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ChinaIn the second quarter of 2024, menthol prices in India decreased by -0.5%, due to increased demand from key end-use industries like pharmaceuticals, cosmetics, and food and beverages. This slight drop was due to efficient inventory management and increased production capacity. Manufacturers were able to maintain steady market conditions, resulting in a small but notable reduction in prices during the period. The same price trend of menthol is observed in China.
In Q1 2024, menthol prices remained stable, particularly in major manufacturing regions like India, due to a balanced supply and demand. Adequate production levels and efficient inventory management helped key producers meet downstream needs without price fluctuations. This stability in India influenced importing nations like China, ensuring predictability for both manufacturers and buyers.
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.
Track PriceWatch's menthol price assessment on a weekly basis since 2015 onwards, along with short-term forecasts, and get access to the detailed report in a downloadable format.
During Covid period price of Menthol decreased sharply in the first half and remained stable for the next half of 2020. Feedstock Mentha prices fell significantly which eased the cost support for Menthol.
As economies started recovering from the pandemic, demand for personal care products surged, including menthol-based products.
Supply-Demand Mismatch: Supply shortages continued, as agricultural production took time to stabilize, leading to temporary price hikes in menthol.
High Input Costs: Rising costs of Mentha oil, driven by limited supply and higher production costs, kept menthol prices elevated.
The global inflationary environment, driven by higher energy and transportation costs, had an impact on menthol prices.
Increase in Production Capacity: Major producers in India and China expanded their production capacities to meet growing demand from pharmaceutical, cosmetic, and food industries, which helped ease some supply pressures by the end of the year.
Consumer Shift to Natural Products: The ongoing trend toward natural and organic products boosted demand for natural menthol over synthetic variants, putting additional pressure on supply.
The ongoing energy crisis led to higher costs of production, impacting menthol manufacturers, particularly in regions dependent on energy imports.
Rising Sustainability Concerns: Increasing focus on sustainable sourcing and manufacturing practices also pushed some companies to innovate or adopt greener methods, which affected short-term production and supply chains.
Stabilization in Raw Material Prices: By mid-2023, Mentha oil prices stabilized due to better crop yields in India, helping to bring some stability to menthol prices.
Overall, the menthol market experienced significant volatility due to macroeconomic factors like the pandemic, inflation, and supply chain disruptions. However, the market has shown resilience due to consistent demand in key end-use sectors, particularly pharmaceuticals and personal care products
On-the-Ground Intelligence: Our team gathers insights directly from key market participants, including producers, suppliers, traders, and end-users, across major Menthol production hubs. This ground-level intelligence is crucial for understanding localized market dynamics.
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]
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Molecular Formula
Menthol is a naturally occurring compound derived from peppermint oil or synthesized from menthone. It has a cooling sensation and is widely used in pharmaceuticals, cosmetics, and food products for its soothing properties. In the pharmaceutical industry, menthol is commonly used in topical analgesics, cough medicines, and oral care products due to its mild anesthetic and anti-inflammatory effects. Major producers of menthol include companies like Symrise, Lanxess, and Mentha & Allied Products. The production process involves extracting menthol from peppermint oil or synthesizing it through catalytic hydrogenation of menthone. The refined menthol is then used in various applications, ranging from mentholated cigarettes to cosmetic formulations, providing a refreshing and cooling effect.
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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.
| Characteristics | Specification | Test Method |
| Description | Colourless, clear liquid, Odour Characteristic and pleasant of minty. | Visual |
| Appearance of Solution | Clear and Colourless | Visual |
| Acidity & Alkalinity | Neutral | Visual |
| Optical Rotation at 25˚C | -45˚ to -49˚ | Digital polarimeter |
| L – Menthol | Min 96.0% | Gas Chromatography |
| Total Menthol Content (TMC) | Min 97.0% |
Gas Chromatography |
Applications
Menthol used in Pharmaceuticals, Food and Beverages and Cosmetics and Personal Care, Tobacco Products, Household Products, and Veterinary Medicine.
Menthol prices are shaped by several factors, with supply and demand being key drivers, particularly for natural menthol derived from mint plants like peppermint. Crop yield fluctuations, especially in India, a leading producer, can significantly affect supply and pricing. Synthetic menthol, produced from petrochemical feedstocks, is also influenced by the cost and availability of raw materials such as ethylene, which is impacted by crude oil prices. Additionally, seasonal demand spikes in industries like oral care, cooling agents, and pharmaceuticals further contribute to price volatility, making continuous market monitoring crucial for procurement decisions.
Natural menthol, derived from mint crops, typically carries a price premium due to its organic nature and dependency on agricultural cycles. On the other hand, synthetic menthol, made from petrochemicals like ethylene, may have more stable pricing but is sensitive to fluctuations in raw material costs (such as crude oil prices). Procurement heads often compare the two types to balance cost efficiency and product requirements, especially when there are fluctuations in supply or demand for either natural or synthetic variants.
Buying Menthol in bulk provides several key benefits for procurement heads. Suppliers often offer discounts on larger orders, which helps reduce the cost per unit. With larger purchases, buyers also have more room to negotiate better deals and pricing. Bulk buying allows companies to set up fixed pricing agreements, which can guard against future price changes in the market. Additionally, fewer shipments mean lower transportation and handling costs, which further reduces overall expenses.
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