Myrcene Market Size, Share, Growth, and Industry Growth by Type (Myrcene 75%, Myrcene 80%, Myrcene 90%, and Others), By Application (Flavor and Fragrance, Pharmaceuticals, and Others), Regional Forecast To 2031

Updated On: 08 April 2024

Myrcene Market REPORT OVERVIEW

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The global myrcene market size was USD 99.1 million in 2021 and is projected to touch USD 153.49 million by 2031, exhibiting a CAGR of 4.5% during the forecast period.

The sudden spike in CAGR is attributable to market's growth and demand returning to pre-pandemic levels once the pandemic is over.

Myrcene is a monoterpene that has octa 1,6-diene. It is also known as β-myrcene. It is found in the cannabis plant. The organic compound plays a crucial role as a plant metabolite, a fragrance, and an anti-inflammatory agent. It also plays an important role as an anabolic, flavoring, and volatile oil component. The flash point of the organic compound is below 200 °F. It is insoluble in water and is less dense than water. Further, the compound has a pleasant odor.

Growing demand from perfume industry is expected to fuel market growth. The organic compound is derived from plants which is one of the important factor to drive market growth. Rising awareness about research for novel products is anticipated to surge market growth. Growing consumption rate of the organic compound in flavor and fragrance industry is estimated to fuel market growth. The compound has anti-oxidation properties which is expected to increase myrcene market growth.

COVID 19 Impact: Closer of Perfume Industry to Hamper Market Growth

An outbreak of COVID-19 impacted product demand. Closer of perfume industry declined product demand. Lockdown restrictions and social distance protocols hampered import and export activities. Lack of skilled labor during pandemic reduced economic growth of the product.

On the contrary, the market witnessed positive growth during the pandemic due to growing pharmaceutical industry. Increase awareness about healthcare and fitness boosted market growth. Increasing prevalence reduce chronic pain among patients propelled market growth.

LATEST TRENDS

"Growth in Perfume Industry to Foster Market Expansion"

Growing demand for chemical in the perfume industry is expected to accelerate market growth. Rising demand for natural ingredients in perfume industry is estimated to increase product demand. Growing number of population adopting perfumes in day to day life is projected to drive market growth. The compound has pleasant odor which is anticipated to fuel product demand. The molecule has an odor which can be compared similar to cloves. Further, the combination has earthy and spicy components. Such benefits are estimated to propel market growth during the forecast period. The compound is unstable in air for this factor the product is used in perfumery industry. In addition, the compound provides a peppery aroma in alcoholic drinks is expected to boost product demand.

Myrcene Market SEGMENTATION

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• By Type

Based on type, the market is divided into myrcene 75%, myrcene 80%, myrcene 90%, and others.

Myrcene 80% is estimated to be the leading part of the type segmentation.

• By Application

Based on the application, the market is divided into flavor and fragrance, pharmaceuticals, and others.

Flavor and fragrance are estimated to be the leading part of the application segmentation.

DRIVING FACTORS

"Health Benefits Associated with Organic Compound to Incite Market Growth "

The organic compound helps in easing chronic pain is expected to fuel market growth. Increasing demand to kill cancerous cells is projected to boost product adoption. The organic compound has anti-inflammatory properties, which are anticipated to surge myrcene market growth. Growing demand to protect cells from damage caused by free radicals is estimated to propel market growth. Increasing demand for glowing skin and rising awareness to reduce skin aging cell properties is predicted to propel market growth. Increasing demand to heal or repair damaged skin from ultraviolet rays is projected to drive market growth. Growing demand for sunscreen and beauty products is estimated to accelerate market growth during the forecast period.

"Increasing Demand for Anti-Inflammatory Properties to Accelerate Market Growth "

Growing awareness of anti-inflammatory role in healing disease is expected to increase market growth. Rising demand to reduce inflammation in body is projected to drive market growth. Increasing awareness of preventing osteoarthritis among people is anticipated to surge market growth. Growing demand for strong immune system in the body is predicted to boost organic compound adoption. Rising need to control white blood cell counts in the body is estimated to increase myrcene market growth.

RESTRAINING FACTORS

"Sleepiness and Strong Psychoactive Response to Hamper Market Expansion "

The side effects associated with the organic compound such as sleepiness or a stronger psychoactive response. Such side effects are projected to drive market growth. High consumption of the product creates lethargy is predicted to restrict market growth. Further, the organic compound causes severe irritation with contact to eyes and skin is estimated to reduce product demand.

Myrcene Market REGIONAL INSIGHTS

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"Growing Demand from Perfume Industry in Asia Pacific to Drive Market Share "

Asia Pacific is estimated to hold a larger part of myrcene market share due to increasing demand from perfume industry. High intensity producing the organic compound in the region is estimated to fuel market growth. Presence of lesser restrictions and lower labor costs in China is predicted to surge product demand. High consumption of myrcene due to increasing population is expected to surge market growth during the forecast period.

Europe is expected to show considerable market growth due to presence of perfume industry. Increasing demand from healthcare industry is anticipated to propel market growth. Rising awareness among consumer to improve skin texture is estimated to surge market growth. Growing demand from beauty industry is estimated to boost market growth during the forecast period. Rising research and development activities in the region is expected to accelerate market growth.

Middle East and Africa are expected to show significant market growth due to growing demand for natural ingredients in perfume industry. Growing demand from flavor industry for its clover smell is predicted to increase market growth. The compound has earthy and spicy components, which is estimated to boost product adoption in perfume industry. Growing number of consumer adoption perfumes in the region is projected to drive myrcene market growth during the forecast period.

KEY INDUSTRY PLAYERS

"Leading Players Adopt Strategies to Stay Competitive"

The report covers information about the list of market players and their latest development in the industry. The information includes mergers, partnerships, acquisitions, technological developments, and production lines. Other aspects examined for this market include complete research on companies producing and introducing the latest products, regions they conduct their operations in, automation, technology adoption, generating the most revenue, and making a difference with their products.

List of Market Players Profiled

• Takasago (Japan)
• Florida Chemical (U.S.)
• Florachem (U.S.)
• Yasuhara Chemical (Japan)
• Natural Aroma Products (India)
• Xinghua Natural Spice (China)
• Sky Dragon Fine-Chem (China)
• Jiangxi Huayu (China)
• Hessence Chemicals (China)
• Wansong Forestry (China)
• Fujian Green Pine (China)
• Xiamen Doingcom Chemical (China)
• DRT
• Bordas
• Pine Forest

REPORT COVERAGE

This research profiles a report with general studies that explain the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by examining the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, and others. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.