Mint & Menthol Market Overview
Mint & Menthol Market size is estimated to reach $13.2 billion by 2027, growing at a CAGR of 4.3% during the forecast period 2022-2027. Methanol can be demarcated as a low-carbon, clear, colorless bio-degradable liquid fabricated from natural gas. Owing to its multiple sources, uses, and benefits methanol favor people's lives as every day we interact with products made from it. It has wide-ranging applications from construction and building materials such as electrical outlets, wood panels, furniture, and insulation to clothing and textile. It further helps in making automotive components lighter which eventually makes vehicles more energy-efficient and reduces CO2 emissions. Moreover, it is a clean-burning alternative energy solution that is helping in phasing out the dependency on coal. This clean-burning fuel can help improve air quality by curbing engine emissions across the globe. On another hand, mint is nothing but a herb that belongs to the Lamiaceae family and plays a significant role in food and beverage, herbal supplements, personal care, and tobacco industries. Mint is extensively used in the pharmaceutical industry to make medications like lozenges aimed at curing cough and sore throat. Peppermint oil (an extract fabricated from mint leaves) helps in curing complications like joint pain, muscle aches, allergies, and headaches. Moreover, candy canes, also known as peppermint sticks, is consumed across the globe as a renowned confectionery item. Therefore, soaring demand for mint confectionery, broadening usage of mint in pharmaceutical and personal care products because of its medicinal properties, rising health attentiveness among consumers, soaring complications like joint pain as the old-age population is enlarging, proliferating demand for methanol as carbon emissions are sky-rocketing, bettering retail industry because of deep internet penetration are factors set to drive the growth of the Mint & Menthol Market for the period 2022-2027.
Report Coverage
The report: “Mint & Menthol Market Forecast (2022-2027)”, by Industry ARC, covers an in-depth analysis of the following segments of the Mint & Menthol Market.
Key Takeaways
- Geographically, the North America Mint & Menthol Market accounted for the highest revenue share in 2021. The growth is owing to higher consumption because of high purchasing power and governmental push to reduce carbon emissions.
- Augmenting demand for flavored cigarettes among millennials, soaring demand for clean energy fuels, growing usage of mint in food and beverages, rising awareness among consumers regarding the health benefits of mint, and refining retail industry in developing countries are said to be preeminent drivers driving the growth of Mint & Menthol Market. Alternatives of mint & methanol, health problems linked with methanol-tainted drinks, and environmental calamities are said to reduce the market growth.
- Detailed analysis of the Strength, Weaknesses, and Opportunities of the prominent players operating in the market will be provided in the Mint & Menthol Market report.
Mint & Menthol Market Share, By Region (%) in 2021
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Mint & Menthol Market Segment Analysis-By Application
The Mint & Menthol Market based on the applications can be further segmented into Alcoholic drinks, Processed food and beverages, Confectioneries and bakery products, Dairy items, Pharmaceuticals, Tobacco, Petrochemicals, and Others. The food and beverage segment held the largest share in 2021. The growth is owing to extensive usage of mint and methanol in the preparation of various processed food items, confectioneries, and RTD beverages. Mint has become an inextricable part of various food items like chips, candies, cookies, chocolates, ice cream, and others. On the other hand, several summer drinks such as mint lassi, iced mint tea, mint lime fizz, mint kiwi lemonade, and coconut water with mint have drawn a following across the globe. Also, health benefits associated with mint are another crucial factor broadening its demand in the food and beverage industry. Furthermore, the food & beverages segment is estimated to be the fastest-growing with a CAGR of 5.3% over the forecast period 2022-2027. Peppermint oil plays a vital role in extending flavors to food items and fragrance to cosmetics and personal care products. Additionally, it is a crucial ingredient in making topical medications that help in reducing muscle and joint pain, thus driving the segment growth.
