Global market for Myrrh Powder is expected to expand at a CAGR of 4.2% over the forecast period. Myrrh is a reddish-brown gum or resin obtained from several tiny tree species. Myrrh powder is well renowned for its clarity and blackness.
Myrrh is a reddish brown resin or gum derived from a tiny tree species. The powder is rapidly gaining popularity due to its intrinsic characteristics. Myrrh powder is a fundamental ingredient in Egyptian perfume. Myrrh powder is well-known for its smokey fragrance and resinous texture. Many people like its earthy scent.
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In ancient Somali and Ethiopian traditions, myrrh powder was used as an incense in funerals and cremations. The powder is excellent for treating ulcers, indigestion, colds, asthma, syphilis, bronchial congestion, leprosy, arthritic pain, and cough. Myrrh resins contain volatile oil and mucilage, which have anti-inflammatory, antimicrobial, anti-tumor, deodorising, and astringent properties. Myrrh powder produced from these resins promotes peristalsis and muscle smoothing, as well as increased uterine blood flow. In addition, myrrh powder is used as a flavouring agent in a variety of commercial food and beverage products.
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.
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.
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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.
Global Myrrh Powder: Market Segmentation
On the basis of nature
- Organic
- Conventional
On the basis of end use
- Food and Beverages
- Pharmaceuticals
- Cosmetics and Personal Care
- Perfumeries
- Other
On the basis of sales channel
- Direct Sales
- Indirect Sales
- Supermarket/Hypermarket
- Online Stores
- Retail Stores
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