Selected research
Market Analysis & Forecast
Global Natural Menthol Market Analysis and Forecast 2026-2032
Market perspective
The global Natural Menthol market is projected to grow from US$ million in 2026 to US$ million by 2032, at a Compound Annual Growth Rate (CAGR) of % during the forecast period.
The US & Canada market for Natural Menthol is estimated to increase from $ million in 2026 to reach $ million by 2032, at a CAGR of % during the forecast period of 2026 through 2032.
Europe market for Natural Menthol is estimated to increase from $ million in 2026 to reach $ million by 2032, at a CAGR of % during the forecast period of 2026 through 2032.
Read the full market overview
Asia-Pacific market for Natural Menthol is estimated to increase from $ million in 2026 to reach $ million by 2032, at a CAGR of % during the forecast period of 2026 through 2032.
The China market for Natural Menthol is estimated to increase from $ million in 2026 to reach $ million by 2032, at a CAGR of % during the forecast period of 2026 through 2032.
The major global manufacturers of Natural Menthol include Great Nation Essential Oils, Ifan Chem, Agson Global, Symrise, Nantong Menthol Factory, Takasago, Tienyuan Chem, Arora Aromatics and Fengle Perfume, etc. In 2025, the world's top three vendors accounted for approximately % of the revenue.
This report presents an overview of global market for Natural Menthol, sales, revenue and price. Analyses of the global market trends, with historic market revenue or sales data for 2021 - 2025, estimates for 2026, and projections of CAGR through 2032.
This report researches the key producers of Natural Menthol, also provides the sales of main regions and countries. Of the upcoming market potential for Natural Menthol, and key regions or countries of focus to forecast this market into various segments and sub-segments. Country specific data and market value analysis for the U.S., Canada, Mexico, Brazil, China, Japan, South Korea, Southeast Asia, India, Germany, the U.K., Italy, Middle East, Africa, and Other Countries.
This report focuses on the Natural Menthol sales, revenue, market share and industry ranking of main manufacturers, data from 2021 to 2026. Identification of the major stakeholders in the global Natural Menthol market, and analysis of their competitive landscape and market positioning based on recent developments and segmental revenues. This report will help stakeholders to understand the competitive landscape and gain more insights and position their businesses and market strategies in a better way.
This report analyzes the segments data by Type and by Application, sales, revenue, and price, from 2021 to 2032. Evaluation and forecast the market size for Natural Menthol sales, projected growth trends, production technology, application and end-user industry.
Natural Menthol Segment by Company
Great Nation Essential Oils
Ifan Chem
Agson Global
Symrise
Nantong Menthol Factory
Takasago
Tienyuan Chem
Arora Aromatics
Fengle Perfume
BASF
Swati Menthol & Allied Chem
Nectar Lifesciences
Bhagat Aromatics
KM Chemicals
Silverline Chemicals
Yinfeng Pharma
Natural Menthol Segment by Type
Food Grade Menthol
Pharmaceutical Grade Menthol
Natural Menthol Segment by Application
Oral Hygiene
Pharmaceuticals
Tobacco
Confectionaries
Other
Natural Menthol Segment by Region
North America
United States
Canada
Mexico
Europe
Germany
France
U.K.
Italy
Russia
Spain
Netherlands
Switzerland
Sweden
Poland
Asia-Pacific
China
Japan
South Korea
India
Australia
Taiwan
Southeast Asia
South America
Brazil
Argentina
Chile
Middle East & Africa
Egypt
South Africa
Israel
Türkiye
GCC Countries
Study Objectives
1. To analyze and research the global status and future forecast, involving growth rate (CAGR), market share, historical and forecast.
2. To present the key manufacturers, sales, revenue, market share, and Recent Developments.
3. To split the breakdown data by regions, type, manufacturers, and Application.
4. To analyze the global and key regions market potential and advantage, opportunity and challenge, restraints, and risks.
5. To identify significant trends, drivers, influence factors in global and regions.
6. To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market.
Reasons to Buy This Report
1. This report will help the readers to understand the competition within the industries and strategies for the competitive environment to enhance the potential profit. The report also focuses on the competitive landscape of the global Natural Menthol market, and introduces in detail the market share, industry ranking, competitor ecosystem, market performance, new product development, operation situation, expansion, and acquisition. etc. of the main players, which helps the readers to identify the main competitors and deeply understand the competition pattern of the market.