Mint & Menthol Market Segment Analysis-By Distribution Channel
The Mint & Menthol Market based on distribution channels can be further segmented into Offline (Supermarket, Hypermarket, Convenience stores, Pharmacies, and Others) and Online. The offline segment held the largest share in 2021. The growth is owing to enough presence of retail outlets that facilitates easy buying. Unlike urban areas, the rural population considers the offline platforms as their first point of contact because of the penurious infrastructure and vulnerable connectivity. Also, the soaring incidences of general ailments like skin allergy and cough drive people to make over-the-counter purchases. In addition to that, the urban population prefers modern outlets like hypermarkets and supermarkets as swift and hassle-free services offered by these outlets completely align with the eventful lifestyles of people. Online is estimated to be the fastest-growing segment with a CAGR of 5.8% over the forecast period 2022-2027. This growth is owing to changing lifestyles of people, internet penetration in underdeveloped areas, growing smartphone users, technological breakthroughs, and proliferating inclination of millennials and adults toward online shopping. However, this rapid surge in demand for e-commerce platforms is because of food and beverages prepared from mint and methanol, not because of energy or fuel as there is no facility where consumers can buy such items online.
Mint & Menthol Market Segment Analysis-By Geography
The Mint & Menthol Market based on Geography can be further segmented into North America, Europe, Asia-Pacific, South America, and the Rest of the World. North America held the largest share with 37% of the overall market in 2021. The growth in this segment is owing to the factors such as dominating mint production. The United States accounts for more than 65 to 70 percent of world mint production. Also, confectionery items like candy canes have drawn the eyes of various consumers toward them. In addition to that, the U.S. is the biggest user of methanol worldwide. However, Asia-Pacific is expected to be the fastest-growing segment over the forecast period 2022-2027. This growth is owing to the soaring popularity of flavored cigarettes, rising confectionery consumption, enlarging middle-class, surging pressure on governments of big carbon-emitting countries like India and China to curb the emissions, broadening prevalence of health complications as the number of geriatrics is growing, and ameliorating retail infrastructure.
Mint & Menthol Market Drivers
Augmenting demand for clean energy is anticipated to boost market demand.
According to the International Energy Agency's report, the amount of CO2 has increased to a record 36.3 billion tonnes, after recovery from COVID-19 in 2021. A new report released by the International Energy Agency (IEA) has revealed that the global carbon dioxide (CO2) levels have risen to 6% in 2021. China, India, and United States are the biggest carbon emitter. Collectively these 3 nations account for nearly 50 percent of the world's total emissions. China (11,535 Mton), India (2,590 Mton), and the U.S. annual CO2 emission stand at around 5,107 Mton. The rising carbon footprints are raising an alarm over human existence as massive emissions are resulting in climate change and an overwhelming swell in diseases instigated by smog and pollution. As a result, the overall demand for clean and green energy is sky-rocketing across the globe. Therefore, countries are replacing traditional sources of energy with more environmentally friendly and clean sources like methanol, therefore driving the product demand.
Health benefits associated with mint and rising disposable incomes are expected to boost market demand.
According to Xinhua News Agency, around 264 million people (18.7 percent of the population) in China were aging above the age of 60 years in 2021. Similarly, nearly 28 percent of the Japanese population falls under the category of geriatrics. Also, if we talk about the world, it is being anticipated that the old-age population will soon hit the 2 billion mark. Now, we all know that old age isn’t fair to everybody as it brings a plethora of illnesses and immense suffering with it. According to a report, in 2021, there were 350 million cases of arthritis across the globe. The figure is likely to expand in the foreseeable future as the old-age population is increasing relentlessly. As a result, the overall usage of mint has heightened in the food and beverage industry because of its medicinal properties that help in curing joint and muscle pains.
Mint & Menthol Market Challenges
Harsh governmental restrictions and environmental complications are projected to hamper the market growth.
Methanol use in tobacco is a prominent reason behind several deaths worldwide. As a result, Food and Drug Administration (FDA) is planning to impose a ban in order to suspend the usage of methanol as a flavoring agent. The step is likely to hamper the steady growth of the aforementioned market. The presence of other alternatives is taking up market share from mint and methanol. In addition to that, the worsening environmental situation, the reducing fertility of the soil, soil erosion, and the changing duration of seasons are likely to pose severe challenges to the mint and methanol market in the upcoming years. Diminishing soil fertility can reduce the overall yield of mint worldwide. According to the New Delhi-based National Academy of Agricultural Sciences (NAAS), the annual soil loss rate in India is about 15.35 tonnes per ha, resulting in a loss of 5.37 to 8.4 million tonnes of nutrients. The loss of soil has another immediate major impact on crop productivity in turn impeding the market growth.
