Global DL-Menthol Market Highlights Over 2022 - 2031
The global DL-menthol market is estimated to garner a large amount of revenue by growing at a robust CAGR over the forecast period, i.e., 2022 – 2031. The growth of the market can be attributed to the increasing utilization of the product in the food industry for adding minty flavor to food items, and high usage of DL-menthol to make ointments, and toothpastes. Along with these, escalating production of medical products, and rapidly growing wellness and cosmetics industry around the world are projected to offer profitable opportunities to the market in the near future. As of 2021, more than 5% of the global economic output is generated by the health and wellness industry. Also, the personal beauty and anti-aging segment gathered over 20% of the wellness market share in the year 2020. Furthermore, the supply of raw materials for manufacturing DL-menthol is quite abundant, which in turn is also expected to propel the market growth in the forthcoming years.
The market is segmented by application into personal care & cosmetics, food, pharmaceutical, and others, out of which, the pharmaceutical segment is anticipated to hold the largest share in the global DL-menthol market. This can be accounted to the high use of DL-menthol for producing medications that can help control plaque and kill bacteria that contributes to the development of gingivitis. Apart from this, the product is a significant ingredient for making medicines that help in relieving cough, which is also predicted to boost the growth of the market segment in the future. Additionally, on the basis of type, the synthetic segment is assessed to observe notable growth during the forecast period owing to the high purity and cost-effectiveness of synthetic menthol as compared to natural menthol. CLICK TO DOWNLOAD SAMPLE REPORT
Major Macro-Economic Indicators Impacting the Market Growth
The chemical industry is a major component of the economy. According to the U.S. Bureau of Economic Analysis, in 2020, for the U.S., the value added by chemical products as a percentage of GDP was around 1.9%. Additionally, according to the World Bank, Chemical industry in the U.S. accounted for 16.43% to manufacturing value-added in 2018. With the growing demand from end-users, the market for chemical products is expected to grow in future. According to UNEP (United Nations Environment Program), the sales of chemicals are projected to almost double from 2017 to 2030. In the current scenario, Asia Pacific is the largest chemical producing and consuming region. China has the world’s largest chemical industry, that accounted for annual sales of approximately more than USD 1.5 trillion, or about more than one-third of global sales, in recent years. Additionally, a vast consumer base and favorable government policies have boosted investment in China’s chemical industry. Easy availability of low-cost raw material & labor as well as government subsidies and relaxed environmental norms have served as a production base for key vendors globally. On the other hand, according to the FICCI (Federation of Indian Chambers of Commerce & Industry), the chemical industry in India was valued at 163 billion in 2019 and it contributed 3.4% to the global chemical industry. It ranks 6th in global chemical production. This statistic shows the lucrative opportunity for the investment in businesses in Asia Pacific countries in the upcoming years.
Global DL-Menthol Market Regional Synopsis
Regionally, the global DL-menthol market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. The market in Europe is estimated to witness noteworthy growth over the forecast period on the back of the rapidly growing food & beverages industry, and rising demand for DL-menthol from the skincare sector in the region. In 2020, drinks and miscellaneous food items worth approximately USD 8.5 billion and USD 2.5 billion respectively were exported from the United Kingdom to the European Union. Moreover, the market in Asia Pacific is expected to acquire the largest share during the forecast period, which can be credited to the increase in production of pharmaceuticals products in the region. In addition, strong footprint of market players is also projected to drive market growth in the coming years.
The global DL-menthol market is further classified on the basis of region as follows:
Our in-depth analysis of the global DL-menthol market includes the following segments:
Top Featured Companies Dominating the Market
FREQUENTLY ASKED QUESTIONS
The major factors driving market growth are increasing utilization of dl-menthol in the food industry, and escalating production of medical products.
The market is anticipated to attain a robust CAGR over the forecast period, i.e., 2022-2031.
The major players in the market are BASF SE, Symrise AG, Takasago International Corporation, Lanxess AG, and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by type, application, and by region.
The pharmaceutical segment is anticipated to hold largest market size and is estimated grow at a steady CAGR over the forecast period and display significant growth opportunities.
Volatility in the prices of raw materials used for making DL-menthol is estimated to hamper the market growth.
Europe will provide more business opportunities for market growth owing to the rapidly growing food & beverages industry, and rising demand for DL-menthol from the skincare sector.
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