2. This report will help stakeholders to understand the global industry status and trends of Natural Menthol and provides them with information on key market drivers, restraints, challenges, and opportunities.
3. This report will help stakeholders to understand competitors better and gain more insights to strengthen their position in their businesses. The competitive landscape section includes the market share and rank (in sales and value), competitor ecosystem, new product development, expansion, and acquisition.
4. This report stays updated with novel technology integration, features, and the latest developments in the market.
5. This report helps stakeholders to gain insights into which regions to target globally.
6. This report helps stakeholders to gain insights into the end-user perception concerning the adoption of Natural Menthol.
7. This report helps stakeholders to identify some of the key players in the market and understand their valuable contribution.
Chapter Outline
Chapter 1: Introduces the report scope of the report, executive summary of different market segments (by type and by application, etc), including the market size of each market segment, future development potential, and so on. It offers a high-level view of the current state of the market and its likely evolution in the short to mid-term, and long term.
Chapter 2: Introduces the market dynamics, latest developments of the market, the driving factors and restrictive factors of the market, the challenges and risks faced by manufacturers in the industry, and the analysis of relevant policies in the industry.
Chapter 3: Sales (consumption), revenue of Natural Menthol in global, regional level and country level. It provides a quantitative analysis of the market size and development potential of each region and its main countries and introduces the market development, future development prospects, market space of each country in the world.
Chapter 4: Detailed analysis of Natural Menthol manufacturers competitive landscape, price, sales, revenue, market share and industry ranking, latest development plan, merger, and acquisition information, etc.
Chapter 5: Provides the analysis of various market segments by type, covering the sales, revenue, average price, and development potential of each market segment, to help readers find the blue ocean market in different market segments.
Chapter 6: Provides the analysis of various market segments by application, covering the sales, revenue, average price, and development potential of each market segment, to help readers find the blue ocean market in different downstream markets.
Chapter 7: Provides profiles of key manufacturers, introducing the basic situation of the main companies in the market in detail, including product descriptions and specifications, Natural Menthol sales, revenue, price, gross margin, and recent development, etc.
Chapter 8: North America by type, by application and by country, sales, and revenue for each segment.
Chapter 9: Europe by type, by application and by country, sales, and revenue for each segment.
Chapter 10: China type, by application, sales, and revenue for each segment.
Chapter 11: Asia (excluding China) type, by application and by region, sales, and revenue for each segment.
Chapter 12: South America, Middle East and Africa by type, by application and by country, sales, and revenue for each segment.
Chapter 13: Analysis of industrial chain, sales channel, key raw materials, distributors and customers.
Chapter 14: The main concluding insights of the report.
More report detail
Tables and figures
Scope & coverage.
Types
- Food Grade Menthol
- Pharmaceutical Grade Menthol
Applications
- Oral Hygiene
- Pharmaceuticals
- Tobacco
- Confectionaries
- Other
Companies covered
- Great Nation Essential Oils
- Ifan Chem
- Agson Global
- Symrise
- Nantong Menthol Factory
- Takasago
- Tienyuan Chem
- Arora Aromatics
- Fengle Perfume
- BASF
- Swati Menthol & Allied Chem
- Nectar Lifesciences
- Bhagat Aromatics
- KM Chemicals
- Silverline Chemicals
- Yinfeng Pharma
Inside the report.