Mint & Menthol Industry Outlook:
Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the aforementioned Market. Mint & Menthol market top 10 companies include:
- Kanegrade Ltd
- Olam International
- Barry Callebaut
- Archer Daniels Midland
- Lindt & Sprungli
- Vital Flavours
- Gold Coast Ingredients Inc
- Wrigley Jr Company
- 9Specialty
Ingredients
- Sweetlife
Recent Developments
- On April 18, 2022, San Francisco, United States-based biotechnology company “Lygos Inc” publicized that the company has successfully reached a merger agreement with Victoria, Canada-based chemical manufacturing company “Flexible Solutions International Inc.” The merger will be completed by the Q3 of 2022 and is aimed at forming a company that will deal with high-value food ingredients.
- On September 6, 2021, Zurich, Switzerland-based chocolate manufacturer and cocoa processing company “Barry Callebaut” announced the successful acquisition of Malle, Belgium-based Europe Chocolate Company (ECC). The financials of the acquisition were not disclosed by the company; however, the transaction is likely to reinforce Barry’s customized chocolate portfolio.
- On May 18, 2021, Singapore-based food and agri-business company “Olam International” announced the successful acquisition of California, United States-based renowned spice manufacturing firm “Olde Thompson.” A payment of $950 million was made by Olam International in order to bring the acquisition to a close.
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LIST OF TABLES
1.Global Key Manufacturers Market 2019-2024 ($M)1.1 Archer Daniels Midland Market 2019-2024 ($M) - Global Industry Research
1.2 Barry Callebaut Market 2019-2024 ($M) - Global Industry Research
1.3 Hershey Market 2019-2024 ($M) - Global Industry Research
1.4 Lindt Sprungli Market 2019-2024 ($M) - Global Industry Research
1.5 Nestle Market 2019-2024 ($M) - Global Industry Research
1.6 Olam International Market 2019-2024 ($M) - Global Industry Research
1.7 Wrigley Jr. Company Market 2019-2024 ($M) - Global Industry Research
1.8 Kanegrade Limited Market 2019-2024 ($M) - Global Industry Research
1.9 Gold Cost Ingredients, Inc Market 2019-2024 ($M) - Global Industry Research
1.10 Vital Flavours Market 2019-2024 ($M) - Global Industry Research
1.11 Sweetlife Market 2019-2024 ($M) - Global Industry Research
1.12 Ricola Market 2019-2024 ($M) - Global Industry Research
2.Global Market by Type Market 2019-2024 ($M)
2.1 Hard Type Market 2019-2024 ($M) - Global Industry Research
2.2 Chewing Type Market 2019-2024 ($M) - Global Industry Research
2.3 Scotland Type Market 2019-2024 ($M) - Global Industry Research
3.Global Key Manufacturers Market 2019-2024 (Volume/Units)
3.1 Archer Daniels Midland Market 2019-2024 (Volume/Units) - Global Industry Research
3.2 Barry Callebaut Market 2019-2024 (Volume/Units) - Global Industry Research
3.3 Hershey Market 2019-2024 (Volume/Units) - Global Industry Research
3.4 Lindt Sprungli Market 2019-2024 (Volume/Units) - Global Industry Research
3.5 Nestle Market 2019-2024 (Volume/Units) - Global Industry Research
3.6 Olam International Market 2019-2024 (Volume/Units) - Global Industry Research
3.7 Wrigley Jr. Company Market 2019-2024 (Volume/Units) - Global Industry Research
3.8 Kanegrade Limited Market 2019-2024 (Volume/Units) - Global Industry Research
3.9 Gold Cost Ingredients, Inc Market 2019-2024 (Volume/Units) - Global Industry Research
3.10 Vital Flavours Market 2019-2024 (Volume/Units) - Global Industry Research
3.11 Sweetlife Market 2019-2024 (Volume/Units) - Global Industry Research
3.12 Ricola Market 2019-2024 (Volume/Units) - Global Industry Research
4.Global Market by Type Market 2019-2024 (Volume/Units)
4.1 Hard Type Market 2019-2024 (Volume/Units) - Global Industry Research
