Global menthol market is expected to grow at a significant CAGR in the upcoming period as the
scope and its applications are rising enormously across the globe. Menthol is
also termed as “peppermint camphor”, a terpene alcohol with a strong minty
taste and cooling odor. It is mainly obtained from peppermint oil and is
produced synthetically by hydrogenation of thymol. It is exclusively used
medicinally in nasal inhalers, ointments, and cough drops.
The factors that are
playing a major role in the growth of the market are the growing demand for
fast moving consumer goods like pharmaceutical products, food & beverages,
and personal care. However, the growing awareness regarding the harmful effects
of over dosage of menthol may restrain overall market growth in the years to
come. Menthol market is segmented based on product type, application, and
region.
Synthetic and natural
are the product types that could be explored in menthol market in the forecast
period. The natural sector accounted for the substantial market share of
menthol and is estimated to continue its dominance in the years to come.
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The market may be categorized based on
applications like personal care products, pharmaceuticals, food &
beverages, oral hygiene, confectionaries, and others could be explored in the
forecast period. The personal care sector accounted for the substantial market
share of menthol and is estimated to lead the overall market in the years to
come. In addition, oral hygiene is estimated to grow at the fastest pace in the
years to come.
Globally, Asia Pacific accounted for
the substantial market share of menthol and is estimated to lead the overall
market in the years to come. The reason behind the overall market growth could
be the rising sale of end-use application products, growing disposable income,
and the rise in purchasing power of the general populace. The developing
countries like India, China, South Korea, and Japan are the major consumers of
menthol in this region.
North America and Europe are also
estimated to have a positive influence on future growth. North America is the
second largest region with significant market share. However, Europe is
estimated to grow at the highest CAGR in the forecast period. The key players
of the menthol market are KM Chemicals, J M Loveridge plc, spectrum chemicals,
Procter and Gamble, Symrise AG, and Natural Sourcing Inc. These players are
concentrating on inorganic growth to sustain themselves amidst fierce
competition.
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