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Menthol Price Trend and Forecast

UNSPC code: 51241880
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⟳ Weekly Update
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Historical Data Since 2015
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Forecast for 2026

menthol Price Trends by Country

inIndia
cnChina
usUnited States
deGermany
jpJapan

Global menthol Spot Market Prices, Trend Analysis and Forecast

Menthol Price Trend Q3 2025

In Q3 2025, the global Menthol market experienced slight softness, led by steady supply from South Asian producers and balanced demand from pharmaceutical, flavour, and personal care sectors. Export prices from South Asia edged lower despite timely shipments and stable supply chain conditions, while import markets in North America, East Asia, and Europe also showed modest declines amid sufficient inventories and measured procurement.

Buyers across major consuming regions maintained cautious purchasing patterns, ensuring smooth trade flows without significant disruptions. As a whole, market sentiment remained steady and balanced, with prices showing limited movement through the quarter.

India

Menthol Natural Crystal Exported price from India, Assay Min 99% (USP/IP/BP/EP).

According to Price-Watch, in Q3 2025, Menthol prices in India have softened slightly, reflecting stable global demand from pharmaceutical and flavour industries. FOB JNPT prices have decreased by 0.77% to USD 13,000–15,000 per metric ton. In September 2025, Menthol prices in India have gone up by 0.45% compared to August 2025.

Exporters have sustained steady shipment schedules despite minor price adjustments, with established international buyers continuing regular procurement. Supply chain conditions have stayed stable, supporting consistent export flows to major consuming markets and shaping a balanced Menthol price trend in India.

United States

Menthol Natural Crystal Imported price in USA from India, Assay Min 99% (USP/IP/BP/EP).

In Q3 2025, Menthol prices in the USA declined moderately due to steady supply from Indian producers and balanced demand from pharmaceutical and consumer product manufacturers. CIF Houston prices have fallen by 3.17%, ranging between USD 13,000–15,000 per metric ton.

In September 2025, Menthol prices in the USA declined by 0.38% compared to the previous month. Importers have reported consistent availability while buyers maintained selective procurement amid adequate inventory levels and stable consumption patterns, resulting in a steady Menthol price trend in the USA.

China

Menthol Natural Crystal Imported price in China from India, Assay Min 99% (USP/IP/BP/EP).

Menthol prices in China have softened in Q3 2025 amid steady supply from Indian exporters and moderate demand from pharmaceutical and flavor industries. CIF Shanghai prices declined by 2.55%, trading between USD 14,000–15,000 per metric ton. According to Price-Watch, in September 2025, Menthol prices in China have decreased slightly by 0.14% compared to August 2025.

Market participants have noted consistent import flows while domestic buyers have adopted cautious procurement strategies amid balanced inventory positions and stable downstream consumption, resulting in a mild Menthol price trend in China.

Germany

Menthol Natural Crystal Imported price in Germany from India, Assay Min 99% (USP/IP/BP/EP).

In Q3 2025, Menthol prices in Germany decreased moderately, influenced by steady supply from Indian producers and balanced demand from pharmaceutical and cosmetic sectors. CIF Hamburg prices have fallen by 2.82%, ranging between USD 13,000–15,000 per metric ton.

In September 2025, Menthol prices in Germany declined slightly by 0.21% compared to the prior month. European buyers maintained regular procurement while inventory levels have remained adequate, supporting stable trading conditions and a consistent Menthol price trend in Germany throughout the quarter.

Japan

Menthol Natural Crystal Imported price in Japan from India; Assay Min 99% (USP/IP/BP/EP)

Menthol prices in Japan declined slightly in Q3 2025 due to consistent supply from Indian exporters and moderate demand from pharmaceutical and personal care manufacturers. CIF Yokohama prices dropped by 2.85%, trading between USD 13,000–15,000 per metric ton.

According to Price-Watch, in September 2025, Menthol prices in Japan decreased by 0.16% compared to August 2025. Importers have reported steady availability while buyers have maintained measured procurement strategies amid stable inventory levels and consistent downstream consumption, reflecting a balanced Menthol price trend in Japan.

Menthol Price Trend Analysis: Q2 2025

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 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 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 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 Price Trend Analysis: Q4 2024

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 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).

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 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 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 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 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 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).

Technical Specifications of Menthol Price Trends

Product Description

Menthol is a naturally occurring organic compound derived mainly from peppermint and other mint oils through processes of extraction and crystallization. It forms colorless crystals or a white crystalline powder with a distinct cooling effect and refreshing mint aroma.

Chemically, menthol is known for its soothing, aromatic, and mildly analgesic characteristics, offering a pleasant sensory experience. Its stability, low toxicity, and consistent quality in both natural and synthetic forms make it a valuable compound in various formulations that require cooling and aromatic properties.

Identifiers and Classification:

  • CAS No: 89-78-1
  • HS code – 29061100
  • Molecular Formula: C₁₀H₂₀O
  • Molecular Weight[g/mol]: 156.27

 

Menthol Synonyms:

• Hexahydrothymol
• (−)-Menthol (natural form)
• (+)-Menthol (synthetic form)
• dl-Menthol (racemic mixture)
• Peppermint Camphor
• Mentha Crystals
• Cyclohexanol, 5-methyl-2-(1-methylethyl)-
• Menthol Crystals

 

Menthol Grades Specific Price Assessment:

  • Natural Crystal Assay Min 99%(USP/IP/BP/EP)

 

Menthol Global Trade and Shipment Terms

  • Quotation Terms (Product & Country Specific): 10-15 MT
  • Packaging Type (Product & Country Specific): 25kg Drum

 

Incoterms Referenced in Menthol Price Reporting

Shipping Term  Location  Definition 
Ex-Moradabad  Moradabad, India  Domestically traded Menthol price in Moradabad 
FOB JNPT  JNPT, India  Menthol export price from India 
CIF Houston (India)  Houston, USA  Menthol import price in USA from India 
CIF Shanghai (India)  Shanghai, China  Menthol import price in China from India 
CIF Hamburg (India)  Hamburg, Germany  Menthol import price in Germany from India 
CIF Yokohama (India)  Yokohama, Japan  Menthol import price in Japan from India 

Quotation Terms refers to the quantity range specified for the Menthol being quoted or offered in a commercial transaction.

