Menthol is primarily used as an ingredient to provide flavor in toothpastes, dental care products, cigarettes and many other food and beverage products. It is extensively used as by pharmaceutical industry to develop non prescription analgesic to treat minor aches, sprains, cramps and pains in the body parts. It is widely used as an antipruritic to reduce itching and minor throat or mouth irritation. It is also used in decongestant formulations for throat and chest and as mineral ice for treating minor skin burns in the first aid kits. It is widely used for inducing a flowery scent in several perfume formulations. Menthol is often employed for providing a cooling effect in personal care products such as hair shampoos, aftershaves and other beauty & skin care products. Menthol is employed as an antispasmodic and relaxant for smooth muscles in medical procedure such as endoscopy.
The menthol market is driven by its demand in fast moving consumer goods including foods, beverages, personal care and pharmaceutical products. Menthol finds applications in wide range of personal care products, especially toothpaste and dental care applications. However, rising awareness about the harmful effects of over dosage of menthol among the general population is expected to be the major restraining factor for the menthol market. New product applications in the personal care and pharmaceutical formulations could be prospective market opportunities for further demand growth.
In terms of geography, Asia Pacific is the largest consumer of menthol riding on high sales of end use application products of menthol such as foods, beverages, beauty products, toothpastes and dental care products among other personal care products to its large population base. Major industrial economies including China, India, Japan and South Korea are the major consumers of menthol for application in a variety of fast moving consumer goods. Two of the most populated countries, China and India are situated in Asia. Both these countries are growing rapidly and witnessing rising disposable income and purchase power parity of the general population. This in turn is expected to drive demand for consumer goods and further for menthol. North America is another major consumer for menthol especially in the personal care and beauty products. In Rest of the World, Brazil, Argentina and South Africa contribute to major demand for the market. Europe is expected to witness comparatively slower growth than other regions.
Some of the market players include J M Loveridge plc, Procter and Gamble, Natural Sourcing Inc., and spectrum chemicals among many others.
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