What is the current state of the menthol crystal industry, and where is it headed in the near future?
Menthol crystals are highly sought after due to their wide range of applications in several industries such as food, cosmetics, pharmaceuticals, and tobacco. Menthol crystals are used as flavoring agents, fragrance enhancers, and as an ingredient in medicinal products due to their cooling and pain-relieving properties. The market for menthol crystals is currently experiencing significant growth, and it is expected to continue in the near future.
The global menthol crystal market is expected to grow at a CAGR of 4.1% from 2021 to 2028, according to a report by Grand View Research. The market was valued at USD 345.5 million in 2020 and is expected to reach USD 470.4 million by 2028. The growth of the menthol crystal market can be attributed to the increasing demand for menthol-based products such as cigarettes, toothpaste, and chewing gum. Moreover, the demand for menthol crystals in the pharmaceutical industry as an active ingredient in several medicinal products such as ointments, creams, and inhalers has further boosted the market growth.
The menthol crystal market is segmented based on application, grade, and region. The major applications of menthol crystals include pharmaceuticals, food and beverages, personal care and cosmetics, and tobacco. The pharmaceutical segment is expected to dominate the market due to the increasing demand for menthol-based products such as analgesics, cough and cold medicines, and decongestants. The food and beverage segment is expected to grow at a significant rate due to the increasing demand for flavored products such as chewing gum, candies, and beverages.
The menthol crystal market is further segmented based on grade into natural and synthetic. The natural menthol crystal segment is expected to dominate the market due to its higher purity and better quality. However, the synthetic menthol crystal segment is expected to grow at a higher rate due to its lower cost compared to natural menthol crystals. Synthetic menthol crystals are widely used in the tobacco industry to produce menthol cigarettes, which are popular among consumers.
Geographically, the menthol crystal market is segmented into North America, Europe, Asia Pacific, and the Rest of the World. Asia Pacific is expected to dominate the market due to the increasing demand for menthol-based products in countries such as China and India. Moreover, the presence of several key players in the region such as Takasago International Corporation and Nectar Lifesciences Limited has further boosted the market growth. North America and Europe are also expected to grow at a significant rate due to the increasing demand for menthol-based products in the region