1 Market Overview
- 1.1 Product Definition
- 1.2 Natural Menthol Market by Type
- 1.2.1 Global Natural Menthol Market Size by Type, 2021 VS 2025 VS 2032
- 1.2.2 Food Grade Menthol
- 1.2.3 Pharmaceutical Grade Menthol
- 1.3 Natural Menthol Market by Application
- 1.3.1 Global Natural Menthol Market Size by Application, 2021 VS 2025 VS 2032
- 1.3.2 Oral Hygiene
- 1.3.3 Pharmaceuticals
- 1.3.4 Tobacco
- 1.3.5 Confectionaries
- 1.3.6 Other
- 1.4 Assumptions and Limitations
- 1.5 Study Goals and Objectives
2 Natural Menthol Market Dynamics
- 2.1 Natural Menthol Industry Trends
- 2.2 Natural Menthol Industry Drivers
- 2.3 Natural Menthol Industry Opportunities and Challenges
- 2.4 Natural Menthol Industry Restraints
3 Global Market Growth Prospects
- 3.1 Global Natural Menthol Revenue Estimates and Forecasts (2021-2032)
- 3.2 Global Natural Menthol Revenue by Region
- 3.2.1 Global Natural Menthol Revenue by Region: 2021 VS 2025 VS 2032
- 3.2.2 Global Natural Menthol Revenue by Region (2021-2026)
- 3.2.3 Global Natural Menthol Revenue by Region (2027-2032)
- 3.2.4 Global Natural Menthol Revenue Market Share by Region (2021-2032)
- 3.3 Global Natural Menthol Sales Estimates and Forecasts 2021-2032
- 3.4 Global Natural Menthol Sales by Region
- 3.4.1 Global Natural Menthol Sales by Region: 2021 VS 2025 VS 2032
- 3.4.2 Global Natural Menthol Sales by Region (2021-2026)
- 3.4.3 Global Natural Menthol Sales by Region (2027-2032)
- 3.4.4 Global Natural Menthol Sales Market Share by Region (2021-2032)
- 3.5 US & Canada & Mexico
- 3.6 Europe
- 3.7 China
- 3.8 Asia (Excluding China)
- 3.9 South America, Middle East and Africa
4 Market Competitive Landscape by Manufacturers
- 4.1 Global Natural Menthol Revenue by Manufacturers
- 4.1.1 Global Natural Menthol Revenue by Manufacturers (2021-2026)
- 4.1.2 Global Natural Menthol Revenue Market Share by Manufacturers (2021-2026)
- 4.1.3 Global Natural Menthol Manufacturers Revenue Share Top 10 and Top 5 in 2025
- 4.2 Global Natural Menthol Sales by Manufacturers
- 4.2.1 Global Natural Menthol Sales by Manufacturers (2021-2026)
- 4.2.2 Global Natural Menthol Sales Market Share by Manufacturers (2021-2026)
- 4.2.3 Global Natural Menthol Manufacturers Sales Share Top 10 and Top 5 in 2025
- 4.3 Global Natural Menthol Sales Price by Manufacturers (2021-2026)
- 4.4 Global Natural Menthol Key Manufacturers Ranking, 2024 VS 2025 VS 2026
- 4.5 Global Natural Menthol Key Manufacturers Manufacturing Sites & Headquarters
- 4.6 Global Natural Menthol Manufacturers, Product Type & Application
- 4.7 Global Natural Menthol Manufacturers' Establishment Date
- 4.8 Market Competitive Analysis
- 4.8.1 Global Natural Menthol Market CR5 and HHI
- 4.8.2 2025 Natural Menthol Tier 1, Tier 2, and Tier 3
5 Natural Menthol Market by Type
- 5.1 Global Natural Menthol Revenue by Type
- 5.1.1 Global Natural Menthol Revenue by Type (2021 VS 2025 VS 2032)
- 5.1.2 Global Natural Menthol Revenue by Type (2021-2032) & (US$ Million)
- 5.1.3 Global Natural Menthol Revenue Market Share by Type (2021-2032)
- 5.2 Global Natural Menthol Sales by Type
- 5.2.1 Global Natural Menthol Sales by Type (2021 VS 2025 VS 2032)
- 5.2.2 Global Natural Menthol Sales by Type (2021-2032) & (k units)
- 5.2.3 Global Natural Menthol Sales Market Share by Type (2021-2032)
- 5.3 Global Natural Menthol Price by Type
6 Natural Menthol Market by Application
- 6.1 Global Natural Menthol Revenue by Application
- 6.1.1 Global Natural Menthol Revenue by Application (2021 VS 2025 VS 2032)
