Wilmington, Delaware, United States, June 20, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. – Synthetic Mentha Oil's Market value is expected to reach US$ 1.6 billion by 2031. According to projections, synthetic mentha oil will grow at a CAGR of 9.1% between 2023 and 2031.
Food products, oral care products, pharmaceuticals, and cosmetics commonly contain synthetic menthol. Many popular products such as chewing gum, candy, and chocolate are flavored with the help of this ingredient. There are also products that contain this ingredient such as toothpaste, mouthwash, and other products that are used to maintain good oral hygiene.
Several creams, ointments, and lotions use it to relieve pain and irritation due to its cooling and soothing properties. There are several products that contain synthetic menthol, including perfumes, soaps, and shampoos. A large number of synthetic menthol manufacturers in China have entered the market, pressuring their counterparts in Europe and the United States to also reduce their prices. Aside from its fresh aroma and cooling sensation, it also has the added advantage that it makes it ideal for use in a variety of products.
Peppermint and spearmint essential oils are extracted from mint plants to produce natural mentha oil. As a result of weather conditions, crop diseases, and geopolitical factors, natural mentha oil is limited in availability and subject to fluctuations in production. The availability and price of natural mentha oil are not as predictable and stable as synthetic mentha oil.
Environmental concerns and regulatory constraints related to the extraction and use of natural resources have prompted industries to look for sustainable alternatives. By providing an environmentally friendly and sustainable alternative, synthetic mentha oil addresses these concerns. By reducing the environmental impact of farming practices, it can be produced without extensive cultivation.
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Key Findings of Market Report
- Market demand for synthetic mentha oil is expected to grow with the growth of carbonated drinks.
- The expansion of the food and beverage industries is fueling the market development for synthetic mentha oil.
- The market for minty and cooling fragrances is expected to dominate in the coming years.
- Increasing demand for skin care will lead to a growth in synthetic peppermint oil.
- Consumer demand for cooling fragrances increases demand for cosmetics and personal care products.
Global Synthetic Mentha Oil: Growth Drivers
- Flavors and fragrances industries use synthetic mentha oil extensively. Synthetic mentha oil is becoming a more cost-effective alternative to natural mentha oil as the global demand for flavors and fragrances grows. Products containing this ingredient include confectionery, beverages, oral care products, and cosmetics.
- The cost-effectiveness of synthetic mentha oil is superior to that of natural mentha oil. With a larger production scale, synthetic mentha oil can be produced at a lower cost, resulting in economies of scale. Manufacturers seeking to reduce production costs without compromising quality will find synthetic mentha oil an attractive option.
- For industries that require precise and reproducible flavor profiles, synthetic mentha oil provides consistent quality and standardized composition. Synthetic mentha oil ensures consistency by meeting specific requirements, unlike natural mentha oil, whose aroma and flavor can be affected by environmental factors.
- The quality and efficiency of synthetic mentha oil production have steadily improved through advances in chemical synthesis and manufacturing processes. Various advancements have led to high-quality synthetic mentha oil that closely mimics natural mentha oil in potency and aroma, proving to be a viable alternative.
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Global Synthetic Mentha Oil: Regional Landscape
- Synthetic mentha oil is experiencing rapid growth in the Asia Pacific. India and China are expected to grow market demand.
- Increasing disposable incomes of the population in emerging countries, such as China and India, are responsible for the increase in demand for synthetic menthol in the Asia-Pacific region.
- The synthetic menthol market is also expected to grow as more mint-flavored products are consumed by North American and European consumers, including gum, candy, and chocolate.
- Synthetic mentha oil demand in the market is expected to grow as food and beverage manufacturers grow in the United States.
Global Synthetic Mentha Oil Market: Key Players
Synthetic Mentha Oil Market share is dominated by a few large manufacturers at the global level. In order to create environment-friendly products, leading companies invest heavily in research and development. Further boosting revenue generation in the bio-oil market has been the commercialization of bio-oil, which has compelled market players to diversify their product lines.
- In May 2023, Firmenich International SA merged with Dutch Multinational Corporation (DSM) to create a new business, Firmenich DSM-Firmenich AG, the world's leading innovator in nutrition, health, and beauty.
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Global Synthetic Mentha Oil Market: Segmentation
Product
- Kits & Reagents
- Analyzers
- Others
- End-user
Hospitals & Diagnostics Laboratories
- Specialty Clinics
- Home Care Settings
- Research Institutes
Regions
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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