Mentha Oil Price Trend and Forecast

Regional Price Overview

Get the latest insights on price movement and trend analysis of Mentha Oil in different regions across the world (Asia, Europe, North America, Latin America, and the Middle East & Africa).

Mentha Oil Price Trend for the Second Half of 2023

Mentha oil prices continued to vary during the second half of the year 2023 as well. Quarter three began on a strong note as the prices started rising at the very beginning of July. The Indian market showed an outstanding appreciation of around 18%, a four-month high in August. A highly subdued crop yield was behind these astonishing numbers, as the demands didn’t lose pace.

Mentha Oil Price Chart

Mentha Oil Price Trends

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Though this year-on-year decline in the production volume pushed the mentha oil prices upwards initially, the market situation surprisingly reversed in the later months of the fourth quarter.

When the shipping disturbances began, and major civilian unrest erupted in various parts of the world, particularly the Middle East, it disturbed the trade supply chains globally. As a result, the export queries declined, and the product started accumulating in the source inventories. Thus, the prices fluctuated downhill in the fourth quarter. Overall, mixed market sentiments were witnessed.

Analyst Insight

According to Procurement Resource, given the current supply and demand outlooks, Mentha Oil price trends are not likely to rise soon; however, the market will strive for stabilization.

Mentha Oil Price Trend for the First Half of 2023

Mentha oil exhibited fluctuating patterns during the said period of H1’23. Depending upon the source plant varieties and growing conditions the feedstock yield varied regionally across the globe.

The pricing situation was complicated further by the uncertainties and variations in consumption patterns. Compared to the global markets, the Indian mentha oil market was steadier and more stable as the supply and demand outlooks had more parity here.

The performance was in line with the market anticipations. However, the plant disease in the USA curbed the supplies by large margins. The yields were on the lower side. Nonetheless, the muted consumption made up for the lost yield. Hence, a marginally elevated price graph was witnessed in the American region during the given span.

Analyst Insight

According to Procurement Resource, given the current demand structure, the Mentha Oil prices are expected to rise going forward in the coming months.

Mentha Oil Price Trend for the Second Half of 2022

In the Indian domestic market, the price trend for mentha oil registered an almost flattened curve given the market dynamics. Mentha production in India recorded around a 30% hike in the last three years. As the supply increased an equally balanced rise in the domestic demand was seen, thereby keeping the prices stable. However, the mentha oil prices were higher than the previous year given the current economic turmoil.

On the other hand, demands from the global markets remained dull, especially from the European market. USA and Europe are traditionally the major importers of Indian mentha oil. But due to global inflation, consumer patterns were driven by essential necessities causing end-consumer consumption to fall. However, around December’22 some short-lived fluctuation in mentha price trend was seen indicating the active participation by the traders. Overall, the mentha prices remained consolidated in the Indian domestic market during the said period.

Analyst Insight

According to Procurement Resource, the price trend for mentha oil are likely to remain unsettled in the coming months. As inventories are full and capable of catering to the existing market demands, the new harvest will increase the supply flow which in turn will reduce the downstream costs, causing the mentha oil price to decline.

For the Second Quarter of 2022


India is the largest producer and exporter of this commodity in the world; any changes in the Indian domestic market affect the global price trend. With the investors worried about the probable recession driving the global demands downstream, the prices of Mentha oil are fluctuating worldwide. Mentha oil prices went from 1158.16 INR/kg in May 2022 to 1044.55 INR/kg in June 2022.

The prices of the Chinese peppermint oil averaged between 27.93 – 23.21 USD/kg or around 27928.57 USD/MT in Shanghai and Beijing. The apparent demands from the end-user industries like perfumery, pharma and flavouring have kept the prices of Mentha oil firms, preventing them from crashing.

For the First Quarter of 2022


Mentha oil futures rose on the MCX as speculators increased their holdings due to tight supplies and lower output forecasts in the market. Furthermore, increased demand from the spot market pushed up the price of mentha oil. Concerns about the impact of the omicron variant of coronavirus on the economy, however, limited further gains in mentha oil. Prices rose to 1048 INR/kg in India in January 2022 but later declined constantly to as low as 975 INR/kg in February which was followed by a sharp rise 1011 INR/kg by the end of the month. In March, the prices rose to 1081 INR/kg.

For the Fourth Quarter of 2021


On Tuesday, November 23, 2021, the price of the commodity fell to INR 928.60 per kg on the Multi Commodity Exchange (MCX). The Mint Oil Rate per kg had been declining for the third day in a row. On November 16, the price of Mint Oil per kg was INR 940.40, INR 935.90 on November 19, and INR 933.20 on November 22. Experts predicted that the price of mentha oil would exceed INR 1000 by the end of November. This was due to its rising demand in both domestic and international markets.

North America

Suppliers' OPEX was driven by increases in raw material prices, such as the mentha crop. The market witnessed an inflationary effect as a result of this. The cost of compliance for mentha oil suppliers during cross-border supply increases as taxes rose.

Because its global availability is heavily reliant on imports, taxing will lead to an increase in its price. Its supply market influence in North America is limited due to a heavy reliance on imports from APAC. Distributors make up the majority of the supply base, and they can serve the entire region.

