The global Myrrh powder market is expected to grow at a steady CAGR of 4.2% during the forecast period of 2022 to 2032. The target market will reach a considerable amount by the end of 2032. The market for Myrrh powder is propelled by its increasing popularity in the food and beverages and pharmaceutical industries. These sectors continue to investigate new and effective methods for the development and application of Myrrh powder which bodes well for the market during the forecast period.
Myrrh is a reddish-brown gum or resin produced from a type of small tree species. The powder is rapidly gaining traction for its inherent properties. Myrrh powder is one of the most important ingredients in Egyptian perfumery. Known for its musky aroma and resinous texture, Myrrh powder is popular among all cultures. Its earthy aroma is also preferred by many.
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In ancient times, Myrrh powder was used as incense in funerals and cremations in Somalian and Ethiopian cultures. The powder is quite effective in treating ulcers, indigestion, colds, asthma, syphilis, bronchial congestion, leprosy, arthritic pain, and cough. Myrrh resins contain volatile oil and mucilage, which have anti-inflammatory, anti-microbial, anti-tumor, deodorizing, and astringent characteristics. The Myrrh powder extracted from these resins assists with peristalsis and muscle smoothing as well as increases uterine blood flow. Further, Myrrh powder also gains usage as a flavoring agent in a wide range of commercial goods in the food and beverage industry.
Apart from the powder’s application in the food and beverage industry, the global demand for medicinal products with myrrh powder will likely fuel the growth of the target market. Moreover, the global personal care industry is expected to have a positive influence on the Myrrh Powder market due to increasing spending on dermatological or topical solutions and perfumes.
Myrrh powder and Myrrh oil are responsible for a major portion of global Myrrh production. The Myrrh powder market is predicted to present immense growth during the forecast period.
“Rising adoption by different industrial verticals including food and beverage and pharmaceutical industries will facilitate the global growth of the Myrrh powder market over the forecast period,” says an FMI analyst.
Key Takeaways:
- Strict regulatory measures and Myrrh powder-related adverse effects may dampen the growth of the Myrrh powder market.
- Rising adoption of Commiphora Myrrh powder in manufacturing processes will strengthen the prospects of the Myrrh powder market.
- Europe’s Myrrh powder market is mainly driven by the cosmetics and food sectors during the forecast period.
- The Asia Pacific region is expected to witness the fastest CAGR during 2022-2032.
- China and India will likely dominate the Asia Pacific Myrrh powder market.
Competitive Landscape
Key market participants are concentrating on bettering the technology involved in the market as well as keen on adopting advanced technology. These enterprises are actively adopting strategies like collaborations, acquisitions, and mergers to build and diversify their product portfolios as well as broaden their distribution channels to retain a competitive edge.
Mountain Rose Inc., Texas Natural Supply, Oregon’s Wild Harvest, Amazon Discovery, Monterey Bay Spice Company, Organic Creations Incorporated, The Eclecticeuphoria, and LIVING EARTH HERBS, among others, are some of the major players in the Myrrh powder market profiled in the full version of the report.
More Insights into Myrrh Powder Market
In its latest report, FMI offers an unbiased analysis of the global Myrrh powder market, providing historical data from 2015 to 2020 and forecast statistics for 2022 to 2032. To understand the global market potential, growth, and scope, the market is segmented on the basis of nature, end use, sales channel, and region.
In terms of the nature type, the organic category is experiencing high demand due to prevailing trends of healthy living and greater emphasis on using organic products. Additionally, the food and beverages and pharmaceutical industries are projected to be the leading end-users in the global Myrrh powder market
Based on region, the Myrrh powder market in Europe will exhibit remarkable growth during 2022-2032. The target market in this region will reach a considerable value by 2032 due to the influence of the cosmetics and food industries. European countries like Germany, France, and the United Kingdom are anticipated to foster an environment of growth for the Myrrh powder market. In addition, a greater focus on using natural and organic products, sustainability drives, and rising concerns for the environment are some of the other factors that aid the growth of the Myrrh powder market in Europe as these factors play an important role in influencing consumer choices. In general, the surging awareness of health benefits associated with Myrrh powder and a focus on natural products will propel the global Myrrh powder market forward during the forecast period.
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Global Myrrh Powder: Market Segmentation
On the basis of nature, the global Myrrh Powder market has been segmented as –
- Organic
- Conventional
On the basis of end use, the global Myrrh Powder market has been segmented as –
- Food and Beverages
- Pharmaceuticals
- Cosmetics and Personal Care
- Perfumeries
- Other
On the basis of sales channel, the global Myrrh Powder market has been segmented as –
- Direct Sales
- Indirect Sales
- Supermarket/Hypermarket
- Online Stores
- Retail Stores
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