Packaging Type refers to standard packaging size commonly used for Menthol packing, ease of handling, transportation, and storage in industrial and commercial applications.

Menthol Manufacturers

Manufacturer 
Arora Aromatics Pvt. Ltd. 
Hindustan Mint & Agro Products Pvt. Ltd. 
N S Mint Products Pvt. Ltd. 
Symrise AG 
Takasago International 
BASF SE 
Zhejiang NHU Co. Ltd. 

Menthol Industrial Applications

menthol market share end use

Historically, several events have caused significant fluctuations in Menthol prices

  • Weather-Related Crop Damage in India (2021–2023): Unseasonal rains, heatwaves, and droughts in major Mentha-growing regions like Uttar Pradesh reduced crop yields, leading to tight Mentha oil supply and upward pressure on menthol prices.
  • China’s Environmental Crackdown (2018–2019): Stricter environmental inspections in China disrupted synthetic menthol production, reducing global supply and supporting higher natural menthol prices.
  • COVID-19 Pandemic Disruptions (2020–2021): Lockdowns and labor shortages affected Mentha harvesting, processing, and exports, while international shipping delays led to short-term price spikes and market volatility.
  • Regulatory Bans on Gutkha/Tobacco Products in India (2012–2015): State-level bans on gutkha and flavored tobacco reduced domestic demand for menthol, causing a notable price decline during those years.
  • Speculative Hoarding by Traders (2016–2020): Anticipation of price increases led to stockpiling of Mentha oil and menthol by traders, temporarily inflating prices before sudden market corrections.

 

These events highlight the Menthol market’s sensitivity to various global factors, emphasizing the need for ongoing monitoring of supply and demand trends.

Why PriceWatch?

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.

Data Collection and Sources​

  • Real-Time Market Data: PriceWatch aggregates real-time pricing data from a diverse range of sources, including global commodity exchanges, industry reports, and proprietary databases. This ensures that our assessments reflect the most current market conditions.
  • 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.
  • Supply Chain Monitoring: We track the entire Menthol supply chain, from raw material availability (e.g., Mentha oil) to production and distribution channels. This includes monitoring feedstock prices, production capacities, and transportation logistics.

Event Tracking and Impact Analysis​

  • Geopolitical Tensions: PriceWatch continuously monitors global geopolitical developments, such as conflicts or trade disputes and production of benzene. which can significantly impact Menthol prices. Our analysis includes potential disruptions to supply chains and their immediate and long-term effects on pricing.
  • Natural Disasters and Climate Events: We assess the impact of natural disasters, such as hurricanes or winter storms, on Menthol production facilities, particularly in vulnerable regions like the India East Coast. These events are factored into our price forecasts and supply outlooks.
  • Economic Shifts: PriceWatch evaluates macroeconomic trends, including global economic growth, inflation rates, and sector-specific demand (e.g., Personal care & Cosmetics, Industrial cleaners, Detergents and cleaning products and household cleaners), to predict shifts in Menthol.

Production Capacity and Supply Analysis

  • Current Production Monitoring: We maintain a comprehensive database of global Menthol production facilities, tracking their operational status, maintenance schedules, and output levels. This allows us to assess current supply availability accurately.
  • Future Capacity Projections: Our research includes detailed forecasts of upcoming Menthol production capacities, factoring in new plant constructions, expansions, and technological advancements. This helps in predicting future supply trends and potential price stabilization.

Demand Forecasting

  • Sectoral Demand Analysis: PriceWatch provides in-depth analysis of demand trends across key sectors, including packaging, automotive, and construction. We track year-on-year demand growth and project future consumption patterns based on economic indicators and industry developments.
  • Global Demand Dynamics: Our methodology considers regional demand variations and how they influence global Menthol pricing. This includes understanding the impact of shifts in manufacturing bases, trade policies, and environmental regulations.

Pricing Model Development

  • Dynamic Pricing Models: PriceWatch utilizes advanced econometric models to forecast Menthol prices, incorporating real-time data, historical trends, and projected market conditions. Our models are continuously refined to enhance accuracy and predictive power.
  • Scenario Analysis: We conduct scenario-based assessments to evaluate potential future market conditions. This includes best-case, worst-case, and most likely scenarios, helping our clients prepare for a range of market outcomes.

Reporting and Client Support

  • Comprehensive Reports: Our clients receive detailed reports that include current price assessments, future price forecasts, and in-depth analysis of market drivers. These reports are designed to be actionable, providing clear insights and recommendations.
  • Ongoing Support: PriceWatch offers continuous updates and personalized support to our clients, ensuring they have the most up-to-date information to make informed decisions. Our experts are availability to discuss specific market developments and provide tailored advice.

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.

Menthol Market Price Trend provided by PriceWatch is a base price and excludes VAT/Taxes, discounts, or offers. The information herein is accurate to the best of our knowledge as of the date indicated and is provided solely for the convenience of our customers as a reference for menthol. PriceWatch disclaims any warranties or representations regarding the accuracy of results derived from this information. It is the sole responsibility of the user to assess the suitability of the product for their specific application. This document does not constitute an endorsement to use the product in violation of any applicable patent rights.

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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