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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
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menthol Price Trends by Country

inIndia
cnChina
usUnited States
deGermany
jpJapan

Global menthol Spot Market Prices, Trend Analysis and Forecast

Price Watch™ provides real-time price assessments and price forecasts for Menthol across top trading regions:

Menthol Regional Coverage    Menthol Grade and Country Coverage    Menthol Pricing Data Coverage Explanation   
Asia-Pacific Menthol Pricing Analysis Menthol Natural Crystal Assay Min 99% (USP/IP/BP/EP) Ex-Moradabad Domestic Prices, North India Weekly Price Update of Menthol Real-Time Domestic Prices in Moradabad, North India
  Menthol Natural Crystal Assay Min 99% (USP/IP/BP/EP) FOB Prices at JNPT Port, India Weekly Price Update on Menthol Real-Time Export Prices from JNPT Port, India to Global Markets
  Menthol Natural Crystal Assay Min 99% (USP/IP/BP/EP) CIF Prices at Shanghai Port, China Importing from India Weekly Price Update on Menthol Real-Time Import Prices at Shanghai Port, China from India
  Menthol Natural Crystal Assay Min 99% (USP/IP/BP/EP) CIF Prices at Yokohama Port, Japan Importing from India Weekly Price Update on Menthol Real-Time Import Prices at Yokohama Port, Japan from India
Europe Menthol Pricing Analysis Menthol Natural Crystal Assay Min 99% (USP/IP/BP/EP) CIF Prices at Hamburg Port, Germany Importing from India Weekly Price Update on Menthol Real-Time Import Prices at Hamburg Port, Germany from India
North America Menthol Pricing Analysis Menthol Natural Crystal Assay Min 99% (USP/IP/BP/EP) CIF Prices at Houston Port, USA Importing from India Weekly Price Update on Menthol Real-Time Import Prices at Houston Port, USA from India

 Menthol Price Forecasts & Market Foresight Q3 2026

Outlook: Stable to Mildly Bearish

Confidence: High

Menthol prices are expected to remain stable to mildly bearish globally during Q3 2026, influenced by comfortable inventories, adequate crop availability, and cautious buying from pharmaceutical, confectionery, and personal care sectors. Asia is likely to witness modest price corrections amid seasonal supply improvements, while Europe and North America are anticipated to maintain relatively stable pricing supported by steady downstream consumption and balanced market fundamentals.

Global Menthol Market Overview by Region (July–September 2026)

Country Grade/ Incoterm Outlook
India Natural Crystal Assay Min 99%(USP/IP/BP/EP), Ex-Moradabad Stable to Mildly Bearish
India Natural Crystal Assay Min 99%(USP/IP/BP/EP), FOB JNPT Stable to Mildly Bearish
China Natural Crystal Assay Min 99%(USP/IP/BP/EP), CIF Shanghai (INDIA) Stable to Mildly Bearish
Japan Natural Crystal Assay Min 99%(USP/IP/BP/EP), CIF Yokohama (INDIA) Stable to Mildly Bearish
Germany Natural Crystal Assay Min 99%(USP/IP/BP/EP), CIF Hamburg (INDIA) Stable to Mildly Bearish
USA Natural Crystal Assay Min 99%(USP/IP/BP/EP), CIF Houston (INDIA) Stable to Mildly Bearish

*Menthol Forecast represents an analytical assessment based on information available at the time of publication. Actual market prices may vary due to unforeseen operational, regulatory, geopolitical, or economic developments.

Explore the Complete Price Watch™ Menthol Forecast

Access comprehensive Menthol market intelligence, including a 3-Month Rolling Forecast, 12-Month Price Forecast, forward price curves, country-wise market outlooks, procurement insights, and monthly forecast updates.

Explore Price Watch™ Menthol Forecasts

What’s Included

The 3-Month Forecast (Updated Monthly)

It reflects changes in mint oil and mentha crop availability, weather conditions, processing costs, producer operating rates, inventory levels, trade flows, freight rates, regional demand, and geopolitical developments affecting the global Menthol market.

