Menthol Market: Introduction
Transparency Market Research delivers key insights on the global menthol market. In terms of revenue, the global menthol market is estimated to expand at a CAGR of ~4% during the forecast period, owing to numerous factors regarding which TMR offers thorough insights and forecasts in its report on the global menthol market.
The global menthol market is broadly affected by several factors, including rise in usage of menthol in the flavoring/additives sector. Thus, expansion in applications of menthol in different sectors is propelling the global menthol market.
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Menthol Market: Dynamics
Several products are commonly used as flavors in chewing gums and candies to generate a pleasant cool sensation that provides a soothing effect on the upper respiratory tract. Menthol is a type of flavor that is widely used as a cooling agent. It provides an essence of freshness in confectioneries.
A new international survey has found that one in four global consumers are buying more confectioneries due to greater variety and novelty of items available in the market. Consequently, consumer curiosity to discover something new and different is leading to more unusual and often bolder flavors and blends, and a greater focus on visual appeal in confectioneries.
Mint flavor is gaining traction in various confectioneries. Menthol is combined with chocolates, marshmallows, and other sweeteners. The confectionery industry in the U.S. totaled approximately US$ 25.4 Bn retail sales in the IRI MULO+C (Multi Outlet plus Convenience Stores) in 2018.
The exponential growth in the food & beverages industry is expected to boost the demand for menthol, as the latter provides cooling effect and freshness to various foods and beverages.
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Menthol Market: Prominent Regions
Europe dominated the global menthol market with 39.7% share in 2019. This trend is anticipated to continue during the forecast period. The demand for oral care products in Europe is boosting the demand for menthol in the region. The menthol market in Asia Pacific is estimated to expand at a healthy CAGR during the forecast period due to growth in food & beverages, pharmaceuticals, and cosmetics sectors in the region.
Menthol Market: Key Players
The global menthol market was highly fragmented in 2019. Major manufacturers collectively accounted for 65.7% share of the global menthol market in 2019. BASF SE, ARCHER-DANIELS-MIDLAND COMPANY, Symrise, Takasago International Corporation, and Nectar Lifesciences Ltd. are the leading players operating in the market.
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BASF SE accounted for a prominent share of 19.6% of the global menthol market in 2019. Its menthol products include L-Menthol FCC and L-Menthol Flakes FCC. The company has taken strategic initiatives to expand its menthol products. For instance, in September 2019, BASF SE acquired Isobionics, a company that serves the global market for natural flavors and fragrances (F&F), and signed an agreement with Conagen, a leader in biotechnology research. Through these moves, BASF SE entered the market for natural F&F ingredients. Along with the production of synthetic aroma ingredients, the company has broadened its portfolio of natural ingredients such as vanillin, nootkatone, and valencene.
ARCHER-DANIELS-MIDLAND COMPANY is another global leader in the menthol market. The company held 15.7% share of global menthol market in 2019.
Global Menthol Market: Segmentation
Menthol Market, by Form
- Crystalline Solid
Menthol Market, by Application
- Medical Products
- Cough Drops
- Nasal Inhalers
- Food & Beverages
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