# Global Menthol Market 2026

> World exports of menthol (HS 290611) reached $671.9 million in 2024, 32% less than in 2019. China was the largest exporter with 28% of the world total, and India was the largest buyer.

- Publisher: Stratum Market Research
- Page: https://stratummarketresearch.com/reports/menthol-market/
- Sector: Consumer, Food & Retail
- Scope: Global
- Updated: 2026-11-09
- Headline figure: 671.9 USD million (World exports, 2024)

## What this market covers

Menthol in crystals, flakes or powder.

Segments: Natural menthol, Synthetic menthol, Menthol crystals, Menthol flakes.

Typical buyers: Flavour houses, Confectionery makers, Pharmaceutical and oral care brands.

## Key figures

| Figure | Value | Year |
|---|---|---|
| World exports of menthol (HS 290611) were worth $671.9 million in 2024. | 671.9 USD million | 2024 |
| World exports were 32% lower in 2024 than in 2019 ($987.8 million), calculated from the annual totals. | -32 % since 2019 | 2024 |
| China was the largest exporter in 2024, with 28% of world exports ($189.4 million). | 28 % of world exports | 2024 |
| The three largest exporters, China, India and Germany, shipped 74% of world exports in 2024. | 74 % of world exports | 2024 |
| India was the largest importer in 2024, buying $117.5 million, or 17% of world imports. | 17 % of world imports | 2024 |
| 14 countries exported more than $1 million of this product in 2024. | 14 countries | 2024 |
| The average world export price was about $12.32 per kilogram in 2024, calculated from value and weight. | 12.32 USD per kg | 2024 |
| Countries exported 54.6 thousand tonnes of this product in 2024. | 54.6 thousand tonnes | 2024 |
| Among the ten largest exporters, the United States grew fastest, with exports up 92% from 2019 to 2024. | +92 % since 2019 | 2024 |

## Why this market is moving now

- World trade shrank 32% from 2019 to 2024, a direct read on cross-border demand.
- The United States is gaining ground: its exports rose 92% from 2019 to 2024, the fastest among the ten largest exporters.

## Largest exporting countries, 2024

| Rank | Country | Value (USD million) |
|---|---|---|
| 1 | China | 189.4 |
| 2 | India | 164.3 |
| 3 | Germany | 142.4 |
| 4 | Malaysia | 76.6 |
| 5 | United States | 36.9 |
| 6 | Singapore | 24.0 |
| 7 | Japan | 11.3 |
| 8 | Netherlands | 7.3 |
| 9 | Thailand | 3.2 |
| 10 | France | 2.7 |

## Largest importing countries, 2024

| Rank | Country | Value (USD million) |
|---|---|---|
| 1 | India | 117.5 |
| 2 | China | 97.4 |
| 3 | United States | 81.0 |
| 4 | Singapore | 38.2 |
| 5 | Thailand | 30.8 |
| 6 | Indonesia | 29.0 |
| 7 | South Korea | 26.9 |
| 8 | Brazil | 19.5 |
| 9 | Japan | 18.8 |
| 10 | Germany | 18.0 |

## World exports of HS 290611, USD million

| Year | Value |
|---|---|
| 2017 | 652.3 |
| 2018 | 897.9 |
| 2019 | 987.8 |
| 2020 | 866.9 |
| 2021 | 832.5 |
| 2022 | 688.4 |
| 2023 | 656.6 |
| 2024 | 671.9 |

## Questions and answers

### How big is the global menthol market?

There is no single official market total. World exports of HS 290611 reached $671.9 million in 2024, a direct measure of cross-border trade.

### Which countries export the most menthol?

China led world exports in 2024 with 28% of the total, followed by India, Germany and Malaysia.

### Which countries import the most menthol?

India was the largest importer in 2024, followed by China, the United States and Singapore.

### Is world trade in menthol growing?

World exports were 32% lower in 2024 than in 2019.

### What is the average export price of menthol?

Dividing world export value by weight gives about $12.32 per kilogram in 2024.

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## How to cite

Stratum Market Research, "Global Menthol Market 2026", updated 9 Nov 2026, https://stratummarketresearch.com/reports/menthol-market/