- 6.1.2 Global Natural Menthol Revenue by Application (2021-2032) & (US$ Million)
- 6.1.3 Global Natural Menthol Revenue Market Share by Application (2021-2032)
- 6.2 Global Natural Menthol Sales by Application
- 6.2.1 Global Natural Menthol Sales by Application (2021 VS 2025 VS 2032)
- 6.2.2 Global Natural Menthol Sales by Application (2021-2032) & (k units)
- 6.2.3 Global Natural Menthol Sales Market Share by Application (2021-2032)
- 6.3 Global Natural Menthol Price by Application
7 Company Profiles
- 7.1 Great Nation Essential Oils
- 7.1.1 Great Nation Essential Oils Company Information
- 7.1.2 Great Nation Essential Oils Business Overview
- 7.1.3 Great Nation Essential Oils Natural Menthol Sales, Revenue, Price and Gross Margin (2021-2026)
- 7.1.4 Great Nation Essential Oils Natural Menthol Product Portfolio
- 7.1.5 Great Nation Essential Oils Recent Developments
- 7.2 Ifan Chem
- 7.2.1 Ifan Chem Company Information
- 7.2.2 Ifan Chem Business Overview
- 7.2.3 Ifan Chem Natural Menthol Sales, Revenue, Price and Gross Margin (2021-2026)
- 7.2.4 Ifan Chem Natural Menthol Product Portfolio
- 7.2.5 Ifan Chem Recent Developments
- 7.3 Agson Global
- 7.3.1 Agson Global Company Information
- 7.3.2 Agson Global Business Overview
- 7.3.3 Agson Global Natural Menthol Sales, Revenue, Price and Gross Margin (2021-2026)
- 7.3.4 Agson Global Natural Menthol Product Portfolio
- 7.3.5 Agson Global Recent Developments
- 7.4 Symrise
- 7.4.1 Symrise Company Information
- 7.4.2 Symrise Business Overview
- 7.4.3 Symrise Natural Menthol Sales, Revenue, Price and Gross Margin (2021-2026)
- 7.4.4 Symrise Natural Menthol Product Portfolio
- 7.4.5 Symrise Recent Developments
- 7.5 Nantong Menthol Factory
- 7.5.1 Nantong Menthol Factory Company Information
- 7.5.2 Nantong Menthol Factory Business Overview
- 7.5.3 Nantong Menthol Factory Natural Menthol Sales, Revenue, Price and Gross Margin (2021-2026)
- 7.5.4 Nantong Menthol Factory Natural Menthol Product Portfolio
- 7.5.5 Nantong Menthol Factory Recent Developments
- 7.6 Takasago
- 7.6.1 Takasago Company Information
- 7.6.2 Takasago Business Overview
- 7.6.3 Takasago Natural Menthol Sales, Revenue, Price and Gross Margin (2021-2026)
- 7.6.4 Takasago Natural Menthol Product Portfolio
- 7.6.5 Takasago Recent Developments
- 7.7 Tienyuan Chem
- 7.7.1 Tienyuan Chem Company Information
- 7.7.2 Tienyuan Chem Business Overview
- 7.7.3 Tienyuan Chem Natural Menthol Sales, Revenue, Price and Gross Margin (2021-2026)
- 7.7.4 Tienyuan Chem Natural Menthol Product Portfolio
- 7.7.5 Tienyuan Chem Recent Developments
- 7.8 Arora Aromatics
- 7.8.1 Arora Aromatics Company Information
- 7.8.2 Arora Aromatics Business Overview
- 7.8.3 Arora Aromatics Natural Menthol Sales, Revenue, Price and Gross Margin (2021-2026)
- 7.8.4 Arora Aromatics Natural Menthol Product Portfolio
- 7.8.5 Arora Aromatics Recent Developments
- 7.9 Fengle Perfume
- 7.9.1 Fengle Perfume Company Information
- 7.9.2 Fengle Perfume Business Overview
- 7.9.3 Fengle Perfume Natural Menthol Sales, Revenue, Price and Gross Margin (2021-2026)
- 7.9.4 Fengle Perfume Natural Menthol Product Portfolio
- 7.9.5 Fengle Perfume Recent Developments
- 7.10 BASF
- 7.10.1 BASF Company Information
- 7.10.2 BASF Business Overview
- 7.10.3 BASF Natural Menthol Sales, Revenue, Price and Gross Margin (2021-2026)
- 7.10.4 BASF Natural Menthol Product Portfolio
- 7.10.5 BASF Recent Developments
- 7.11 Swati Menthol & Allied Chem
- 7.11.1 Swati Menthol & Allied Chem Company Information