The 12-Month Forecast (Published Annually)

It provides a strategic outlook based on expected capacity additions, supply-demand balances, feedstock economics, macroeconomic conditions, industrial production trends, trade policies, seasonal demand patterns, and long-term supply chain developments, supporting procurement, budgeting, and strategic planning.

Our Proprietary Hybrid Forecasting Model Evaluates:

  • Feedstock & production economics
  • Plant operating rates & outages
  • Inventory and supply-demand balance
  • Regional trade flows & freight
  • Import-export dynamics
  • Macroeconomic & geopolitical developments

Track Menthol Supply Disruptions in Real Time

As geopolitical risks continue to reshape global supply chains, stay ahead of the events that drive price movements by monitoring plant shutdowns, maintenance turnarounds, force majeure events, logistics bottlenecks, trade restrictions, and operational disruptions before they impact Menthol markets.

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Menthol Price Trend Q2 2026

In Q2 2026, global Menthol prices remained largely stable, declining by approximately 0.2% to 0.5% compared with the previous quarter as sufficient mint oil availability and balanced demand from pharmaceutical, personal care, food, confectionery, and oral care industries maintained market equilibrium.

Geopolitical uncertainties surrounding the USA-Israel vs Iran conflict increased freight and logistics uncertainty but has only a limited impact on pricing due to comfortable product availability. The Menthol Price Chart reflected stable market conditions, while the Menthol Price Index remained supported by balanced supply and demand.

In June 2026, prices declined by approximately 5% as seasonal demand weakened, inventories remained comfortable, and buyers delayed fresh procurement.

India: Natural Crystal Menthol Prices Ex-Moradabad and FOB JNPT, India, Assay Min 99%(USP/IP/BP/EP)

In Q2 2026, Menthol Price in India has declined by approximately 0.2% compared with the previous quarter. The Menthol Price Trend in India has remained largely stable as sufficient mint oil availability and balanced demand from pharmaceutical, personal care, food, and confectionery industries have maintained market equilibrium.

Geopolitical uncertainties surrounding the USA-Israel vs Iran conflict have has only a limited influence on the domestic market because of adequate local supplies. The Menthol Price Chart has reflected stable domestic pricing, while the Menthol Price Index has remained supported by balanced supply and demand.

In June 2026, Menthol Prices in India have declined by around 4.6% as seasonal demand has weakened, inventories have remained comfortable, and buyers have postponed fresh purchases.

USA: Natural Crystal Menthol Imported Prices CIF Houston from India, USA, Assay Min 99%(USP/IP/BP/EP)

In Q2 2026, Menthol Price in the USA has declined by approximately 0.3% compared with the previous quarter. The Menthol Price Trend in the USA has remained broadly stable as adequate imports from India and balanced demand from pharmaceutical, confectionery, and oral care industries have supported market fundamentals.

Geopolitical uncertainties surrounding the USA-Israel vs Iran conflict have increased freight uncertainty but have has only a limited impact on import prices. The Menthol Price Chart has reflected stable import pricing, while the Menthol Price Index has remained supported by balanced import availability.

In June 2026, Menthol Prices in the USA have declined by around 5% as buying activity has slowed and import offers have softened.

China: Natural Crystal Menthol Imported Prices CIF Shanghai from India, China, Assay Min 99%(USP/IP/BP/EP)

In Q2 2026, Menthol Price in China has declined by approximately 0.5% compared with the previous quarter. The Menthol Price Trend in China has remained stable as sufficient imports from India and balanced demand from pharmaceutical and food industries have maintained adequate product availability.

Geopolitical uncertainties surrounding the USA-Israel vs Iran conflict have increased logistics uncertainty but have not significantly disrupted market supply. The Menthol Price Chart has reflected stable import pricing, while the Menthol Price Index has remained supported by balanced supply conditions.

