India
China
United States
Germany
JapanMenthol prices experienced a mixed trend across global markets including China, the USA, Germany, and Japan during Q1 2025. Menthol prices gained momentum in January and February, driven by strong seasonal demand from oral care, confectionery, and pharma sectors.
The USA and Europe saw improved offtake from cough suppressant and lozenge manufacturers, while Chinese buyers stepped up procurement amid expectations of tightening inventories. However, by March, Menthol prices slipped slightly as buyers slowed down fresh contracts following earlier restocking and a return to steady Mentha oil supply in India.
This shift signalled cautious sentiment despite firm underlying consumption. According to PriceWatch, the quarter ended with Menthol prices assessed at USD 15052 per metric ton CIF Shanghai (Natural Crystal).
Menthol prices declined steadily across key global destinations USA, China, Germany, and Japan throughout Q2 2025. Weak consumption trends in oral hygiene, flavouring, and pharmaceutical sectors weighed heavily on demand, especially in Western markets.
The USA saw reduced industrial activity in flavour formulation and consumer healthcare, while Chinese and German buyers remained cautious amid high inventories and soft retail offtake. Japanese demand also dipped due to subdued OTC pharma sales.
On the supply side, ample availability of Mentha oil in India, coupled with minimal logistical disruptions, kept cost pressures low, adding further downward momentum to prices. According to PriceWatch, Menthol prices have been assessed at USD 14380 per metric ton CIF Houston (Natural Crystal) after the conclusion of Q2 2025.
Menthol prices followed a mixed trajectory during Q1 2024 across major markets including China. The quarter began with a subdued tone in January and February, attributed to sluggish demand from oral care and pharmaceutical sectors, alongside elevated inventories carried forward from Q4 2023. Buyers across regions adopted a wait-and-watch strategy amid steady Mentha oil supplies and weak seasonal consumption.
However, a noticeable price rebound emerged in March 2024, driven by renewed procurement from the pharmaceutical and flavouring industries, particularly in China and the USA, as seasonal restocking kicked in ahead of Q2. According to PriceWatch, the quarter ended with Menthol prices assessed at USD 15731 per metric ton CIF Shanghai (Natural Crystal).
Menthol prices declined consistently throughout Q2 2024 across major markets including the USA, China, Germany, and Japan. The subdued trend was driven by weak downstream demand from oral hygiene, flavouring, and pharmaceutical industries, particularly in the USA and Europe where consumer spending slowed. Additionally, high inventory levels from prior quarters led buyers to delay fresh procurement.
China and Japan also witnessed muted buying amid steady domestic supply and currency-related import hesitations. On the supply side, stable Mentha oil prices in India and smooth export logistics offered no cost-side support, reinforcing the downward momentum. According to PriceWatch, the quarter ended with Menthol prices assessed at USD 14601 per metric ton CIF Houston (Natural Crystal).
Menthol prices remained firm across Germany, the USA, China, and Japan during the early part of Q3 2024, supported by improved demand from oral care, pharma, and flavoring sectors. July and August recorded healthy buying interest, especially from European and North American OTC medicine manufacturers, driven by forward planning for the upcoming flu season. Additionally, restocking by Chinese and Japanese buyers added to the upward pressure.
However, by September, Menthol demand slowed as buyers paused amid sufficient inventory coverage and easing Menthol prices in India. This shift led to a softening of prices toward the quarter-end. According to PriceWatch, Menthol prices ended Q3 2024 at USD 15154 per metric ton CIF Hamburg (Natural Crystal).
Menthol prices across Japan, the USA, China, and Germany witnessed a gradual turnaround during Q4 2024. October began with subdued Menthol pricing due to weak offtake from oral hygiene and pharma sectors, along with excess inventories carried over from Q3. However, by November, Menthol demand rebounded across all major regions, driven by winter-related consumption in OTC pharmaceuticals, nasal decongestants, and lozenges.
Japan and the USA saw improved restocking activity, while Chinese and European buyers returned to the market anticipating further seasonal tightening. Stable Menthol supply from India ensured price increases remained moderate and supply chains ran smoothly. According to PriceWatch, the quarter ended at USD 14888 per metric ton CIF Yokohama (Natural Crystal).
Menthol prices on an Ex-Moradabad basis witnessed a mixed trend during Q1 2025. January and February recorded firm pricing supported by robust domestic and export demand from the oral care and OTC pharmaceutical sectors.
Buyers across India and overseas resumed procurement following the year-end break, anticipating a seasonal rise in consumption. However, by March, Menthol prices softened slightly as demand from exporters slowed, particularly from buyers in the USA and Europe who had already secured their initial volumes.
Additionally, steady availability of Mentha oil and easing logistics reduced cost-side pressure, triggering a mild correction. According to PriceWatch, the quarter ended with Menthol prices at USD 14888 per metric ton Ex-Moradabad (Natural Crystal).
Menthol prices under the FOB JNPT basis declined steadily across the quarter, reflecting persistent weakness in global demand. Export orders from major destinations such as the USA, China, and Europe remained subdued due to sluggish consumption in oral hygiene, confectionery, and pharmaceutical sectors.
