ALBANY, N.Y., April 6, 2021 /PRNewswire/ — Menthol is a crystalline organic compound that can be synthesized or derived naturally from plants such as peppermint, mint oil, and corn mint. Menthol is utilized in an extensive variety of confectionary items such as candies, cough drops, and chewing gums because of its high nutritional and medicinal value. It is also utilized in pharmaceuticals, such as in inhalation items and ointments amongst many others. Such extensive use of the product is estimated to foster growth of the global menthol market in the years to come. Menthol is traditionally extracted by collecting and processing mint leaves. Changes in climatic conditions, on the other hand, appear to affect the total supply of menthol and cause instability in the global menthol market in the near future.
Despite the Food and Drug Administration’s (FDA’s) continuing scrutiny of the health quotient associated with menthol, these products have stayed free from significant regulatory bans across the globe, resulting in steady development in the global menthol market. This trend is expected to continue throughout the assessment timeframe. Another major factor anticipated to augment market growth is high demand for menthol from the food and beverage sector. There is a growing demand for sweet-tasting flavorings, especially amongst the young adults around the world, which is likely to foster growth of the global menthol market in the years to come.
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During the forecast period, the global menthol market is expected to develop at a growth rate of 4% CAGR. Numerous factors influence the global menthol market, comprising increased use of menthol in the flavouring /additives industry. As a result, the global menthol market is being driven by the expansion of menthol applications in various industries.
Key Findings of Market Report
- Growing Popularity of Menthol Cigarettes to add Fillip to the Market
As manufacturers of cigarette begin to market menthol cigarettes as a “refreshing” and “cool” product, tobacco companies are increasingly adopting it. In addition to that, tobacco companies manufacture menthol cigarettes to cater to new customers, as menthol cigarettes are considered more attractive than plain cigarettes. Furthermore, as tobacco producing companies keep investing in menthol cigarettes’ advertisements and branding that feature nature, water, and other soothing elements, the desire for menthol cigarettes has grown across the globe.
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Menthol cigarettes have a sizable market share in the combustible cigarette space in the current market environment. Furthermore, the menthol market is expected to expand at a steady rate as a growing number of new smokers choose menthol cigarettes over traditional cigarettes. Whilst sales of menthol cigarette continue to rise year after year, increasing public awareness about the adverse effects of tobacco products and tobacco is predicted to stifle demand for menthol cigarettes later during the forecast timeframe.
- Increased Research and Development Activities to Extend its Application in the Medical Field
During the period of assessment, research and development activities are projected to play a significant role in the overall development of the global menthol market. Menthol has come up as one of the most successful pain management solutions in the medical field as a result of numerous research and development activities. In addition to that, since menthol is comparatively effective and safe in the treatment of a wide variety of painful conditions, such as musculoskeletal pain, sports injuries, and migraines, the demand for menthol in topical analgesic products is increasing. This factor is estimated to provide significant opportunities to those involved in the existing menthol industry. The ongoing research into menthol will pave the way for opioid analgesic alternatives as well as new avenues for the development of novel non-opioid analgesics.
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Menthol Market: Growth Drivers
- Menthol-containing topical products are utilized to treat a wide variety of conditions, including arthritis-related pain, joint pain, back pain, and muscle strain. These items come with a calming effect that can provide relief from pain and warmth.
- Menthol refers to a covalent organic compound that can be extracted from peppermint or any other mint oil or produced synthetically utilising chemical process. It is commonly utilized in tongue sprays, toothpastes, and mouthwashes as well as other oral hygiene and bad breath remedies.
Global Menthol Market: Key Competitors
- The Archer-Daniels-Midland Company
- Takasago International Corporation
- BASF SE
- Nectar Lifesciences Ltd.
- Symrise AG
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