Myrrh Oil Market Analysis & Forecast 2024-2030

Global Myrrh Oil Market is expected to reach USD 303.24 million by 2030 with CAGR of 4.1% between 2024 and 2030

Myrrh is a resin that comes from a tree named Commiphora Myrrha. Myrrh and myrrh essential oil are commonly found in the Middle East and Africa. Traditionally, myrrh essential oil was used for embalming and treating hay fever and as a fragrance, a flavouring agent and an antiseptic to treat wounds and stop bleeding. Myrrh essential oil inhibits the growth of microbes inside the body due to its antimicrobial properties, which subsequently reduces problems caused due to microbial infections. Myrrh essential oil is used as an effective face cleanser as it helps to moisturize and tighten the skin.  

It is also used in cosmetics to provide a pleasant fragrance and moisture. Myrrh essential oil is used mainly in aromatherapy as it helps reduce discomfort caused due to respiratory problems and relieves cold, cough, congestion and phlegm. It is also known to stabilize emotions, promote the grounded feeling and shift negative moods. Myrrh essential oil possesses anti-inflammatory properties as it helps sedate inflammation in the case of viral infection and fever. It also has an astringent property, which prevents excessive bleeding from wounds. Considering the various benefits of myrrh essential oil, the market is expected to have a positive outlook over the forecast period.  

By product type, the global myrrh oil market can be segmented into Liquid, Capsule, Powder, and Cream. Powder segment is dominating in the global market in terms of revenue share. As these powder forms have more shelf life compared to other formulations. This is the factor expected drive the growth of formulation segment. Myrrh powder has been used in various parts of the world for centuries now. The powder has since the start been used to create fragrances owing to its intoxicating scent. The cosmetic industry continues to use Myrrh powder for various applications. Thus, myrrh powder has thus been attracting manufacturers trying to enter the aforementioned markets.  

As per application side, the global myrrh oil market can be segmented into Pharmaceutical, Cosmetics & Personal Care, and Food & Beverages. As myrrh oil have high medicinal value and used in numerous treatments since history market demand in pharmaceutical segment is significantly high. Cosmetic & personal care product segment is used in soaps, deodorants, shampoos, conditioner, body lotion, air freshener and tonics. It’s vital vitamin contents as well as skin healing properties are driving myrrh oil market demand in personal care market segment. Myrrh oil popularity as taste and fragrance, its demand in food and beverage market segment has developed over the time. The various health benefits of the product coupled with increased product demand for drug formulations are factors projected to drive the market over the forecast period.  

In terms of region, the global myrrh oil market is divided into key regions such as Middle East & Africa, Latin America, North America, Europe, and Asia Pacific. Middle East countries are likely to witness robust growth in terms of production of myrrh and hence, myrrh oil. In Europe, companies in France have a plethora of opportunities for marketing gums and resins such as myrrh powder, Arabic gum and more. The French market for cosmetics and foods is propelled increasingly by a trend encouraging the purchase of natural products, as social and environmental issues grow into a crucial factor to consumers’ choice.  

The manufacturers are increasingly looking for new natural ingredients to include in their portfolio. This trend is aiding the market growth in Europe. The myrrh oil market in Asia Pacific, especially in India, is anticipated to be lucrative in terms of revenue generation due to the abundance of raw material. Populations in regions such as Northern America and Latin America use myrrh essential oils on a daily basis. If the same practice is adopted by other regions, the myrrh essential oil market is likely to witness phenomenal growth over the forecast period.  

Major companies have established their dominance in the market by higher integration throughout the value chain. These companies also have long-term contracts with raw material suppliers as well as research institutes for product innovation. Companies are focusing on increasing their production capacities by expanding their operations to different regions. Some of the key participating players in myrrh oil market globally are The Good Scents Company, Plant Therapy, Venkatramna Industries, GoDésana, Shaanxi Yuanjian Biological, Xi'an Fengzu Biological, DōTERRA International and Mountain rose herbs.  

Global Myrrh Oil Market: Product Type

• Liquid
• Capsule
• Powder
• Cream

Global Myrrh Oil Market: Application

• Pharmaceutical
• Cosmetics & Personal Care
• Food & Beverages

Global Myrrh Oil Market: Competitive Analysis

Report includes accurate analysis of key players with Market Value, Company profile, SWOT analysis. The Study constitutes of following key players in Global Myrrh Oil Market:

• The Good Scents Company
• Plant Therapy
• Venkatramna Industries
• GoDesana
• Shaanxi Yuanjian Biological
• Xi’an Fengzu Biological
• DoTERRA International
• Mountain rose herbs

Geographical analysis of Global Myrrh Oil Market:

• North America
  • U.S.A.
  • Canada
• Europe
  • France
  • Germany
  • Spain
  • UK
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South East Asia
• Latin America
  • Brazil
• Middle East and Africa

Global Myrrh Oil Market Report delivers a comprehensive analysis of the following parameters:

• Market Forecast for 2024-2030
• Market growth drivers
• Challenges and Opportunities
• Emerging and Current market trends
• Market player Capacity, Production, Revenue (Value)
• Supply (Production), Consumption, Export, Import analysis
• End user/application Analysis

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