Menthol is a crystalline organic compound which can be produced synthetically or obtained naturally from corn mint, mint oil and peppermint, among others. Menthol has high medical and nutritional value; owing to which it is used in various confectionary products such as chewing gums and candies. It is also utilized in pharmaceuticals in ointments, and inhalation products among others. Conventionally, menthol is obtained naturally i.e. by harvesting and processing mints. However, variations in climatic conditions tend to affect the overall menthol supply and also result in volatility in prices. Currently, India and China account for a significant share in overall global natural menthol supply. Demand for menthol from key end use industries has witnessed a steady growth over the past decade. In order to meet this growing demand, efforts were channelized towards adoption of alternative synthetic source for commercial production of menthol. Synthetically obtained menthol is relatively more pure as compared to natural menthol. Also, synthetically obtained menthol is relatively cost effective as compared to naturally obtained menthol. Moreover, supply of raw materials required for synthetic menthol production is ample; thus ensuring consistency in production. Consequently, synthetic menthol has emerged as a viable alternative for natural menthol. Currently, natural menthol dominates the overall consumption of menthol across the globe. However, consumption of synthetic menthol is expected to witness a relatively faster growth over the forecast period.