Research Activities to Pave Way for Novel Non-opioid Menthol Analgesics

Menthol is primarily extracted from mint plants, and used to relieve irritation and minor pain. Menthol is increasingly being added in several products, including beverages, chewing gums, candy, and cough drops due to which, the demand for menthol has witnessed consistent spike over the past few years. While applications of menthol in pharmaceutical and aroma therapy are likely to widen, an increasing demand for menthol from tobacco and vaporizer companies is expected to provide an impetus to the growth of the global menthol market during the forecast period.

Although the FDA continues to scrutinize the health quotient linked with menthol, menthol products have remained free from major regulatory bans across the world due to which, the global menthol market has witnessed consistent growth– a trend that is likely to continue during the assessment period. The increasing demand for sweet-tasting flavoring, especially among young adults, around the world is a another major factor projected to augment the demand for menthol from the food & beverages sector.

At the back of these factors, along with the increasing demand for menthol for the production of aroma therapy products including candles and essential oils, the global menthol market is on the course to cross a market value of US$ 1.2 Bn mark by the end of 2030.

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Increasing Demand for Menthol from Tobacco Companies to Aid Market Growth

The adoption of menthol from tobacco companies is on the rise, as cigarette manufacturers continue to market menthol cigarettes as a ‘cool’ and ‘refreshing’ product. Moreover, tobacco companies produce menthol cigarettes to target new consumers, as menthol cigarettes are relatively more appealing than conventional non-flavored cigarettes. In addition, as tobacco companies continue to invest in engaging ads and branding pertaining to menthol cigarettes by showcasing water, nature, and other refreshing elements, the inclination for menthol cigarettes around the world has increased. In the current market landscape, menthol cigarettes have a sizeable market share in the combustible cigarette space. Furthermore, as increasing number of beginner smokers continue to opt for menthol cigarettes over conventional cigarettes, the menthol market is projected to grow at a consistent pace. Although sales of menthol cigarettes continue to scale every year, increasing promotion pertaining to the harmful effects of tobacco and tobacco products is expected to hinder the demand for menthol cigarettes in the second half of the forecast period– a factor that could impede the growth of the global menthol market during the assessment period.

Research Indicates Effective Pain Control Utilizing Menthol

Research and development activities are expected to play a key role in the overall development of the global menthol market during the assessment period. At the back of several research and development activities, menthol has emerged as one of the most effective pain control solutions in the medical sector. Furthermore, as menthol is relatively safe and effective in treating a range of painful conditions, including sports injuries, migraine, neuropathic pain, and musculoskeletal pain, the demand for menthol in topical analgesic products is on the rise. This factor is projected to provide considerable opportunities to stakeholders operating in the current menthol market landscape. The ongoing R&D linked to menthol could pave the way for alternatives for opioid analgesics and open up new avenues for the discovery of unique non-opioid analgesics.

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Demand for Menthol as Essential Oil amid COVID-19 Pandemic on Rise

The advent of the novel COVID-19 pandemic is anticipated to have a moderate impact on the overall growth of the global menthol market. Although the demand for menthol cigarettes is expected to witness considerable decline during the ongoing COVID-19 crisis, use of menthol as a key ingredient in essential oils for aromatherapy is likely to rise. Menthol is increasingly being used in cough drops, nasal sprays, and nasal inhalers due to which, the market is expected to have a steady growth in 2020.

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Analysts’ Viewpoint

The global menthol market is projected to expand at a CAGR of ~4% during the assessment period. The market growth can be primarily attributed to factors such as increasing demand for menthol cigarettes, high demand for menthol as a pain reliever, and rising usage of menthol in various medical products including nasal sprays and ointments. Furthermore, as menthol is regarded as a safe and effective solution to treat mild pain without any side effects, the demand will grow in the upcoming years. Market players should focus on creating awareness regarding the benefits of menthol and focus on tapping into opportunities in nutraceutical and pharmaceutical sectors.

