Myrrh Gum Market Size Worth $307.02 Million By 2032 – Polaris Market Research
The global myrrh gum market size is expected to reach USD 307.02 million by 2032, according to a new study by Polaris Market Research. The report “Myrrh Gum Market Share, Size, Trends, Industry Analysis Report, By Form (Powder, Liquid); By Nature; By End-Use Industries; By Region; Segment Forecast, 2023 – 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The market for personal care products is anticipated to expand, which is predicted to increase demand for myrrh gum. This is due to increased costs for topical or dermatological treatments as well as perfumes. A recent study published in 2022 reviewed the applications of myrrh. A study revealed that Commiphora myrrha (myrrh) & Boswellia serrata (frankincense) extracts help improve the moisture and suppleness of the skin while preventing ageing, acne, and spots. Additionally, myrrh gum is utilized as a stimulant and to boost menstrual flow. The market for myrrh gum is anticipated to be driven by the global need for pharmaceuticals. Additionally, the global myrrh gum market will benefit from the expanding personal care sector around the world, driving its demand soon.
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Global cosmetic firms are interested in using myrrh and frankincense in various cosmetic products because they have anti-inflammatory and antioxidant properties that considerably benefit human health. A study published in Springer focused on the effectiveness of myrrh in controlling inflammation. A study revealed that myrrh extract has anti-inflammatory qualities and reduces the liver-damaging effects of prednisolone. In conjunction with prednisolone, myrrh extract can be used to treat autoimmune disorders. This demonstrates ongoing research and development activities among the manufacturers to innovate new products in the marketplace.
Moreover, with or without the addition of other components, the gum of myrrh has a variety of uses. For instance, they can be applied to the hair and scalp for cosmetic purposes. The effectiveness of it in treating non-insulin-dependent diabetic mellitus (NIDDM) was recently demonstrated in preclinical trials. These studies are building trust and confidence among consumers and manufacturers of pharmaceuticals and personal care products to use products with myrrh gum as an ingredient and to add it to their product formulations to attract consumers with the knowledge of the benefits associated with myrrh gum.
Myrrh Gum Market Report Highlights
- Powder segment is anticipated to witness the highest growth in the coming years due to its convenience in using product formulations in the pharmaceutical industry.
- Organic segment accounted for the largest market share owing to the rising importance and benefits associated with natural ingredients in personal care products.
- Pharmaceuticals segment held the largest share, due to the increasing prevalence of antioxidant & anti-inflammatory properties.
- APAC will grow at the rapid pace, owing to the traditional usage of myrrh gum in the region.
- Europe is expected to have the fastest growth owing to the stringent government regulations on herbal products
- The global players include A.G. Industries, Best Botanicals, Elixarome, Herbal Terra, Marudhar Impex, Plant Therapy Essential Oils & Scents of Earth.
Polaris Market Research has segmented the myrrh gum market report based on form, nature, end-use industries, and region:
Myrrh Gum, Form Outlook (Revenue – USD Million, 2019 – 2032)
Myrrh Gum, Nature Outlook (Revenue – USD Million, 2019 – 2032)
Myrrh Gum, End-Use Industries Outlook (Revenue – USD Million, 2019 – 2032)
- Food & Beverages
- Dietary Supplements
- Personal Care and Cosmetics
- Other End-Use Industries
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