In June 2026, Menthol Prices in China have declined by around 5.1% as downstream demand has weakened and buyers have delayed fresh procurement.

Germany: Natural Crystal Menthol Imported Prices CIF Hamburg from India, Germany, Assay Min 99%(USP/IP/BP/EP)

In Q2 2026, Menthol Price in Germany has declined by approximately 0.3% compared with the previous quarter. The Menthol Price Trend in Germany has remained balanced as adequate import availability and steady demand from pharmaceutical and personal care manufacturers have supported the market.

Geopolitical uncertainties surrounding the USA-Israel vs Iran conflict have increased freight costs across Europe, although the impact on prices has remained limited. The Menthol Price Chart has reflected stable import pricing, while the Menthol Price Index has remained supported by comfortable inventories.

In June 2026, Menthol Prices in Germany have declined by around 5.2% as import demand has softened and inventories have remained sufficient.

Japan: Natural Crystal Menthol Imported Prices CIF Yokohama from India, Japan, Assay Min 99%(USP/IP/BP/EP)

In Q2 2026, Menthol Price in Japan has declined by approximately 0.5% compared with the previous quarter. The Menthol Price Trend in Japan has remained stable as sufficient imports from India and balanced demand from pharmaceutical, food, and oral care industries have maintained comfortable market conditions.

Geopolitical uncertainties surrounding the USA-Israel vs Iran conflict have increased shipping uncertainty but have has only a marginal effect on import pricing. The Menthol Price Chart has reflected stable import pricing, while the Menthol Price Index has remained supported by balanced market fundamentals.

In June 2026, Menthol Prices in Japan have declined by around 5% as seasonal demand has eased and buyers have maintained cautious purchasing activity.

Menthol Price Trend Analysis: Q1 2026

Menthol Price Trend Q1 2026

During Q1 2026, Natural Crystal Menthol prices across all monitored global markets have exhibited a broadly stable to marginally bullish trend, with Indian domestic and export markets posting moderate positive quarterly gains supported by recovering downstream demand and tightening seasonal mint crop availability.

Menthol CIF import markets have recorded contained but positive quarterly appreciation tracking Indian origin pricing. The overall price movement has remained moderate relative to other monitored chemical markets, as Menthol’s agricultural supply chain dynamics have partially insulated the market from the acute geopolitical feedstock cost pressures observed across petrochemical-derived products.

March 2026 monthly movements have been similarly contained across all markets. The Menthol price trend across all monitored regions has reflected a broadly stable global market with modest demand-driven appreciation throughout the quarter.

India: Natural Crystal Menthol Prices Ex-Moradabad and FOB JNPT, India, Assay Min 99%(USP/IP/BP/EP)

According to Price-Watch™ , in Q1 2026, Menthol price in India has recorded moderate positive quarterly appreciation, with Ex-Moradabad domestic pricing rising by approximately 3.31% and FOB JNPT export pricing gaining approximately 3.29%, driven by tightening seasonal mint crop availability across key producing regions in Uttar Pradesh alongside recovering downstream demand from personal care, pharmaceutical, and food flavoring sectors sustaining consistent procurement activity throughout the quarter.

The Menthol price trend in India has reflected a gradually tightening domestic market where seasonal supply constraints have provided upward pricing support while consistent international export demand has sustained FOB pricing momentum. Menthol prices in India have remained broadly supported throughout the period as domestic producers have maintained pricing discipline.

In March 2026, Menthol price in India has risen modestly, with Ex-Moradabad gaining approximately 3.12% and FOB JNPT increasing by around 3.11%, as continued seasonal supply tightness and steady export demand sustained upward pricing momentum during the month.