For First, Second and Third Quarters of 2021


BASF’s integrated aroma facility in Malaysia started its full production of menthol by mid-2019, however, they were still fulfilling the already contracted orders and were expected open to the non-contracted customers by H1-21. The average menthol crystal prices witnessed an increase of about 4-5% from 2020 to 2021, owing to recovering demand from downstream industries. The average price of menthol in the first 2 quarters of 2021 was 14.68 USD/kg, while it was 14.95 USD/kg in the second half of 2021. (CIF India)

For the Year 2020


Harvesting had been delayed earlier in June due to the lockdown phase and a shortage of labour activities. As the lockdown started to loosen in India's rural and semi-urban areas, cutting of the crop began in Uttar Pradesh. Furthermore, domestic pharmaceutical demand, which is typically stronger during the winter season, was lower in 2020.

Despite fears of a trade war, import demand from key importing countries such as China, the United States, the Netherlands, Germany, the United Kingdom, France, Brazil, Japan, and Singapore was also substantially lower due to the rise in COVID-19 cases. The price reported in September was somewhere around 870 INR/kg.

As per BASF and Agson Global Pvt. Ltd., owing to the lack of availability of both raw material and finished goods, there was a rise in the price of menthol crystals in H2-20. Due to subdued demand despite ample stock in the past, the price had fallen. However, price increase was expected in the upcoming due to the stabilization of demand.

Menthol prices increased by about 6% in Q4-20 as the demand started to improve towards the end of Q3-20 from end use industries such as pharmaceuticals, food & beverages, and cosmetics industries, among others. In December, the price of menthol was 14.70 USD/kg.


Oral care, pharmaceutical, and confectionary firms such as Colgate Palmolive, Procter and Gamble, and Mars Wrigleys were expected to raise their mentha oil purchases in the first quarter of 2021, bringing exports closer to pre-Covid levels, according to companies and trade associations.

Winter weather in the Europe was anticipated to enhance sales of the commodity, which is used in cold-relief drugs, pain treatment balms, and lubricants. Heavy snowfall in Europe had boosted hopes for a surge in its demand from pharmaceutical industries.

North America

The average price of this essential oil in 2020 in the US was 18.70 USD/lb. Because of the increased disposable income of customers in developing regions such as Mexico, Canada, and the United States, North America is driving the expansion of the essential oils industry. Because of their health-conscious lifestyles and discretionary wealth, consumers prefer to spend in natural, healthy, and nutritional items.

Procurement Resource provides latest prices of Mentha Oil. Each price database is tied to a user-friendly graphing tool dating back to 2014, which provides a range of functionalities: configuration of price series over user defined time period; comparison of product movements across countries; customisation of price currencies and unit; extraction of price data as excel files to be used offline.

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Steam distillation and filtration of dried Mentha arvensis leaves or simply mentha (mint) results in the production of Mentha Oil. This is further processed in order to yield menthol along with other derivatives. Mentha Oil and its derivatives are extensively utilised in food, pharmaceutical, perfumery, and flavouring industry. Menthol and mint essential oil are also used in aromatherapy which may have therapeutic and clinical effect.

Product Details

Report Features Details
Product Name Mentha Oil
Industrial Uses Food industry, Pharmaceutical industry, Perfumery, Flavour and Fragrance industry
Supplier Database Sydney Essential Oil Co, Aksu Vital Natural Products and Cosmetics, Ultra International B.V, Farotti Srl, Robertet Group, Young Living Essential Oils, Lionel Hitchen Ltd
Region/Countries Covered Asia Pacific: China, India, Indonesia, Pakistan, Bangladesh, Japan, Philippines, Vietnam, Iran, Thailand, South Korea, Iraq, Saudi Arabia, Malaysia, Nepal, Taiwan, Sri Lanka, UAE, Israel, Hongkong, Singapore, Oman, Kuwait, Qatar, Australia, and New Zealand

Europe: Germany, France, United Kingdom, Italy,  Spain, Russia, Turkey, Netherlands, Poland, Sweden, Belgium, Austria, Ireland Switzerland, Norway, Denmark, Romania, Finland, Czech Republic, Portugal and Greece

North America: United States and Canada

Latin America: Brazil, Mexico, Argentina, Columbia, Chile, Ecuador, and Peru

Africa: South Africa, Nigeria, Egypt, Algeria, Morocco
Currency US$ (Data can also be provided in local currency)
Supplier Database Availability Yes
Customization Scope The report can be customized as per the requirements of  the customer
Post-Sale Analyst Support 360-degree analyst support after report delivery

Note: Our supplier search experts can assist your procurement teams in compiling and validating a list of suppliers indicating they have products, services, and capabilities that meet your company's needs.

Production Processes

  • Production of Mentha Oil via Steam Distillation.

In order to produce Mentha Oil, the steam distillation of dried mentha leaves is carried out. This step is further followed by filtration process to separate distillate and finally obtain Mentha Oil.


The displayed pricing data is derived through weighted average purchase price, including contract and spot transactions at the specified locations unless otherwise stated. The information provided comes from the compilation and processing of commercial data officially reported for each nation (i.e. government agencies, external trade bodies, and industry publications).

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