About Myrrh Gum
Myrrh gum is a resin that is derived from the cuts in the bark of the Commiphora myrrha plant. Myrrh gum is highly utilized at temples, churches, homes, or any other religious place for burning. Myrrh is used as a medicine since ancient times to cure indigestion, ulcers, colds, arthritis pain, asthma, and many more diseases. In recent times, the herbal or Ayurveda medicine demand is rapidly increasing worldwide to root out any disease. Other than herbal medicine and religious use, it can also be used in the food & beverages industry and manufacturing of cosmetic or personal products. Further, in the rare research, it was found that the use of myrrh in the dairy products like processed cheese helps to prevent pathogenic bacteria that can cause diseases.
Attributes | Details |
---|
Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
CAGR | 5.7% |
The global market is highly competitive and consists of a limited number of providers who compete with each other. The intense competition, changing consumer spending patterns, demographic trends, and frequent changes in consumer preferences pose significant opportunities for market growth. Analyst at AMA Research estimates that united States Vendors will contribute the maximum growth to Global Myrrh Gum market throughout the forecasted period. Established and emerging Vendors should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Nature's Way Products (United States), BSD Organics (India), Jioo Organics (United States), James Wild Herbs (India) and Epic Herbs (United States) are some of the key players that are part of study coverage.
Segmentation Overview
AMA Research has segmented the market of Global Myrrh Gum market by Type (Organic and Conventional), Application (Medicinal, Burning, Food & Beverages, Cosmetics & Personal Care, Fragrance, Religious Places and Others) and Region.
On the basis of geography, the market of Myrrh Gum has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Form, the sub-segment i.e. Solid will boost the Myrrh Gum market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Sales Channel, the sub-segment i.e. Online will boost the Myrrh Gum market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Emerging Trend of To Prevent the Proliferation of Microorganisms with the Help of Natural Materials Especially Plant Source
Market Growth Drivers:
Increasing Use of Myrrh Gum at Religious Places and in Incense and Burning for Freshness and Good Fragrance
Challenges:
Surging Demand of Myrrh Gum for Application in Cosmetics and Personal Care Products
Restraints:
Allergic Reactions Due to Myrrh Fragrance and Side Effects Such as Skin Rash and Diarrhea
Opportunities:
Growing Popularity of Traditional and Herbal Medicines to Cure Various Diseases
In January 2022, a study published in Frontiers focused on the effectiveness of myrrh and frankincense in treating cardiovascular diseases with in vivo and in vitro pharmacology experiments. In rats with middle cerebral artery occlusion (MCAO), frankincense-myrrh dramatically reduced infarct volume,
Key Target Audience
New Entrants/Investors, Analysts and Strategic Business Planners, Myrrh Gum Manufacturers, Suppliers and Distributors of Myrrh Gum, Venture Capitalists and Private Equity Firms, Government Regulatory and Research Organizations, End-Users and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.