USA: Natural Crystal Menthol Imported Prices CIF Houston from India, USA, Assay Min 99%(USP/IP/BP/EP)

In Q1 2026, Menthol price in the USA has recorded a marginal increase of approximately 0.77%, reflecting the contained passthrough of modestly firming Indian FOB prices into the US import market under CIF Houston terms, as steady downstream demand from personal care, pharmaceutical, and food flavoring sectors has sustained consistent procurement at gradually firming import valuations throughout the quarter.

The Menthol price trend in the USA has reflected a broadly stable import market environment where the partial transmission of Indian seasonal supply tightness into export pricing has provided limited but positive upward support to US CIF import valuations.

Menthol prices in the USA have remained largely stable with marginal upward momentum throughout the period. In March 2026, Menthol price in the USA has edged higher by around 0.50%, as modestly firming Indian export pricing provided marginal upward support to US CIF Houston import valuations during the month.

China: Natural Crystal Menthol Imported Prices CIF Shanghai from India, China, Assay Min 99%(USP/IP/BP/EP)

In Q1 2026, Menthol price in China has recorded a marginal increase of approximately 0.88%, reflecting the contained passthrough of modestly firming Indian FOB prices into the Chinese import market under CIF Shanghai terms, as steady downstream demand from personal care, pharmaceutical, and food manufacturing sectors has sustained consistent procurement at gradually firming import valuations throughout the quarter.

The Menthol price trend in China has been shaped by the measured transmission of Indian seasonal supply tightness into export pricing, providing limited but positive upward support to Chinese CIF import valuations during the period. Menthol prices in China have remained broadly stable with marginal upward momentum.

In March 2026, Menthol price in China has edged higher by around 0.31%, as modestly firming Indian export pricing provided marginal upward support to Chinese CIF Shanghai import valuations during the month.

Germany: Natural Crystal Menthol Imported Prices CIF Hamburg from India, Germany, Assay Min 99%(USP/IP/BP/EP)

In Q1 2026, Menthol price in Germany has recorded a marginal increase of approximately 0.87%, reflecting the contained passthrough of modestly firming Indian FOB prices into the German import market under CIF Hamburg terms, as steady downstream demand from personal care, pharmaceutical, and food flavoring sectors has sustained consistent procurement at gradually firming import valuations throughout the quarter.

The Menthol price trend in Germany has reflected a broadly stable import environment where modest Indian seasonal supply tightness has transmitted partially into CIF Hamburg import valuations, providing limited but positive upward support during the period. Menthol prices in Germany have remained largely stable with marginal upward momentum throughout the quarter.

In March 2026, Menthol price in Germany has edged higher by around 0.38%, as modestly firming Indian export pricing provided marginal upward support to German CIF Hamburg import valuations during the month.

Japan: Natural Crystal Menthol Imported Prices CIF Yokohama from India, Japan, Assay Min 99%(USP/IP/BP/EP)

In Q1 2026, Menthol price in Japan has recorded the most contained quarterly appreciation among all monitored CIF import markets at approximately 0.79%, reflecting the marginal passthrough of modestly firming Indian FOB prices into the Japanese import market under CIF Yokohama terms as seasonal Indian mint crop tightness has provided limited upward support to export pricing throughout the quarter.

The Menthol price trend in Japan has been shaped by the measured transmission of Indian export pricing into CIF Yokohama import valuations, with steady downstream demand from personal care and pharmaceutical sectors sustaining consistent procurement activity. Menthol prices in Japan have remained broadly stable with minimal upward movement during the period.

In March 2026, Menthol price in Japan has recorded the most contained monthly appreciation among all monitored markets at approximately 0.28%, as modestly firming Indian export pricing provided only marginal upward support to Japanese CIF Yokohama import valuations during the month.

Menthol Price Trend Analysis 2025

Menthol Price Trend Q1 2025

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 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 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 Q4 2025

During Q4 2025, Natural Crystal Menthol prices across all monitored global markets have exhibited a broadly stable to marginally mixed trend, with Indian domestic and export markets posting modest positive quarterly gains while all CIF import markets have recorded marginal quarterly declines. The near-flat pricing environment across most monitored markets has reflected broadly balanced global supply and demand conditions, with Indian mint crop production providing adequate supply and stable downstream demand from personal care, pharmaceutical, and food flavoring sectors limiting meaningful price movement in either direction.