4.2 Chewing Type Market 2019-2024 (Volume/Units) - Global Industry Research
4.3 Scotland Type Market 2019-2024 (Volume/Units) - Global Industry Research
5.North America Key Manufacturers Market 2019-2024 ($M)
5.1 Archer Daniels Midland Market 2019-2024 ($M) - Regional Industry Research
5.2 Barry Callebaut Market 2019-2024 ($M) - Regional Industry Research
5.3 Hershey Market 2019-2024 ($M) - Regional Industry Research
5.4 Lindt Sprungli Market 2019-2024 ($M) - Regional Industry Research
5.5 Nestle Market 2019-2024 ($M) - Regional Industry Research
5.6 Olam International Market 2019-2024 ($M) - Regional Industry Research
5.7 Wrigley Jr. Company Market 2019-2024 ($M) - Regional Industry Research
5.8 Kanegrade Limited Market 2019-2024 ($M) - Regional Industry Research
5.9 Gold Cost Ingredients, Inc Market 2019-2024 ($M) - Regional Industry Research
5.10 Vital Flavours Market 2019-2024 ($M) - Regional Industry Research
5.11 Sweetlife Market 2019-2024 ($M) - Regional Industry Research
5.12 Ricola Market 2019-2024 ($M) - Regional Industry Research
6.North America Market by Type Market 2019-2024 ($M)
6.1 Hard Type Market 2019-2024 ($M) - Regional Industry Research
6.2 Chewing Type Market 2019-2024 ($M) - Regional Industry Research
6.3 Scotland Type Market 2019-2024 ($M) - Regional Industry Research
7.South America Key Manufacturers Market 2019-2024 ($M)
7.1 Archer Daniels Midland Market 2019-2024 ($M) - Regional Industry Research
7.2 Barry Callebaut Market 2019-2024 ($M) - Regional Industry Research
7.3 Hershey Market 2019-2024 ($M) - Regional Industry Research
7.4 Lindt Sprungli Market 2019-2024 ($M) - Regional Industry Research
7.5 Nestle Market 2019-2024 ($M) - Regional Industry Research
7.6 Olam International Market 2019-2024 ($M) - Regional Industry Research
7.7 Wrigley Jr. Company Market 2019-2024 ($M) - Regional Industry Research
7.8 Kanegrade Limited Market 2019-2024 ($M) - Regional Industry Research
7.9 Gold Cost Ingredients, Inc Market 2019-2024 ($M) - Regional Industry Research
7.10 Vital Flavours Market 2019-2024 ($M) - Regional Industry Research
7.11 Sweetlife Market 2019-2024 ($M) - Regional Industry Research
7.12 Ricola Market 2019-2024 ($M) - Regional Industry Research
8.South America Market by Type Market 2019-2024 ($M)
8.1 Hard Type Market 2019-2024 ($M) - Regional Industry Research
8.2 Chewing Type Market 2019-2024 ($M) - Regional Industry Research
8.3 Scotland Type Market 2019-2024 ($M) - Regional Industry Research
9.Europe Key Manufacturers Market 2019-2024 ($M)
9.1 Archer Daniels Midland Market 2019-2024 ($M) - Regional Industry Research
9.2 Barry Callebaut Market 2019-2024 ($M) - Regional Industry Research
9.3 Hershey Market 2019-2024 ($M) - Regional Industry Research
9.4 Lindt Sprungli Market 2019-2024 ($M) - Regional Industry Research
9.5 Nestle Market 2019-2024 ($M) - Regional Industry Research
9.6 Olam International Market 2019-2024 ($M) - Regional Industry Research
9.7 Wrigley Jr. Company Market 2019-2024 ($M) - Regional Industry Research
9.8 Kanegrade Limited Market 2019-2024 ($M) - Regional Industry Research
9.9 Gold Cost Ingredients, Inc Market 2019-2024 ($M) - Regional Industry Research
9.10 Vital Flavours Market 2019-2024 ($M) - Regional Industry Research
9.11 Sweetlife Market 2019-2024 ($M) - Regional Industry Research
9.12 Ricola Market 2019-2024 ($M) - Regional Industry Research
10.Europe Market by Type Market 2019-2024 ($M)
10.1 Hard Type Market 2019-2024 ($M) - Regional Industry Research
10.2 Chewing Type Market 2019-2024 ($M) - Regional Industry Research
10.3 Scotland Type Market 2019-2024 ($M) - Regional Industry Research
11.APAC Key Manufacturers Market 2019-2024 ($M)
11.1 Archer Daniels Midland Market 2019-2024 ($M) - Regional Industry Research
