Reflecting its medicinal potency, myrrh gum has an intense dark colour. Myrrh Gum exerts a certain and strong action against specific types of swelling and pain, such as that of rheumatoid arthritis. Myrrh Gum is resilient enough to soften carbuncles, hard swellings, and fibrosis. The increasing demand for the medicinal products eventually leads to the growing demand for the myrrh gum shortly. Myrrh gum is used as a fixative in cosmetics and fragrance, in incense, and helps kill bacteria. Myrrh Gum acts as a prominent ingredient in the personal care industry.
Global Myrrh Gum Market Scenario
The global myrrh gum market is anticipated to gain a significant market share in pharmaceuticals industry over the forecast period, and the global myrrh gum market is expected to register a single-digit compound annual growth rate (CAGR) from 2018 to 2028. The market across the globe has grown considerably owing to the rising demand for beauty and personal care products, which is expected to increase the manufacturing and sales of myrrh gum globally. The global myrrh gum market in developed economies such as the U.S., Germany, UK and France are 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 the Middle East & African countries.
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Global Myrrh Gum Market Segmentation
The global Myrrh Gum market can be segmented on the basis of Form as:
The global Myrrh Gum market can be segmented on the basis of Nature as:
The global Myrrh Gum market can be segmented on the basis of End-Use Industries as:
- Food & Beverages
- Dietary Supplements
- Personal Care and Cosmetics
- Other End-Use Industries
The global Myrrh Gum market can be segmented on the basis of the geographical region as:
- North America
- Latin America
- CIS & Russia
- Asia Pacific excluding Japan (APEJ)
- Middle East & Africa (MEA)
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Global Myrrh Gum Market Dynamics
Myrrh gum is used for colds, cough, 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 the 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 the dermatological or topical solutions and perfumes are 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 regulation for myrrh gum from various government bodies such as USDA, FDA, etc. Adverse impacts of the myrrh gum such as carcinogenic toxicity levels and hypersensitivity reactions inducing properties is likely to limit the growth of the market.
Global Myrrh Gum Market Regional Overview
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. Presence of a large number of leading international myrrh gum producer 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 2017-2028. This growth is attributed to soaring influence of the Western lifestyle and awareness about health benefits of the myrrh gum product. Europe will be another major market, followed by the UK and Germany.