December 2025 has brought continuation of the near-flat trend with Indian domestic markets gaining marginally while CIF import markets have edged slightly lower. The Menthol price trend across all monitored regions has reflected a broadly stable and balanced global market environment throughout the quarter.

India: Natural Crystal Menthol Prices Ex-Moradabad and FOB JNPT, India, Assay Min 99%(USP/IP/BP/EP)

According to Price-Watch™ , in Q4 2025, Menthol price in India has recorded modest positive quarterly appreciation, with Ex-Moradabad domestic pricing rising by approximately 1.48% and FOB JNPT export pricing gaining approximately 1.48%, driven by stable domestic mint crop availability and steady downstream demand from personal care, pharmaceutical, and food flavoring sectors sustaining consistent procurement activity throughout the quarter. The Menthol price trend in India has reflected a broadly balanced domestic market where adequate seasonal mint production has supported supply continuity while consistent export demand has sustained modest upward pricing momentum.

Menthol prices in India have remained broadly supported throughout the period as domestic producers have maintained pricing discipline amid steady international procurement. In December 2025, Menthol price in India has edged modestly higher, with Ex-Moradabad rising by around 0.95% and FOB JNPT gaining approximately 0.94%, as stable year-end procurement activity sustained marginal upward pricing support during the month.

USA: Natural Crystal Menthol Imported Prices CIF Houston from India, USA, Assay Min 99%(USP/IP/BP/EP)

In Q4 2025, Menthol price in the USA has recorded a near-flat marginal decline of approximately 0.14%, reflecting the passthrough of broadly stable Indian FOB pricing into the US import market under CIF Houston terms, with steady downstream demand from personal care, pharmaceutical, and food flavoring sectors sustaining consistent procurement at near-unchanged import valuations throughout the quarter.

The Menthol price trend in the USA has reflected a broadly balanced import market environment where consistent Indian supply flows have met steady domestic demand without notable supply disruption or cost escalation. Menthol prices in the USA have remained largely rangebound throughout the period. In December 2025, Menthol price in the USA has edged marginally lower by around 1.03%, as slightly softer Indian FOB pricing and subdued year-end procurement resulted in a marginal reduction in US CIF import valuations during the month.

China: Natural Crystal Menthol Imported Prices CIF Shanghai from India, China, Assay Min 99%(USP/IP/BP/EP)

In Q4 2025, Menthol price in China has recorded a near-flat marginal decline of approximately 0.58%, reflecting the passthrough of broadly stable Indian FOB pricing into the Chinese import market under CIF Shanghai terms, as broadly balanced global Menthol supply and demand conditions have contained meaningful price movement in either direction throughout the quarter.

The Menthol price trend in China has been shaped by the consistent transmission of Indian export pricing into CIF Shanghai import valuations, with downstream demand from personal care, pharmaceutical, and food manufacturing sectors maintaining steady but unhurried procurement activity. Menthol prices in China have remained broadly stable throughout the period. In December 2025, Menthol price in China has edged marginally lower by around 0.90%, as near-flat Indian export pricing and stable downstream procurement kept Chinese CIF import valuations essentially unchanged during the month.

Germany: Natural Crystal Menthol Imported Prices CIF Hamburg from India, Germany, Assay Min 99%(USP/IP/BP/EP)

In Q4 2025, Menthol price in Germany has recorded a near-flat marginal decline of approximately 0.33%, reflecting the passthrough of broadly stable Indian FOB pricing into the German import market under CIF Hamburg terms, as steady downstream demand from personal care, pharmaceutical, and food flavoring sectors has maintained consistent procurement at near-unchanged import valuations throughout the quarter.

