Synthetical Menthol Market Size, Share, Growth, and Industry Analysis, By Type (Food Grade Menthol and Pharmaceutical Grade Menthol), By Application (Oral Hygiene, Pharmaceuticals, Tobacco, Confectionaries, and Other), Regional Insights, and Forecast To 2032

Updated On: 08 July 2024

Synthetical Menthol Market Report Overview

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The global synthetical menthol market size was USD 189.1 million in 2022 and the market is projected to touch USD 265.6 million by 2032 at a CAGR of 3.4% during the forecast period.

Menthol is a naturally occurring compound found in mint plants, particularly peppermint and spearmint. It is known for its distinctive minty aroma and cooling sensation when applied to the skin or consumed. Menthol is used in a variety of products, including pharmaceuticals, cosmetics, and food items, due to its flavour, scent, and potential soothing properties.

Synthetic menthol finds diverse applications across industries due to its cooling effect and minty aroma. In pharmaceuticals and personal care, it is used in topical analgesics, cough products, oral care, and skincare. In addition, confectionery and beverages incorporate it for flavour, while aromatherapy and fragrances benefit from its invigorating scent. Also, synthetical menthol is used in tobacco products, insecticides, cleaning items, and more which raise the demand for synthetic menthol.

COVID-19 Impact: Scarcity of Raw Materials to Produce Synthetic Menthol Curbed the Market Evolution

The global COVID-19 pandemic has been unprecedented and staggering, with the synthetical menthol market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.

The COVID-19 pandemic halted the growth of the synthetic products industry including the synthetical menthol market. This global health crisis led to disruptions in global supply chains, including the availability of raw materials and ingredients required for producing synthetic menthol that affected production and availability of the product. Along with this, changes in consumer behaviour and preferences during lockdowns and periods of reduced mobility also impacted the demand for products containing synthetic menthol. However, after the post-pandemic in 2022, the market began to rebound and witnessed a strong demand for synthetic menthol by its key application industries which is likely to rise in the future due to the beneficial properties of menthol. 

Latest Trends

"Growing Adoption of Menthol Derivatives Strengthen the Market Outlook"

In recent years, the market for synthetic products has evolved dramatically including synthetic menthol. A variety of factors are contributing to its potential growth such as ongoing trends, product innovations, and technological advancements. The growing demand for functional ingredients is shaping the market dynamics. As consumers continue to seek products that offer functional benefits, the demand for synthetic menthol in personal care, pharmaceuticals, and other industries might increase due to its cooling and soothing properties. As well as the trend towards sustainability in various industries could lead to an emphasis on environmentally friendly sourcing and production methods for synthetic menthol. As a result, such factors and trends are expected to enhance the demand for synthetic menthol in the market during this projection timeframe. 

Synthetical Menthol Market Segmentation

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• By Type Analysis

According to type, the market can be bifurcated into Food Grade Menthol and Pharmaceutical Grade Menthol.

• By Application Analysis

Based on application, the market can be divided into Oral Hygiene, Pharmaceuticals, Tobacco, Confectionaries, and Other.

Driving Factors

"Growing Consumer Demand for Menthol Stimulates Market Development"

The demand for products containing menthol, whether for its cooling properties, flavour, or fragrance, significantly impacts the market. A number of consumers are looking for menthol-containing products, such as cosmetics products, beverage flavour, and skin-soothing products. This growing demand drives manufacturers to produce more synthetic menthol which potentially leads to growth in the market.

"Expansion of Key End-Use Industry to Enhance the Growth of the Market"

Another significant factor in the market is the rising expansion of the end-use industry. Illustratively, pharmaceuticals, food & beverage, and cosmetics are the key application industries that raise the demand for the product. Thus, the growth of these industries is attributed to boost the synthetical menthol market growth over this forecast. 

Restraining Factors

"Regulatory Hurdles Can Limit the Market Expansion"

Despite, the driving factors, the market has some constraints that can hamper the market progress such as stringent regulatory compliance and concern about using synthetic products. Stringent regulations or restrictions on the production, distribution, or usage of synthetical menthol due to safety concerns, environmental impact, or health considerations could restrict the potential growth of this market. 

Synthetical Menthol Market Regional Insights

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"Asia Pacific is anticipated to Lead the Market with the Existence of the Largest Producer of Synthetic Menthol"

According to the market review, the Asia Pacific region is likely to dominate the market for synthetic menthol due to its strong production capabilities, expertise in the chemical industry, efficient supply chains, large consumer base, favourable regulations, and potentially cost-effective manufacturing. Such factors are attributed to elevating the market in this region. Furthermore, the Asia Pacific region is acknowledged as the major synthetical menthol market share holder globally due to the presence of prominent manufacturers in the region. 

Key Industry Players

"Key Players Invest in R&D to Develop Innovative Menthol Derivatives to Gain Competitive Edge "

With regard to key players, key companies in the industry pursue strategies for high-profit revenue such as diversifying their product range across industries, investing in research and development to innovate unique formulations, maintaining consistent quality, offering value-added services, and building strong brand reputations. Furthermore, they also target niche markets, adhere to stringent regulations, optimize supply chains for efficiency, and form strategic partnerships. 

List of Market Players Profiled

• Agson Global (India)
• Symrise (Germany)
• Nantong Menthol Factory (China)
• Takasago (Japan)
• Tienyuan Chem (China)
• Silverline Chemicals (India)

Report Coverage

This report defines the synthetical menthol market. It emphasizes the market value, expected CAGR, and USD value over the forecast period, before and after the impact of the COVID-19 pandemic restrictions on the international market, and how the industry is going to turn the corner is also stated in the report. The report provides significant market data with its product type and product applications, end-use details, and an idea of the market growth in the future. This report also provides an understanding of the growing market trends and developments and their effects on the market growth, driving factors along with restraining factors that impact the market dynamics. Along with this, the leading region, key players of the market, and their tactics to beat the market competition, sustainable policies, their collaboration, mergers, companies’ profile, previous years’ revenue, profit & loss, and market position based on their share value in the market, are also explained in the report.