Myrrh Gum Market
Myrrh Gum Market Share & Trends Analysis, By Form (Powder, Liquid), By Nature (Conventional, Organic), By End-Use Industries (Pharmaceuticals, Food & Beverages), By Region Forecast - Global Market Insights 2022 to 2032.
Analysis of Myrrh Gum market covering 30 + countries including analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
Myrrh Gum Market
The strong dark color of myrrh gum reflects its medicinal effectiveness. Myrrh gum has a specific and potent effect on some kinds of pain and swelling, such as that caused by rheumatoid arthritis. To ease fibrosis, hard swellings, and carbuncles, use myrrh gum.
The rising demand for pharmaceuticals eventually triggers a subsequent increase in the demand for myrrh gum. Myrrh gum aids in the eradication of bacteria and is a fixative in incense, cosmetics, and fragrance. An important component in the personal care sector is myrrh gum.
Over the course of the forecast period, it is anticipated that the global myrrh gum market will increase its market share in the pharmaceutical sector significantly. From 2018 to 2028, the market is projected to develop at a single-digit compound annual growth rate (CAGR). The market has expanded significantly around the world as a result of the increased demand for cosmetics and personal care items, which is anticipated to boost myrrh gum production and sales globally.
What are the drivers of growth in this market?
The global myrrh gum market in developed economies such as the U.S., Germany, UK, and France is expected to be driven by various growth factors such as the presence of key prominent manufacturers and highly classified manufacturing facilities. However, the myrrh gum market is expected to exhibit robust growth in developing countries, such as China, India, Mexico, and Middle East & African countries.
Myrrh gum is used for colds, coughs, indigestion, ulcers, asthma, cancer, leprosy, lung congestion, arthritis pain, spasms, and syphilis. Myrrh gum is also used to increase menstrual flow and as a stimulant. The global consumption of medicinal products is expected to drive the market for myrrh gum. Additionally, the booming personal care industry across the globe will have a positive impact on the global myrrh gum market. The rising expenditure on dermatological or topical solutions and perfumes is likely to expand the personal care products industry, which is expected to push the demand for myrrh gum.
However, some of the key factors that are likely to hinder the growth of the myrrh gum market are stringent regulations for myrrh gum from various government bodies such as USDA, FDA, etc. Adverse impacts of myrrh gum such as carcinogenic toxicity levels and hypersensitivity reactions inducing properties are likely to limit the growth of the market.
What are the restraints faced by this market?
The presence of stringent regulations across countries regulating the myrrh market is some of the key factors possibly impeding the growth of this market. There are some adverse impacts of this gum such as carcinogenic toxicity levels and hypersensitivity that can limit the growth of this market.
Myrrh seems like a safe option for most people if used in a small amount. However, it can cause skin rash and diarrhea in some cases post-consumption. The large quantity of it may be unsafe. It can lower the level of sugar in the blood. These concerns are likely to deter market sales in the forecast period.
The global myrrh gum market is segmented on the basis of geography, into key regions viz. North America, Europe, Asia Pacific, CIS & Russia, Japan, and Middle East & Africa. The presence of a large number of leading international myrrh gum producers and higher myrrh gum consumption will continue to account for the top market position of North America, especially the U.S. APAC, predominantly China and India, is however expected to emerge at the fastest rate over the forecast period. This growth is attributed to the soaring influence of the Western lifestyle and awareness about the health benefits of the myrrh gum product. Europe will be another major market, followed by the UK and Germany.
The powder of myrrh is popularly used in the cosmetics and food market across countries in Europe led by France. The propelling interest of consumers for natural products and environmental concerns are drivers of this market. the manufacturers are also keenly taking an interest in the manufacturing of natural food options focusing on the nutritious values in their product lines. This trend is likely to grow and flourish in European markets for myrrh products.
Segment wise Insights
According to end-user industries, the food and beverage industry accounts for a sizable portion of the market. Myrrh's use in medicine is probably going to help the pharmaceutical sector. Consumption is expected to rise in the next years due to this plant's unique features and health advantages. Additionally, there is a lot of government funding available in this area, which is likely to boost its participation in the food sector.
According to product type, the powder segment now has a majority of the market share. The multifarious uses of powder in the pharmaceutical and food industries are to blame for this domination. For its extended shelf life, this powder is chosen. People are now more interested in diets than they previously were.
Based on the distribution channels, Supermarkets are dominant in the sector with the highest share. The hypermarkets provide customers variety of in-store options with assistance from salespersons. This facilitation was likely to increase store preferences in the upcoming period. The perishability of plants is another criterion for which consumers prefer visiting stores to buy them. However online sales are anticipated to gain traction owing to a rise in doorstep delivery amenities and penetration of online order applications.
Identification of the right target consumers for product determinants of tastes, quantity, and nutritional value of products. Furthermore, attractive packaging, quality, and taste are key factors of differentiation in this industry. The key companies are opting for portfolio expansion and updating the quality of products is likely to create an advantage over others. The key participants in this sector are-
- The Good Scent Company
- Swanson Health Products
- Terravita Corporation
- Nature’s Way
- Best Botanicals
- Herbal Terra LLC
- Mansukhlal & Company
- Other prominent players.
On the basis of form
On the basis of nature
On the basis of end-use industries
- Food & Beverages
- Dietary Supplements
- Personal Care and Cosmetics
- Other End-Use Industries
On the basis of region
- North America
- Latin America
- CIS & Russia
- Asia Pacific excluding Japan (APEJ)
- Middle East & Africa (MEA)
- FAQs -
The Myrrh Gum market is likely to grow at a CAGR of 4.2% during the forecast period.
The market is expanding owing to the booming personal care industry across the globe.
Manufacturers are likely to find the most opportunities in the United States.