The Menthol price trend in Germany has reflected a broadly balanced import market environment where adequate Indian supply availability and stable logistics costs have contained meaningful price movement. Menthol prices in Germany have remained largely stable throughout the period. In December 2025, Menthol price in Germany has edged marginally lower by around 0.98%, as near-flat Indian export pricing and subdued year-end procurement resulted in a marginal reduction in German CIF Hamburg import valuations during the month.

Japan: Natural Crystal Menthol Imported Prices CIF Yokohama from India, Japan, Assay Min 99%(USP/IP/BP/EP)

In Q4 2025, Menthol price in Japan has recorded a near-flat marginal decline of approximately 0.27%, reflecting the passthrough of broadly stable Indian FOB pricing into the Japanese import market under CIF Yokohama terms, as steady downstream demand from personal care, pharmaceutical, and food flavoring sectors has maintained consistent procurement at near-unchanged import valuations throughout the quarter.

The Menthol price trend in Japan has been shaped by the consistent transmission of Indian export pricing into CIF Yokohama import valuations, with broadly balanced market conditions limiting meaningful price movement in either direction. Menthol prices in Japan have remained largely stable throughout the period. In December 2025, Menthol price in Japan has edged marginally lower by around 0.90%, as near-flat Indian export pricing and stable downstream procurement kept Japanese CIF import valuations essentially unchanged during the month.

Menthol Price Trend Q1 2024

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).

Menthol Price Trend Q2 2024

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 Price Trend Q3 2024

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 Price Trend 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).

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 Price Watch™?

Price Watch™ 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, Price Watch™ keeps you fully informed of market dynamics.

In addition, Price Watch™ provides detailed forecasts and updates on production capacities, enabling you to anticipate market changes and make well-informed decisions. With Price Watch™, you gain a competitive edge in understanding all the elements that influence menthol prices worldwide. Stay ahead of the curve with Price Watch’s™ reliable, accurate, and timely menthol market data.

Track Price Watch'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.

Menthol Market Price Trend published by Price Watch™ reflect prevailing spot market conditions, derived from independent research, verified trade inputs, and proprietary market intelligence as of the publication date. Prices are published on the specified Incoterm and represent indicative base market levels, exclusive of applicable taxes, VAT, duties, tariffs, and other statutory charges. Actual transaction values may vary depending on volume, credit terms, contractual structure, and other negotiated conditions. Market prices are inherently subject to volatility, liquidity dynamics, regulatory changes, and evolving trade activity. The information provided is for reference and benchmarking purposes only and does not constitute an offer, recommendation, or guarantee of transactional outcomes. Users should exercise independent commercial judgment and assess their specific contractual, regulatory, tax, and application requirements before making business decisions. Price Watch™ assumes no liability for decisions taken based on this information.

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.

Menthol is a naturally occurring or synthetically produced organic compound derived mainly from mint oils. It is widely used in pharmaceuticals, cosmetics, oral care products, confectionery, and tobacco products due to its cooling and soothing properties. Because it is a key ingredient in medicines like balms, cough syrups, and topical ointments, its price directly impacts pharmaceutical and FMCG manufacturing costs. Price-Watch™ tracks Menthol prices to help businesses stay informed about market movements, crop conditions, and global supply-demand trends.

Menthol prices fluctuate based on natural mint crop yield, synthetic production levels, demand from pharmaceutical and FMCG industries, and export activity. It is typically priced per kilogram or per metric ton depending on trade scale.

Seasonal harvesting patterns, especially in major producing regions like India and China, strongly influence pricing. Weather conditions, oil prices (for synthetic menthol), and stock levels also play an important role. Price-Watch™ provides updated Menthol price assessments across key global markets.

Menthol market trends are driven by mint cultivation output, pharmaceutical demand, and export demand from global FMCG companies. Prices are highly seasonal due to dependence on agricultural production. Synthetic menthol supply, crude oil prices, and extraction costs also affect overall market balance. Demand spikes during cold and flu seasons further influence price volatility.