11.2 Barry Callebaut Market 2019-2024 ($M) - Regional Industry Research
11.3 Hershey Market 2019-2024 ($M) - Regional Industry Research
11.4 Lindt Sprungli Market 2019-2024 ($M) - Regional Industry Research
11.5 Nestle Market 2019-2024 ($M) - Regional Industry Research
11.6 Olam International Market 2019-2024 ($M) - Regional Industry Research
11.7 Wrigley Jr. Company Market 2019-2024 ($M) - Regional Industry Research
11.8 Kanegrade Limited Market 2019-2024 ($M) - Regional Industry Research
11.9 Gold Cost Ingredients, Inc Market 2019-2024 ($M) - Regional Industry Research
11.10 Vital Flavours Market 2019-2024 ($M) - Regional Industry Research
11.11 Sweetlife Market 2019-2024 ($M) - Regional Industry Research
11.12 Ricola Market 2019-2024 ($M) - Regional Industry Research
12.APAC Market by Type Market 2019-2024 ($M)
12.1 Hard Type Market 2019-2024 ($M) - Regional Industry Research
12.2 Chewing Type Market 2019-2024 ($M) - Regional Industry Research
12.3 Scotland Type Market 2019-2024 ($M) - Regional Industry Research
13.MENA Key Manufacturers Market 2019-2024 ($M)
13.1 Archer Daniels Midland Market 2019-2024 ($M) - Regional Industry Research
13.2 Barry Callebaut Market 2019-2024 ($M) - Regional Industry Research
13.3 Hershey Market 2019-2024 ($M) - Regional Industry Research
13.4 Lindt Sprungli Market 2019-2024 ($M) - Regional Industry Research
13.5 Nestle Market 2019-2024 ($M) - Regional Industry Research
13.6 Olam International Market 2019-2024 ($M) - Regional Industry Research
13.7 Wrigley Jr. Company Market 2019-2024 ($M) - Regional Industry Research
13.8 Kanegrade Limited Market 2019-2024 ($M) - Regional Industry Research
13.9 Gold Cost Ingredients, Inc Market 2019-2024 ($M) - Regional Industry Research
13.10 Vital Flavours Market 2019-2024 ($M) - Regional Industry Research
13.11 Sweetlife Market 2019-2024 ($M) - Regional Industry Research
13.12 Ricola Market 2019-2024 ($M) - Regional Industry Research
14.MENA Market by Type Market 2019-2024 ($M)
14.1 Hard Type Market 2019-2024 ($M) - Regional Industry Research
14.2 Chewing Type Market 2019-2024 ($M) - Regional Industry Research
14.3 Scotland Type Market 2019-2024 ($M) - Regional Industry Research
LIST OF FIGURES
1.US Global Mint & Menthol Market Revenue, 2019-2024 ($M)2.Canada Global Mint & Menthol Market Revenue, 2019-2024 ($M)
3.Mexico Global Mint & Menthol Market Revenue, 2019-2024 ($M)
4.Brazil Global Mint & Menthol Market Revenue, 2019-2024 ($M)
5.Argentina Global Mint & Menthol Market Revenue, 2019-2024 ($M)
6.Peru Global Mint & Menthol Market Revenue, 2019-2024 ($M)
7.Colombia Global Mint & Menthol Market Revenue, 2019-2024 ($M)
8.Chile Global Mint & Menthol Market Revenue, 2019-2024 ($M)
9.Rest of South America Global Mint & Menthol Market Revenue, 2019-2024 ($M)
10.UK Global Mint & Menthol Market Revenue, 2019-2024 ($M)
11.Germany Global Mint & Menthol Market Revenue, 2019-2024 ($M)
12.France Global Mint & Menthol Market Revenue, 2019-2024 ($M)
13.Italy Global Mint & Menthol Market Revenue, 2019-2024 ($M)
14.Spain Global Mint & Menthol Market Revenue, 2019-2024 ($M)
15.Rest of Europe Global Mint & Menthol Market Revenue, 2019-2024 ($M)
16.China Global Mint & Menthol Market Revenue, 2019-2024 ($M)
17.India Global Mint & Menthol Market Revenue, 2019-2024 ($M)
18.Japan Global Mint & Menthol Market Revenue, 2019-2024 ($M)
19.South Korea Global Mint & Menthol Market Revenue, 2019-2024 ($M)
20.South Africa Global Mint & Menthol Market Revenue, 2019-2024 ($M)
21.North America Global Mint & Menthol By Application
22.South America Global Mint & Menthol By Application
23.Europe Global Mint & Menthol By Application
24.APAC Global Mint & Menthol By Application
25.MENA Global Mint & Menthol By Application