- 7.11.2 Swati Menthol & Allied Chem Business Overview
- 7.11.3 Swati Menthol & Allied Chem Natural Menthol Sales, Revenue, Price and Gross Margin (2021-2026)
- 7.11.4 Swati Menthol & Allied Chem Natural Menthol Product Portfolio
- 7.11.5 Swati Menthol & Allied Chem Recent Developments
- 7.12 Nectar Lifesciences
- 7.12.1 Nectar Lifesciences Company Information
- 7.12.2 Nectar Lifesciences Business Overview
- 7.12.3 Nectar Lifesciences Natural Menthol Sales, Revenue, Price and Gross Margin (2021-2026)
- 7.12.4 Nectar Lifesciences Natural Menthol Product Portfolio
- 7.12.5 Nectar Lifesciences Recent Developments
- 7.13 Bhagat Aromatics
- 7.13.1 Bhagat Aromatics Company Information
- 7.13.2 Bhagat Aromatics Business Overview
- 7.13.3 Bhagat Aromatics Natural Menthol Sales, Revenue, Price and Gross Margin (2021-2026)
- 7.13.4 Bhagat Aromatics Natural Menthol Product Portfolio
- 7.13.5 Bhagat Aromatics Recent Developments
- 7.14 KM Chemicals
- 7.14.1 KM Chemicals Company Information
- 7.14.2 KM Chemicals Business Overview
- 7.14.3 KM Chemicals Natural Menthol Sales, Revenue, Price and Gross Margin (2021-2026)
- 7.14.4 KM Chemicals Natural Menthol Product Portfolio
- 7.14.5 KM Chemicals Recent Developments
- 7.15 Silverline Chemicals
- 7.15.1 Silverline Chemicals Company Information
- 7.15.2 Silverline Chemicals Business Overview
- 7.15.3 Silverline Chemicals Natural Menthol Sales, Revenue, Price and Gross Margin (2021-2026)
- 7.15.4 Silverline Chemicals Natural Menthol Product Portfolio
- 7.15.5 Silverline Chemicals Recent Developments
- 7.16 Yinfeng Pharma
- 7.16.1 Yinfeng Pharma Company Information
- 7.16.2 Yinfeng Pharma Business Overview
- 7.16.3 Yinfeng Pharma Natural Menthol Sales, Revenue, Price and Gross Margin (2021-2026)
- 7.16.4 Yinfeng Pharma Natural Menthol Product Portfolio
- 7.16.5 Yinfeng Pharma Recent Developments
8 North America
- 8.1 North America Natural Menthol Market Size by Type
- 8.1.1 North America Natural Menthol Revenue by Type (2021-2032)
- 8.1.2 North America Natural Menthol Sales by Type (2021-2032)
- 8.1.3 North America Natural Menthol Price by Type (2021-2032)
- 8.2 North America Natural Menthol Market Size by Application
- 8.2.1 North America Natural Menthol Revenue by Application (2021-2032)
- 8.2.2 North America Natural Menthol Sales by Application (2021-2032)
- 8.2.3 North America Natural Menthol Price by Application (2021-2032)
- 8.3 North America Natural Menthol Market Size by Country
- 8.3.1 North America Natural Menthol Revenue Grow Rate by Country (2021 VS 2025 VS 2032)
- 8.3.2 North America Natural Menthol Sales by Country (2021 VS 2025 VS 2032)
- 8.3.3 North America Natural Menthol Price by Country (2021-2032)
- 8.3.4 United States
- 8.3.5 Canada
- 8.3.6 Mexico
9 Europe
- 9.1 Europe Natural Menthol Market Size by Type
- 9.1.1 Europe Natural Menthol Revenue by Type (2021-2032)
- 9.1.2 Europe Natural Menthol Sales by Type (2021-2032)
- 9.1.3 Europe Natural Menthol Price by Type (2021-2032)
- 9.2 Europe Natural Menthol Market Size by Application
- 9.2.1 Europe Natural Menthol Revenue by Application (2021-2032)
- 9.2.2 Europe Natural Menthol Sales by Application (2021-2032)
- 9.2.3 Europe Natural Menthol Price by Application (2021-2032)
- 9.3 Europe Natural Menthol Market Size by Country
- 9.3.1 Europe Natural Menthol Revenue Grow Rate by Country (2021 VS 2025 VS 2032)
- 9.3.2 Europe Natural Menthol Sales by Country (2021 VS 2025 VS 2032)
- 9.3.3 Europe Natural Menthol Price by Country (2021-2032)
- 9.3.4 Germany
- 9.3.5 France
- 9.3.6 U.K.