The pharmaceutical industry is the largest consumer of Menthol, using it in balms, inhalers, cough syrups, and pain relief products. Other major users include oral care manufacturers (toothpaste, mouthwash), cosmetics and personal care products, food and beverages (flavoring agents), and tobacco products. Due to its cooling effect, Menthol is a key ingredient across multiple consumer goods industries. Price-Watch™ tracks demand trends across these sectors.

Menthol is obtained from peppermint and other mint oils through distillation and crystallization processes. It can also be produced synthetically from petrochemical feedstocks such as thymol or m-cresol derivatives. Natural Menthol production is heavily dependent on agricultural cultivation, while synthetic production provides supply stability during crop shortages.

India is one of the largest exporters of natural Menthol globally, supported by strong mint cultivation and processing industries. China is also a major producer, particularly for synthetic Menthol. Export volumes depend on crop yield, domestic demand, and global pharmaceutical consumption trends. Price-Watch™ monitors global trade flows and export competitiveness.

Global Menthol supply is generally balanced, but it can become tight due to poor mint harvests, adverse weather conditions, or sudden demand spikes from pharmaceutical and FMCG sectors. Synthetic Menthol helps stabilize supply during shortages, but natural Menthol remains highly sensitive to agricultural cycles. Price-Watch™ closely tracks supply-demand dynamics.

Menthol is available in natural and synthetic grades, along with pharmaceutical, food, and industrial grades. Prices vary depending on purity, crystal size, optical rotation, and production method. Pharmaceutical-grade Menthol commands higher prices due to strict quality standards. Natural Menthol is usually more expensive than synthetic due to agricultural dependency. Price-Watch™ provides grade-wise price insights.

When demand rises sharply—especially during flu seasons or increased pharmaceutical consumption—Menthol prices tend to increase quickly. Limited mint supply or low stock levels can further tighten the market. Buyers may face reduced availability and longer lead times, while exporters may prioritize long-term contracts. Price-Watch™ captures these rapid market changes in real time.

Natural Menthol depends heavily on mint crop output, which is influenced by monsoon conditions, temperature, and agricultural practices. Poor harvests can significantly reduce supply and increase prices. For synthetic Menthol, raw material costs from petrochemical derivatives and crude oil also affect production economics. These factors together determine global price movements. Price-Watch™ analyzes these cost drivers in detail.

Regional price differences arise due to variations in crop availability, processing capacity, export demand, freight costs, and government policies. India, being a major producer, often has competitive pricing compared to importing regions. Seasonal demand and currency fluctuations also contribute to regional price gaps.

Menthol price outlook depends on mint cultivation levels, weather conditions, pharmaceutical demand, and synthetic production capacity. Strong demand from healthcare and FMCG sectors supports long-term consumption, but agricultural volatility creates short-term price swings. Price-Watch™ publishes regular forecasts projecting Menthol price direction over the next 12 months.

Yes, Menthol price forecasts are very useful for pharmaceutical companies, FMCG manufacturers, and exporters. They help in procurement planning, inventory management, contract negotiation, and cost control. Forecasting also helps businesses manage risk from crop uncertainty and seasonal volatility. Price-Watch™ provides actionable insights for smarter business decisions.

Global events such as weather disruptions, trade restrictions, shipping delays, and pharmaceutical demand surges can significantly affect Menthol supply chains. Geopolitical changes or export policy shifts in producing countries can also impact availability. Seasonal illness outbreaks often increase demand, leading to price spikes. Price-Watch™ provides timely updates on such market-moving developments.

Price-Watch™ collects data from farmers, processors, pharmaceutical companies, exporters, and global traders to publish transparent Menthol price assessments, market reports, and forecasts. This helps industry participants stay ahead of market trends and make informed procurement decisions.

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