Menthol Market: Overview

  • According to Transparency Market Research’s latest research report on the global menthol market for the base year 2019 and the forecast period 2020 to 2030, rise in usage of menthol in the flavoring/additives sector and increase in application of menthol in oral care are factors expected to boost the global menthol market during the forecast period
  • In terms of revenue, the global menthol market is estimated to cross US$ 1.2 Bn by 2030, expanding at a CAGR of ~4% during the forecast period

Increase in Usage of Menthol in Medical Products: Key Driver

  • Menthol is used as an active ingredient in various over-the-counter (OTC)/non-prescription medicines. Topical products containing menthol are used in patients with a wide range of conditions, including pain associated with muscle strain, back pain, joint pain, and arthritis‐related pain. These products offer a cooling sensation, which can provide comfort and pain relief.
  • In many advanced countries, the lineup of OTC drugs available to consumers is expanding. In emerging countries, the use of OTC drugs has increased in recent years; hence, the menthol market is expected to expand in the near future. Several people in the U.S. do not have medical insurance. They often purchase OTC drugs for mild symptoms from a nearby retailer without visiting a medical institution. Sales of OTC drugs in the country increased from US$ 32,275 Mn in 2016 to US$ 35,725 Mn in 2019.
  • Thus, rise in usage of OTC drugs is anticipated to boost the demand for menthol during the forecast period

Major Challenges for Menthol Market

  • According to the World Health Organization (WHO), menthol cigarettes are key products in tobacco company portfolios, representing an estimated 10% of the global cigarette market. The usage of flavoring agents as additives promotes and sustains tobacco use. Therefore, the WHO has banned menthol and other flavors in cigarettes.
  • Menthol cigarettes could contribute to health inequalities. In the U.S., menthol cigarettes have been found to be disproportionately smoked by those with lower incomes; individuals with a lower level of education; women; African Americans; and young people.
  • Menthol cigarettes are also more commonly used by less established or ‘novice’ smokers, and those experimenting with smoking. Research shows that the tobacco industry has manipulated the menthol content of cigarettes to promote smoking initiation and sustained tobacco use. Menthol was found to be key to industry strategy in Singapore to both recruit and retain young smokers.
  • Regulation of flavors that makes smoking more palatable is recommended by the WHO Framework Convention of Tobacco Control (FCTC). Turkey was the first country to successfully introduce a ban on flavored cigarettes, including menthol, in 2015. The ban is to be fully implemented in 2020. Ethiopia also banned menthol flavoring for cigarettes in 2015, effectively a pre-emptive move as the country had no significant existing usage of menthol.
  • A protest was led against the Tobacco Products Directive (TPD) from the tobacco industry in Europe. As a result, the implementation of the ban on menthol cigarettes was postponed to 2020. This was agreed as a four-year transitional “phase-out” period for all flavored products (including menthol) with more than 3% market share in Europe.
  • The ban in 2019 significantly impacted smokers’ purchasing habits in the U.K. According to a retail industry analyst, sale of menthol cigarettes decreased by 57% in convenience stores in the U.K. between September 2019 and February 2020; less than 2% stores stopped selling menthol cigarettes.
  • Therefore, ban on menthol cigarettes is estimated to adversely affect the demand for menthol in the tobacco industry. This is expected to restrain the market, as menthol holds significant share of the tobacco industry.

Growth in Usage of Menthol in Oral Care Products to Offer Lucrative Opportunities for Menthol Market

  • Menthol is a covalent organic compound obtained from peppermint or other mint oil or made synthetically through a chemical process. It is commonly used in oral hygiene products and bad breath remedies such as mouthwashes, toothpastes, and tongue sprays. It is also used as a flavoring agent in chewing gums and candies. Its antimicrobial activity has been demonstrated against several strains of gram-positive and gram-negative bacteria, thus making it a suitable ingredient for anti-gingivitis and anti-plaque products or oral discomfort products.
  • Population-based cross-sectional study was conducted among the OPD of Mithila Minority Dental College, Darbhanga Medical College, and school-going children in Darbhanga, Bihar, India, in 2018. Total sample size of 14,580 was examined in the study.
  • The overall prevalence of dental caries was found to be 83.71% in the study. Higher prevalence of dental caries was found among boys (55%) compared to that in girls. Based on diet habit, the population who consumed non-vegetarian diet had higher prevalence of dental caries.
  • Dental caries is a preventable disease. Its intensity can be alleviated by creating awareness about oral health among parents, teachers, and the general public.
  • Government organizations have been taking initiatives to educate people in oral hygiene. This has prompted more number of people to buy oral care products.
  • Therefore, demand for menthol to be employed in oral hygiene products is expected to rise, as its anti-bacterial properties restrain the development of bacteria in the mouth

