Global L-Menthol Market Size
Global L-Menthol Market size was USD 706.66 million in 2021 and projected to grow from USD 782.4 million in 2023 to USD 1246.6 million by 2032, exhibiting a CAGR of 5.3% during the forecast period.
Menthol is an organic compound with having chemical formula C10H20O and pure form of menthol exist as a crystalline solid. Menthol generally exists naturally in mint and few other plants. Menthol can be seperated from the leaves by a process called distillation. It can also be created synthetically. The compound menthol is usually utilized in cough, cold remedies and pain-relieving medications due to the soothing properties, flavouring nature in candy, medical products, chewing gums, cigarettes etc.
Market Highlights
Global L-Menthol Market is expected to project a CAGR of 5.3% during the forecast period, 2022-2032
Global L-Menthol Market is expected to reach USD 1246.6 million, growing at a CAGR of 5.3% during forecast period owing to the growing demand for menthol in different industries like food and beverages, pharmaceuticals, and personal care. L-Menthol possess cooling and refreshing properties and the inclination of consumers towards natural and clean label products, is creating demand for the growth of natural L-Menthol derived from plant sources like peppermint. The demand for healthy and sustainable options along with the rising research and development activities may boost new technologies related to L-Menthol and is expected to drive market growth. The advancements in technologies involving formulation techniques and growing potential use of menthol in different industries may uplift the market growth.
Global L-Menthol Market Segmentation
Natural Type segment is expected to grow with high CAGR during the forecast period
Global L-Menthol Market is classified based on the Type into Natural Type, Synthetic Type. Natural Type segment is anticipated to boost the growth of the market during the forecast period owing to the increasing preference of consumers in utilizing natural and clean label products. Natural source L-Menthol is procured from plants like peppermint without utilizing synthetic chemicals. The perception of people in using natural ingredients owing to their health, safety and environmentally friendly nature is anticipated to boost the growth of the segment in the Global L-Menthol market.
Pharmaceuticals segment is expected to grow during the forecast period
Global L-Menthol Market is classified based on the Application into Oral Hygiene, Pharmaceuticals, Confectionaries, Food & Beverages, Tobacco, Others. The Pharmaceuticals segment is anticipated to boost the growth of the market during the forecast period owing to the utilization in analgesic products like ointments, gels, creams etc. and the benefits provided like numbing and cooling properties which aids in reducing the pain, inflammation and soreness. L-Menthol help in minimising mouth irritations by giving a clean, fresh and cooling sensation which are anticipated to drive the demand for growth of the segment in the market.
Market Dynamics
Growth Drivers
Rising Demand for Menthol is Expected to Boost the Growth of the Market
The demand for menthol in various industries is increasing, especially the pharmaceutical industry utilizes L-Menthol in the formulation process which is driving the demand for growth of the market. Increasing prevalence of various health issues and the need to use efficient and safe ingredients in pharmaceutical products will drive the demand for L-Menthol market. L-Menthol is generally utilized in cough and cold medications, topical analgesics, oral products etc and the use of menthol in pain relief treatments is anticipated to create demand for the growth of the global L-Menthol market. L-Menthol provides various opportunities by incorporating menthol in their formulation.
Growing Adoption of Vaping is Expected to Boost the Growth of the Market
The increasing trend for vaping and e-cigarette industry is boosting the market expansion, due to the variable preference of consumers, anticipated minimal harm when compared to cigarettes, and easy accessibility to vaping products. This has a positive impact on the growth of the menthol flavours, even the L-Menthol, due to growing preferences of vaping consumers. The manufacturers of E-cigarette and vaping are constantly aiming to characterize their products by providing different flavours and this availability of menthol-flavoured vaping products along with e-cigarettes is anticipated to drive the industries to boost market growth and demand.
Restraint
Impact of Menthol on Health May Restrain the Growth of the Market
The utilization of menthol in cigar industries had increased which in turn is affecting the health of the consumers, thereby hampering the market growth. The regulatory frameworks acting on utilizing L-Menthol is anticipated to restrain the growth of the Global L-Menthol market.
Recent Developments
- In May 2020, European Union's Tobacco Products Directive prohibited menthol cigarettes which had impacted the market of menthol-related products by reducing the demand.
Global L-Menthol Market
Key Players Covered:
- Nantong Menthol Factory
- Symrise AG
- Swati Menthol & Allied Chem
- Takasago
- Bhagat Aromatics
- Hindustan Mint & Agro Products
- Silverline Chemicals
- Neeru Enterprises
- BASF
- KM Chemicals
- Mentha & Allied Products
- A.G. Industries
- Vinayak
- Arora Aromatics
- Other Prominent Players (Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis)
Regional Analysis
Global L-Menthol Market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific and the Middle East and Africa. Asia Pacific region dominated the market in 2021 and is expected to continue its dominance over the forecast period owing to the increasing L-Menthol market due to growing population, increasing awareness of consumer on oral care and personal hygiene and changing lifestyles which may boost market growth. Certain industries like food and beverage, pharmaceutical, personal care are anticipated to drive the demand for L-Menthol market growth in this region.
Impact of Covid-19 on Global L-Menthol Market
The COVID-19 outbreak had resulted in the economic downfall. Several countries had imposed travel restrictions and lockdown measures to control the spread of virus. There were disruptions in the medical sector which resulted in downfall of the market during the pandemic period. Due to the increased necessity of cough and cold medications during pandemic period, the demand for menthol had spiked. Covid-19 had a significant negative impact on the growth of the Global L-Menthol Market.
Global L-Menthol Market is further segmented by region into:
- North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United States and Canada
- Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – Mexico, Argentina, Brazil and Rest of Latin America
- Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey and Rest of Europe
- Asia Pacific Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia and Rest of APAC
- Middle East and Africa Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – North Africa, Israel, GCC, South Africa and Rest of MENA.
Global L-Menthol Market Scope and Segments:
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ATTRIBUTE |
DETAILS |
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Study Period |
2018-2032 |
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Base Year |
2022 |
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Forecast Period |
2022-2032 |
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Historical Period |
2019-2021 |
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Growth Rate |
CAGR of 5.3% from 2022-2032 |
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Unit |
Value (USD Million) |
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Segmentation |
Main Segments List |
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Type |
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Form |
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Grade |
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Application |
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By Region |
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Frequently Asked Questions (FAQ):
Global L-Menthol Market size was estimated at USD 706.66 million in 2021 and is expected to reach USD 1246.6 million in 2032.
Synthetic Type and Pharmaceuticals segment accounted for the highest growth rate in the Global L-Menthol market.
Leading players: Nantong Menthol Factory, Symrise AG, Swati Menthol & Allied Chem, Takasago, Bhagat Aromatics, Hindustan Mint & Agro Products, Silverline Chemicals, Neeru Enterprises, BASF, KM Chemicals, Mentha & Allied Products, A.G. Industries, Vinayak, Arora Aromatics and Other Prominent Players are the leading players in the Global L-Menthol Market.
Rising Demand for Menthol and Growing Adoption of Vaping are the factors driving the Global L-Menthol market.
The utilization of menthol in cigar industries and the regulatory frameworks acting on using L-Menthol are the challenges associated with the Global L-Menthol Market.
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