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Synthetic Menthol is a petrochemically derived compound synthesised mainly through hydrogenation of thymol, itself produced by alkylating m-cresol with propene, as well as via pulegone or myrcene routes. Its cooling and counter irritant properties make it versatile across oral care, confectionery, pharmaceutical formulations, flavours, fragrances, cosmetics, and personal care, while its cost competitiveness against natural menthol has driven sustained substitution across FMCG supply chains.
Through H1 2026, synthetic menthol prices held a firm and range bound tone, consolidating the stability of late 2025. Oral care and pharmaceutical demand remained resilient, with toothpaste, cough drop, and medicated confectionery manufacturers sustaining regular procurement. In Asia, adequate capacity kept the market from tightening sharply, yet need based rather than speculative buying among traders tempered upward movement. Import dynamics in countries such as India remained a structural factor, with cost competitive synthetic grades weighing on domestic producer sentiment amid ongoing trade measure discussions. Into the second quarter, the tone shifted mildly firmer in some regions as seasonal personal care and wellness demand picked up with warmer weather product cycles. Supply conditions in key exporting regions stayed manageable, while European and North American buyers kept cautious inventories and shorter procurement cycles, moderating the pace of appreciation.
Analyst Insight
According to Procurement Resource, Synthetic Menthol prices should hold steady to gently firmer through H2 2026, supported by consistent oral care and pharmaceutical demand.
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In Q4’25, the Synthetic Menthol prices maintained their stable trend in the major markets. In the North American market, the prices were stable due to strong oral care, confectionery, and wellness segments. There was no decline in the consumption of the product from the toothpaste, cough drops, and aromatherapy segments. Hence, the market was in equilibrium in the North American region during this period. There were no issues in the supply side, and production was normal.
In the Asian market, especially in the major producing countries, the prices were stable due to strong domestic production and regular consumption from the pharmaceutical and FMCG sectors. There were seasonal factors at play in the market, and the prices were impacted due to the crop-related raw material prices and the exports from these countries. However, the strong production of the synthetic version helped to reduce the impact of the agricultural prices on the market. There was cautiousness in the market from the buyers, and they were not stocking the material in excess amounts.
Overall, the market showed balanced supply-demand conditions in Q4’25. Stable downstream consumption and sufficient production capacity prevented sharp price swings.
Synthetic Menthol, unlike natural menthol, is synthetically produced using petrochemicals like m-cresol. It appears as a waxy, crystalline substance, which is generally clear or white in colour. It is solid at room temperature. Synthetic menthol has anesthetic and counter-irritant qualities and is widely utilised to relieve minor throat irritation.
C10H20O
Flavour and fragrances, Cosmetics and personal care products, Antipruritic, Transdermal drug delivery, Pharmaceuticals , Perfumery
5-Methyl-2-(propan-2-yl) cyclohexan-1-ol, 2-Isopropyl-5-methylcyclohexan-1-ol, 2-Isopropyl-5-methylcyclohexanol, 3-p-Menthanol, Hexahydrothymol, Menthomenthol, Peppermint camphor
BASF SE, Takasago International Corporation, Symrise AG, VDH Organics Private Limited
CurrencyUS$ (Data can also be provided in local currency)
Supplier Database AvailabilityYes
Customization ScopeThe report can be customized as per the requirements of the customer
Post-Sale Analyst Support360-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.
The production of Synthetic Menthol via hydrogenation involves alkylation of m-cresol using propene to produce thymol, which undergoes hydrogenation to form a reaction mixture. Fractional distillation of the obtained mixture takes place to finally produce Synthetic Menthol.
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This report provides the cost structure of menthol production by steam distillation, filtration, and cooling processes.
In this process, the distilled oil of mint (mentha arvensis) is extracted and brought to the temperature of -22ºC to obtain menthol.
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