Buyers continued to delay purchases amid high inventories and cautious restocking. On the domestic side, stable to slightly lower Mentha oil prices and uninterrupted supply from manufacturing hubs such as Uttar Pradesh added further downward pressure.
Lack of seasonal demand drivers and a soft global market sentiment weighed heavily on export realizations. According to PriceWatch, the quarter ended with Menthol prices at USD 14203 per metric ton FOB JNPT (Natural Crystal).
Menthol prices followed a mixed trajectory during Q1 2024. The quarter began with a downward trend in January and February due to limited buying from domestic processors and sluggish exports. Buyers in the oral care, pharma, and flavouring sectors showed restraint in procurement, relying on existing inventories while waiting for clearer market direction.
However, March witnessed a modest recovery in prices, supported by restocking from regional distributors and renewed export interest ahead of Q2. Improved demand from OTC pharma and flavour manufacturers contributed to this late-quarter firming. According to PriceWatch, the quarter ended with Menthol prices at USD 15553 per metric ton Ex-Moradabad (Natural Crystal).
Menthol prices under the FOB JNPT basis declined consistently throughout Q2 2024. Weaker export demand from key markets such as the USA, Germany, and China weighed on overall sentiment. Buyers remained cautious due to high inventories, especially in the oral care and pharmaceutical segments, which resulted in reduced contract renewals.
Additionally, the Indian domestic market also witnessed limited bulk buying, with downstream processors slowing operations amid subdued retail consumption. Ample Mentha oil availability and no major cost-side pressures further reinforced the declining trend throughout the quarter. According to PriceWatch, the quarter ended at USD 14322 per metric ton FOB JNPT (Natural Crystal).
Menthol prices on an Ex-Moradabad basis experienced a firm trend during the early part of Q3 2024. July and August saw increased domestic and export-oriented buying, supported by rising demand from the pharmaceutical, oral care, and flavouring sectors preparing for the upcoming seasonal uptick. Strong demand from processing units and stockists in Northern India also kept market sentiment bullish.
However, prices declined slightly in September as buying slowed and inventories remained sufficient across key consuming industries. Additionally, steady Mentha oil supply and mild export booking delays contributed to the late-quarter softness. According to PriceWatch, the quarter ended with Menthol prices at USD 14843 per metric ton Ex-Moradabad (Natural Crystal).
Menthol prices under the FOB JNPT route showed a recovery trend through Q4 2024 after a weak start in October. The initial decline was driven by low export activity and limited demand from key buyers in the USA and Europe.
However, from November onward, prices gained support due to renewed orders from international markets, particularly the pharma and oral care sectors preparing for winter season demand. Improved buying interest from global flavor and fragrance industries also helped stabilize sentiment.
With Mentha oil prices holding steady and strong export momentum resuming, prices gradually climbed through the remainder of the quarter. According to PriceWatch, the quarter ended at USD 14818 per metric ton FOB JNPT (Natural Crystal).
Molecular Weight[g/mol]
CAS No
HS Code
Molecular Formula
Menthol is a naturally occurring, cyclic terpene alcohol derived primarily from the distillation of Mentha arvensis (mint) oil. It appears as colourless to white crystals and is known for its distinctive cooling sensation and minty aroma. Menthol is widely used in pharmaceuticals, oral care products, cosmetics, personal care formulations, and tobacco flavouring. Its sensory cooling effect and soothing properties make it a critical ingredient in balms, lozenges, mouthwashes, and toothpaste.
Packaging Type
Menthol Grades Covered
Incoterms Used
Synonym
PriceWatch Quotation Terms:
Ex-Location: This incoterm refers to a shipping agreement where the seller makes the goods available at their premises, and the buyer is responsible for all transportation costs, including shipping, insurance, and any other fees.
CIF: CIF refers to the Cost, Insurance, and Freight (CIF) terms for goods. Under CIF terms, the seller is responsible for the cost of goods, insurance, and freight charges until the goods reach the port of destination.
FD: FD stands for Free Delivered where the seller takes full responsibility for delivering goods to the location/port. This ensures the buyer receives the goods at the designated port with all necessary costs, except import duties, covered.
FOB: FOB refers to the Free On-Board shipping term, where the seller is responsible for the cost and risk of delivering the goods to the port. Once the goods are on board the vessel, the responsibility shifts to the buyer for all costs, including shipping and insurance.
| Property | Specification |
| Appearance | White to colorless crystalline powder |
| Odor | Strong, pleasant minty odor |
| Melting Point (°C) | 41–44 |
| Purity (%) | ≥99.5% |
| Optical Rotation | –49° to –51° |
| Residue on Ignition (%) | ≤0.05 |
| Loss on Drying (%) | ≤0.3 |
| Heavy Metals (ppm) | ≤10 ppm |
| Solubility | Slightly soluble in water; freely soluble in ethanol |
| Identification Tests | IR, TLC or GC (as per pharmacopeial standard) |
| Storage Conditions | Cool, dry place away from sunlight |
Menthol Applications
Menthol is a versatile compound extensively used across various industries due to its cooling effect, aromatic profile, non-toxicity, and soothing properties. In the pharmaceutical sector, it is a key ingredient in topical pain relievers, cough syrups, lozenges, and nasal inhalers. The FMCG and oral care industries use menthol in toothpaste, mouthwash, and shaving gels for its refreshing sensation. In the tobacco industry, menthol is added to cigarettes, gutkha, and chewing tobacco as a flavor enhancer. It is also used in cosmetics and personal care products such as balms, creams, and perfumes. Additionally, synthetic and natural menthol are utilized in flavoring agents for foods and beverages, and in some industrial products for its mild anesthetic and cooling properties.
