7/15/2019 Mentha oil as a commodity traded in Indian commodity exchanges like MCX and NCDEX

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Commodity
MENTHA OIL
Description | Overview | History | Cultivation pattern | Mentha oil producing countries | Indian mentha oil market | Major
trading centers | Contract specifications

Description
Mentha oil is derived from a plant named Mentha arvensis or common mint. Mentha arvensis is a European mint herb
that is adopted by the United States. It is a long lasting, quick growing, hairy leaved herb that can even attain a height of
1.5 meters if favorable conditions are provided. ‘Mentha’, actually, is a Latin name for ‘mint’. With the help of steam
distillation process, mentha oil is obtained from the fresh leaves of that plant followed by the separation of menthol from
it.

Overview
Mentha oil is extremely useful in a wide variety of industries namely food industry, pharmaceutical industry and also in
perfumery and flavoring industries. Also, the constituents and derivatives of mentha oil like mint and menthol are used
widely.

Menthol is the major derivative product of mentha oil. Majority of the oil is converted into menthol, which is so important
that it is even considered as one the basic uses of mint oil. It is extracted through a complex process that involves
cooling of the oil slowly, which turns the oil into crystal form and then it is centrifuged and dried to attain a yellow colored
substance called menthol. This oil like substance is often required by the medicine industry and it is used in balms,
cough drops, inhalers, toothpastes, mouthwashes etc. Around 40% to 50% menthol and around 50% to 60%
dementholized oil is obtained from mentha oil in the production process of menthol. Dementholized oil is used in
confectioneries and peppermint oil.

India is the leading producer of mentha oil in the world with around 14000 metric tons production in 2003. China and
Brazil follow India in the list of major producers on 2nd and 3rd place. Also, India leads the mentha oil exporting countries
with around 3000 tons exports annually. Argentina, Brazil, France, Germany, Japan, UK, USA are some of the importing
countries of mentha oil. The consumption figures of menthol show that annual world consumption of menthol is 9600
metric tons. India is the largest consumer of menthol with a figure of about 3100 metric tons in 2003. The important
menthol consuming countries are: -

India (3100 metric tons)

China (2000 metric tons)
European Union (1900 metric tons)
USA with (1800 metric tons)

History
The origination of mint is not known to the people now, but it is said that it was cultivated in Europe in the ancient times.

Commercially, Japan started producing mint around 1870. During that time, it was called Japanese mint and Japan was
the leading country in this field. After the 2nd world war was over, Brazil was looked upon by some Japanese producers
as mint was found in the Brazilian forests and they started producing mint in Brazil also. Likewise, the production of mint
spread over other South American countries too. The production of mint was also taken over other countries of the world
like China and India around 1960. In fact, initially India was an importer of menthol but after the green revolution in 1986,
mint took off as an agricultural commodity.

Cultivation pattern

Mentha was introduced as a rabi crop i.e. it was sown in the winter season. It continues to be the scenario currently. This
crop prospers on sandy soil that is having high water content. Water logging and low rainfall provide hindrance in proper
growth of the crop.

Once the crop reaches the flowering stage, it is harvested as it is during this period when the oil content in plant is at its
highest. The harvested crop is then dried in sun, 2-4 hours a day, till it get reduced to one-third of its weight, and then it
is sent for distillation. It is dried as the distillation of dried leaves is much more cheaper than non-dried leaves. Over
drying the crop may result in soaked up oil content.

Mentha can be combined with potato and maize to get a higher return and increased profitability. Harvesting is done at
least twice a season.

Mentha oil producing countries

The following are the major mint oil producing countries

India
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7/15/2019 Mentha oil as a commodity traded in Indian commodity exchanges like MCX and NCDEX
China
Brazil
United States
Japan

As mentioned earlier, India became the world’s leading producer after green revolution was started in India. Rampur in
India became the 1st place in India where mentha production was introduced. In India, the major producing areas of mint
are: -

Punjab
Haryana
Himachal Pradesh
Uttar Pradesh
Bihar

The foothills of the Himalayas in India have a semi-temperate climate that supports mentha production. Major share of
mentha is cultivated in these areas only. The land under cultivation of mint in India has increased constantly is currently
around 70000 hectares. As compared to other kinds of mint crop oils in India like mentha peperata oil, mentha sparmint
oil and mentha citrata oil, mentha arvensis oil has got a major share in production.
Indian mentha oil market
The consumption pattern of mentha in India has made it an important crop. Mentha in India has reached out to all most
all the households and has made a major impact because of the qualities present in it. In fact, India is the leading
consumer of mentha and mentha oil. Sauces are made from mentha leaves. Increasing rate of production of mentha oil
has made India the largest producer and exporter in the world. The mint oil production in India hovers around 15000 tons
and exports around 3000 tons annually. India exports mentha oil and its derivatives to countries including

Argentina
Brazil
European Union
Japan
US

These exports have a worth of around 100 crores and earns a good amount foreign exchange to India.

Menthol production is also done on a commercial scale. The menthol producing areas in India are Bombay, West
Bengal, Gujarat, and Uttar Pradesh

Major trading centers of mentha oil

The major trading centers in India are: -

Sambhal
Barabanki
Rampur
Chandausi
Badaun
Bareilly
Mumbai

It is also traded at the Indian commodity exchanges like National Commodity & Derivatives Exchange ltd and Multi
Commodity Exchange of India ltd.

Future contract specifications of mentha oil in various commodity exchanges

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