Synthetic menthol is a crystalline organic compound which is produced synthetically or obtained naturally from mint oil, corn mint, and peppermint. Synthetic menthol is a cyclic hydrocarbon with an alcohol group, which is a colorless solid at room temperature. Menthol has high medical and nutritional value; therefore, it is widely used in various products such as chewing gums and candies. It is also used in pharmaceuticals such as ointments and inhalation products. Synthetic menthol is obtained naturally by harvesting and processing mint leaves.
Synthetic Menthol Market: Developments & Trends
The synthetic menthol market is driven by increasing demand from key end-use industries such as food & beverages, pharmaceuticals, and cosmetics. Synthetic menthol finds applications in a wide range of personal care products such as toothpaste and dental care applications. It is extensively used as by the pharmaceutical industry to manufacture non-prescription analgesic to treat minor aches, sprains, cramps, and pains. It is widely used as an antipruritic to reduce itching and minor throat or mouth irritation. It is also used in decongestant formulations for throat and chest and as mineral ice for treating minor skin burns in first aid kits. Synthetic menthol is often employed for providing a cooling effect in personal care products such as hair shampoos, aftershaves, and beauty & skin care products.
Synthetic menthol is relatively higher in purity than natural menthol. Furthermore, decline in crude oil prices has decreased the prices of raw materials that required for the production of synthetic menthol in the past few years. This, in turn, affects the production cost.
Synthetic Menthol Market: Segmentation
The synthetic menthol market can be segmented based on grade, application, and region. In terms of grade, the market can be classified into pharmaceutical, food, and others. The pharmaceutical segment accounted for a large share of the market in 2018 due to the rise in its use for making medicines, which helps reduce itching and irritation.
Based on application, the market can be segregated into pharmaceuticals, food & beverages, cosmetics, oral hygiene, and others. The pharmaceutical segment is projected to constitute a dominant share of the market during forecast period due to high consumption of synthetic menthol in the production of ointments and inhalation products.
Synthetic Menthol Market: Regional Outlook
In terms of region, the global synthetic menthol market can be divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific is a key region of the global market. The region accounted for a dominant share of the global market, followed by Europe and North America. In terms of volume and value, Asia Pacific accounted for a major share of the global synthetic menthol market due to high sales products such as food & beverages and toothpastes. The market in Asia Pacific is anticipated to expand at a rapid pace during the forecast period due to the presence of highly populated countries, China and India, both countries are growing rapidly and the disposable income and purchase power parity is rising in these countries. This, in turns, is expected to drive the demand for consumer goods and synthetic menthol. In terms of production and consumption, North America is a key region for the global market due to the growth in industries such as chemicals, pharmaceuticals, and food & beverages in countries such as the U.S. Therefore, the market in the region is projected to expand during the forecast period.
Synthetic Menthol Market: Key Players
Key players operating in the global synthetic menthol market include J M Loveridge plc, Procter and Gamble, Natural Sourcing Inc., Spectrum chemicals, BASF SE, Symrise AG, and Takasago International Corporation.