Menthol Market: Competition Landscape

  • The global menthol market was highly fragmented in 2019. Leading manufacturers collectively accounted for 65.7% share of the global menthol market in 2019.
    • BASF SE,
    • ARCHER-DANIELS-MIDLAND COMPANY,
    • Symrise,
    • Takasago International Corporation,
    • Nectar Lifesciences Ltd. are the major players operating in the market.
  • BASF SE accounted for a prominent share of 19.6% of the global menthol market in 2019. Its menthol products include L-Menthol FCC and L-Menthol Flakes FCC.
  • ARCHER-DANIELS-MIDLAND COMPANY is another global leader in the manufacture of menthol. The company held 15.7% share of global menthol market in 2019.

Menthol Market – Scope of Report

The latest study collated and published by Transparency Market Research (TMR) analyzes the historical and present-day scenario of the global menthol market to gauge its growth potential. The study presents detailed information about important growth factors, restraints, and key trends that are creating a landscape for the growth of the global menthol market. The study also identifies growth avenues for market stakeholders. The report provides insightful information about how the global menthol market is likely to expand during the forecast period of 2020 to 2030.

The report offers intricate dynamics about different aspects of the global menthol market that can aid companies operating in the market in making strategic business decisions. TMR’s study also elaborates on significant changes that are anticipated to configure growth of the oral care industry with respect to the global menthol market during the forecast period. It also includes a key indicator assessment that highlights growth prospects for the global menthol market and estimates statistics related to growth of the market in terms of volume (tons) and value (US$ Mn/ US$ Thousand).

This study covers a detailed segmentation of the global menthol market, along with key information and a competition landscape. The report mentions company profiles of key players operating in the global menthol market, wherein various market developments and growth strategies practiced and implemented by leading players have been presented in detail.

Key Questions Answered in TMR’s Report on Menthol Market

The report provides detailed information about the global menthol market on the basis of comprehensive research on various factors that are playing a key role in accelerating the growth of the market. Information mentioned in the report answers path-breaking questions for companies that are currently operating in the market and are looking for innovative methods to create a unique benchmark in the global menthol market, which would help them design successful strategies and make target-driven decisions.

  • Which form segment of the global menthol market would emerge as a leading revenue generator during the forecast period?
  • What would be the Y-o-Y growth rate of the global menthol market between 2020 and 2030?
  • What are winning imperatives of leading players operating in the global menthol market?
  • Which application segment is expected to generate maximum revenue in the global menthol market during the forecast period?

Research Methodology – Menthol Market

The research methodology adopted by analysts for compiling the report on the global menthol market is based on detailed primary as well as secondary research. With the help of in-depth insights of the market-affiliated information that is obtained and legitimated by market-admissible resources, analysts have offered riveting observations and authentic forecasts of the global menthol market.

For primary research, analysts have interviewed market stakeholders, investors, brand managers, vice presidents, and sales and marketing managers. Based on data obtained through interviews of genuine resources, analysts have emphasized the changing scenario of the global menthol market.

For secondary research, analysts have scrutinized numerous annual report publications, white papers, market association publications, and company websites to obtain the necessary understanding of the global menthol market.

Menthol Market – Segmentation

TMR’s research study segments the global menthol market in terms of form, application, and region. This report presents extensive market dynamics and growth trends associated with different market segments and explains how they are influencing the global menthol market.

 Form

  • Crystalline Solid
  • Powder
  • Liquid

Application

  • Medical Products
  • Ointments
  • Cough Drops
  • Nasal Inhalers
  • Others
  • Flavoring/Additives
  • Food & Beverages
  • Cigarettes
  • Liqueurs
  • Cosmetics
  • Others
  • Oral Care
  • Others (including Pesticides)

Region

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

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