Press release
Synthetic Menthol Market by Type & Forecast during 2017 - 2025
Menthol is a crystalline organic compound which can be produced synthetically or obtained naturally from corn mint, mint oil and peppermint, among others. Menthol has high medical and nutritional value; owing to which it is used in various confectionary products such as chewing gums and candies. It is also utilized in pharmaceuticals in ointments, and inhalation products among others. Conventionally, menthol is obtained naturally i.e. by harvesting and processing mints. However, variations in climatic conditions tend to affect the overall menthol supply and also result in volatility in prices. Currently, India and China account for a significant share in overall global natural menthol supply. Demand for menthol from key end use industries has witnessed a steady growth over the past decade. In order to meet this growing demand, efforts were channelized towards adoption of alternative synthetic source for commercial production of menthol.Synthetically obtained menthol is relatively more pure as compared to natural menthol. Also, synthetically obtained menthol is relatively cost effective as compared to naturally obtained menthol. Moreover, supply of raw materials required for synthetic menthol production is ample; thus ensuring consistency in production. Consequently, synthetic menthol has emerged as a viable alternative for natural menthol. Currently, natural menthol dominates the overall consumption of menthol across the globe. However, consumption of synthetic menthol is expected to witness a relatively faster growth over the forecast period.
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Growth of synthetic menthol market is driven, primarily, by increasing demand from key end use industries such as pharmaceuticals, food & beverages, and cosmetics industries, among others. Synthetic menthol is relatively higher in purity. Moreover, over the recent past, drop in crude oil prices has in turn resulted in a drop in prices of raw materials required for the production of synthetic menthol. Thus making production more cost effective. Demand for synthetic menthol has, over the past couple of years, exceeded the actual supply. Moreover, a handful of players operate in global synthetic menthol market. As such supply security is one of the factors that is expected to influence the growth of synthetic menthol market over.
Some examples of market participants in the global synthetic menthol market, as identified across the value chain, include BASF SE, Symrise AG, and Takasago International Corporation, among others. The companies are expected to channelize efforts towards expanding their existing production capacities in order to better address the growing demand for synthetic menthol across the globe.
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