.14.5. Recent Developments
10.15. Nantong Menthol Factory Co. Ltd.
10.15.1. Snapshot
10.15.2. Overview
10.15.3. Offerings
10.15.4. Financial Insight
10.15.5. Recent Developments
10.16. Bhagat Aromatics Ltd.
10.16.1. Snapshot
10.16.2. Overview
10.16.3. Offerings
10.16.4. Financial Insight
10.16.5. Recent Developments
10.17. Agson Global Pvt. Ltd.
10.17.1. Snapshot
10.17.2. Overview
10.17.3. Offerings
10.17.4. Financial Insight
10.17.5. Recent Developments
10.18. Mentha & Allied Products Pvt. Ltd.
10.18.1. Snapshot
10.18.2. Overview
10.18.3. Offerings
10.18.4. Financial Insight
10.18.5. Recent Developments
11. Appendix
11.1. Exchange Rates
11.2. Abbreviations
Note: Financial insight and recent developments of different companies are subject to the availability of information in the secondary domain.
List of Tables
Table 1 Sources
Table 2 Study Periods
Table 3 Data Reporting Unit
Table 4 Global Menthol Market, By Type, 2018-2023 (Thousand Metric Ton)
Table 5 Global Menthol Market, By Type, 2025-2030 (Thousand Metric Ton)
Table 6 Global Menthol Market, By Application, 2018-2023 (Thousand Metric Ton)
Table 7 Global Menthol Market, By Application, 2025-2030 (Thousand Metric Ton)
Table 8 Global Menthol Market, By Region, 2018-2023 (Thousand Metric Ton)
Table 9 Global Menthol Market, By Region, 2025-2030 (Thousand Metric Ton)
Table 10 North America Menthol Market, By Type, 2018-2023 (Thousand Metric Ton)
Table 11 North America Menthol Market, By Type, 2025-2030 (Thousand Metric Ton)
Table 12 North America Menthol Market, By Application, 2018-2023 (Thousand Metric Ton)
Table 13 North America Menthol Market, By Application, 2025-2030 (Thousand Metric Ton)
Table 14 North America Menthol Market, By Region, 2018-2023 (Thousand Metric Ton)
Table 15 North America Menthol Market, By Region, 2025-2030 (Thousand Metric Ton)
Table 16 Europe Menthol Market, By Type, 2018-2023 (Thousand Metric Ton)
Table 17 Europe Menthol Market, By Type, 2025-2030 (Thousand Metric Ton)
Table 18 Europe Menthol Market, By Application, 2018-2023 (Thousand Metric Ton)
Table 19 Europe Menthol Market, By Application, 2025-2030 (Thousand Metric Ton)
Table 20 Europe Menthol Market, By Region, 2018-2023 (Thousand Metric Ton)
Table 21 Europe Menthol Market, By Region, 2025-2030 (Thousand Metric Ton)
Table 22 Asia-Pacific Menthol Market, By Type, 2018-2023 (Thousand Metric Ton)
Table 23 Asia-Pacific Menthol Market, By Type, 2025-2030 (Thousand Metric Ton)
Table 24 Asia-Pacific Menthol Market, By Application, 2018-2023 (Thousand Metric Ton)
Table 25 Asia-Pacific Menthol Market, By Application, 2025-2030 (Thousand Metric Ton)
Table 26 Asia-Pacific Menthol Market, By Region, 2018-2023 (Thousand Metric Ton)
Table 27 Asia-Pacific Menthol Market, By Region, 2025-2030 (Thousand Metric Ton)
Table 28 RoW Menthol Market, By Type, 2018-2023 (Thousand Metric Ton)
Table 29 RoW Menthol Market, By Type, 2025-2030 (Thousand Metric Ton)
Table 30 RoW Menthol Market, By Application, 2018-2023 (Thousand Metric Ton)
Table 31 RoW Menthol Market, By Application, 2025-2030 (Thousand Metric Ton)
Table 32 RoW Menthol Market, By Region, 2018-2023 (Thousand Metric Ton)
Table 33 RoW Menthol Market, By Region, 2025-2030 (Thousand Metric Ton)
Table 34 Snapshot – Warner Graham Company
Table 35 Snapshot – Takasago International Corporation
Table 36 Snapshot – Barnet Products Corporation
Table 38 Snapshot – BASF SE
Table 39 Snapshot – Agson Global
Table 40 Snapshot – Symrise AG
Table 41 Snapshot – NecLife
Table 42 Snapshot – Tienyuan Chem
Table 43 Snapshot – Fengle Perfume
Table 44 Snapshot – Yinfeng Pharma
Table 45 Snapshot – Great Nation Essential Oils
Table 46 Snapshot – Xiangsheng Perfume
Table 47 Snapshot – Ifan Chem
Table 48 Snapshot – Arora Aromatics
Table 49 Snapshot – Nantong Menthol Factory Co. Ltd.
Table 50 Snapshot – Bhagat Aromatics Ltd.
Table 51 Snapshot – Agson Global Pvt. Ltd.
Table 52 Snapshot – Mentha & Allied Products Pvt. Ltd.
List of Figures
Figure 1 Market Coverage
Figure 2 Research Phases
Figure 3 Secondary Sources for Different Parameters
Figure 4 Methodology
Figure 5 Data Mining & Exploration
Figure 6 Data Triangulation
Figure 7 Assumptions for Market Estimation and Forecast
Figure 8 Market Synopsis
Figure 9 Global Menthol Market- Growth Drivers and Restraints
Figure 10 Competitive Benchmark
Figure 11 Global Menthol Market Highlight
Figure 12 Global Menthol Market, By Type, 2018-2030 (Thousand Metric Ton)
Figure 13 Global Menthol Market, By Application, 2018-2030 (Thousand Metric Ton)
Figure 14 Global Menthol Market, By Region, 2018-2030 (Thousand Metric Ton)
Figure 15 North America Menthol Market Highlight
Figure 16 North America Menthol Market, By Type, 2018-2030 (Thousand Metric Ton)
Figure 17 North America Menthol Market, By Application, 2018-2030 (Thousand Metric Ton)
Figure 18 North America Menthol Market, By Region, 2018-2030 (Thousand Metric Ton)
Figure 19 Europe Menthol Market Highlight
Figure 20 Europe Menthol Market, By Type, 2018-2030 (Thousand Metric Ton)
Figure 21 Europe Menthol Market, By Application, 2018-2030 (Thousand Metric Ton)
Figure 22 Europe Menthol Market, By Region, 2018-2030 (Thousand Metric Ton)
Figure 23 Asia-Pacific Menthol Market Highlight
Figure 24 Asia-Pacific Menthol Market, By Type, 2018-2030 (Thousand Metric Ton)
Figure 25 Asia-Pacific Menthol Market, By Application, 2018-2030 (Thousand Metric Ton)
Figure 26 Asia-Pacific Menthol Market, By Region, 2018-2030 (Thousand Metric Ton)
Figure 27 RoW Menthol Market Highlight
Figure 28 RoW Menthol Market, By Type, 2018-2030 (Thousand Metric Ton)
Figure 29 RoW Menthol Market, By Application, 2018-2030 (Thousand Metric Ton)
Figure 30 RoW Menthol Market, By Region, 2018-2030 (Thousand Metric Ton)
Type Insight and Forecast 2025-2030
Application Insight and Forecast 2025-2030
Global Menthol Market by Region
North America
Europe
Asia-Pacific (APAC)
Rest of the World (RoW)
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