These events highlight the Menthol market’s sensitivity to various global factors, emphasizing the need for ongoing monitoring of supply and demand trends.
PriceWatch is your trusted resource for tracking global menthol price trends. Our platform delivers real-time data and expert analysis, offering deep insights into the key factors driving price fluctuations in the menthol market. By monitoring critical events such as geopolitical tensions, supply chain disruptions, and economic shifts, PriceWatch keeps you fully informed of market dynamics.
In addition, PriceWatch provides detailed forecasts and updates on production capacities, enabling you to anticipate market changes and make well-informed decisions. With PriceWatch, you gain a competitive edge in understanding all the elements that influence menthol prices worldwide. Stay ahead of the curve with PriceWatch’s reliable, accurate, and timely menthol market data.
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This research methodology ensures that PriceWatch delivers the most accurate, timely, and actionable Menthol pricing assessments, helping our clients stay ahead of market trends and make informed business decisions.
Molecular Weight[g/mol]
CAS No
HS Code
Molecular Formula
Menthol is a naturally occurring, cyclic terpene alcohol derived primarily from the distillation of Mentha arvensis (mint) oil. It appears as colourless to white crystals and is known for its distinctive cooling sensation and minty aroma. Menthol is widely used in pharmaceuticals, oral care products, cosmetics, personal care formulations, and tobacco flavouring. Its sensory cooling effect and soothing properties make it a critical ingredient in balms, lozenges, mouthwashes, and toothpaste.
Packaging Type
Grades Covered
Incoterms Used
Synonym
PriceWatch Quotation Terms:
Ex-Location: This incoterm refers to a shipping agreement where the seller makes the goods available at their premises, and the buyer is responsible for all transportation costs, including shipping, insurance, and any other fees.
CIF: CIF refers to the Cost, Insurance, and Freight (CIF) terms for goods. Under CIF terms, the seller is responsible for the cost of goods, insurance, and freight charges until the goods reach the port of destination.
FD: FD stands for Free Delivered where the seller takes full responsibility for delivering goods to the location/port. This ensures the buyer receives the goods at the designated port with all necessary costs, except import duties, covered.
FOB: FOB refers to the Free On-Board shipping term, where the seller is responsible for the cost and risk of delivering the goods to the port. Once the goods are on board the vessel, the responsibility shifts to the buyer for all costs, including shipping and insurance.
| Property | Specification |
| Appearance | White to colorless crystalline powder |
| Odor | Strong, pleasant minty odor |
| Melting Point (°C) | 41–44 |
| Purity (%) | ≥99.5% |
| Optical Rotation | –49° to –51° |
| Residue on Ignition (%) | ≤0.05 |
| Loss on Drying (%) | ≤0.3 |
| Heavy Metals (ppm) | ≤10 ppm |
| Solubility | Slightly soluble in water; freely soluble in ethanol |
| Identification Tests | IR, TLC or GC (as per pharmacopeial standard) |
| Storage Conditions | Cool, dry place away from sunlight |
Applications
Menthol is a versatile compound extensively used across various industries due to its cooling effect, aromatic profile, non-toxicity, and soothing properties. In the pharmaceutical sector, it is a key ingredient in topical pain relievers, cough syrups, lozenges, and nasal inhalers. The FMCG and oral care industries use menthol in toothpaste, mouthwash, and shaving gels for its refreshing sensation. In the tobacco industry, menthol is added to cigarettes, gutkha, and chewing tobacco as a flavor enhancer. It is also used in cosmetics and personal care products such as balms, creams, and perfumes. Additionally, synthetic and natural menthol are utilized in flavoring agents for foods and beverages, and in some industrial products for its mild anesthetic and cooling properties.
Menthol prices are shaped by the availability of Mentha oil, which depends on crop yield, weather, and farm-level production trends in India. Global demand from pharma, FMCG, and tobacco sectors also plays a crucial role. Additionally, synthetic menthol production, particularly from China and Germany, adds pricing pressure. Other factors include currency rates, trader speculation, and export-import regulations.
To forecast menthol prices, procurement heads should track mentha sowing acreage, monsoon updates, stock positions at trader and farmer levels, and synthetic menthol trends globally. Accessing weekly mandi-level data, monitoring government policy changes, and subscribing to analytical tools like PriceWatch provides early warning signals for price shifts.
Sustainably sourced menthol, particularly those verified for ethical farming, pesticide-free cultivation, or organic labeling, may have slightly higher costs. However, it aligns with consumer health concerns and regulatory demands in pharmaceuticals and cosmetics. For long-term partnerships, sustainable sourcing also reduces reputational and compliance risks.
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