- 9.3.7 Italy
- 9.3.8 Russia
- 9.3.9 Spain
- 9.3.10 Netherlands
10 China
- 10.1 China Natural Menthol Market Size by Type
- 10.1.1 China Natural Menthol Revenue by Type (2021-2032)
- 10.1.2 China Natural Menthol Sales by Type (2021-2032)
- 10.1.3 China Natural Menthol Price by Type (2021-2032)
- 10.2 China Natural Menthol Market Size by Application
- 10.2.1 China Natural Menthol Revenue by Application (2021-2032)
- 10.2.2 China Natural Menthol Sales by Application (2021-2032)
- 10.2.3 China Natural Menthol Price by Application (2021-2032)
11 Asia (Excluding China)
- 11.1 Asia Natural Menthol Market Size by Type
- 11.1.1 Asia Natural Menthol Revenue by Type (2021-2032)
- 11.1.2 Asia Natural Menthol Sales by Type (2021-2032)
- 11.1.3 Asia Natural Menthol Price by Type (2021-2032)
- 11.2 Asia Natural Menthol Market Size by Application
- 11.2.1 Asia Natural Menthol Revenue by Application (2021-2032)
- 11.2.2 Asia Natural Menthol Sales by Application (2021-2032)
- 11.2.3 Asia Natural Menthol Price by Application (2021-2032)
- 11.3 Asia Natural Menthol Market Size by Country
- 11.3.1 Asia Natural Menthol Revenue Grow Rate by Country (2021 VS 2025 VS 2032)
- 11.3.2 Asia Natural Menthol Sales by Country (2021 VS 2025 VS 2032)
- 11.3.3 Asia Natural Menthol Price by Country (2021-2032)
- 11.3.4 Japan
- 11.3.5 South Korea
- 11.3.6 India
- 11.3.7 Australia
- 11.3.8 Taiwan
- 11.3.9 Southeast Asia
12 South America, Middle East and Africa
- 12.1 SAMEA Natural Menthol Market Size by Type
- 12.1.1 SAMEA Natural Menthol Revenue by Type (2021-2032)
- 12.1.2 SAMEA Natural Menthol Sales by Type (2021-2032)
- 12.1.3 SAMEA Natural Menthol Price by Type (2021-2032)
- 12.2 SAMEA Natural Menthol Market Size by Application
- 12.2.1 SAMEA Natural Menthol Revenue by Application (2021-2032)
- 12.2.2 SAMEA Natural Menthol Sales by Application (2021-2032)
- 12.2.3 SAMEA Natural Menthol Price by Application (2021-2032)
- 12.3 SAMEA Natural Menthol Market Size by Country
- 12.3.1 SAMEA Natural Menthol Revenue Grow Rate by Country (2021 VS 2025 VS 2032)
- 12.3.2 SAMEA Natural Menthol Sales by Country (2021 VS 2025 VS 2032)
- 12.3.3 SAMEA Natural Menthol Price by Country (2021-2032)
- 12.3.4 Brazil
- 12.3.5 Argentina
- 12.3.6 Chile
- 12.3.7 Colombia
- 12.3.8 Peru
- 12.3.9 Saudi Arabia
- 12.3.10 Israel
- 12.3.11 UAE
- 12.3.12 Turkey
- 12.3.13 Iran
- 12.3.14 Egypt
13 Value Chain and Sales Channels Analysis
- 13.1 Natural Menthol Value Chain Analysis
- 13.1.1 Natural Menthol Key Raw Materials
- 13.1.2 Raw Materials Key Suppliers
- 13.1.3 Manufacturing Cost Structure
- 13.1.4 Natural Menthol Production Mode & Process
- 13.2 Natural Menthol Sales Channels Analysis
- 13.2.1 Direct Comparison with Distribution Share
- 13.2.2 Natural Menthol Distributors
- 13.2.3 Natural Menthol Customers
14 Concluding Insights
15 Appendix
- 15.1 Reasons for Doing This Study
- 15.2 Research Methodology
- 15.3 Research Process
- 15.4 Authors List of This Report
- 15.5 Data Source
- 15.5.1 Secondary Sources
- 15.5.2 Primary Sources
- 15.6 Disclaimer
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