Myrcene Market Size, Share, Growth, and Global Industry Growth by Type (Myrcene 75%, Myrcene 80%, Myrcene 90%, and Others), By Application (Flavor and Fragrance, Pharmaceuticals, and Others), Covid-19 Impact, Latest Trends, Segmentation, Driving Factors, Restraining Factors, Key Industry Players, Regional Insights, and Forecast From 2023 To 2030

Updated On: 15 May 2023

MYRCENE MARKET REPORT OVERVIEW

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The global myrcene market size is expected to be USD 106 million in 2022 and is projected to touch USD 136.5 million by 2028, exhibiting a CAGR of 4.3% during the forecast period.

The sudden spike in CAGR is attributable to the myrcene market growth and demand returning to pre-pandemic levels once the pandemic is over. The global COVID-19 pandemic has been unprecedented and staggering, with myrcene experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. Myrcene is a terpene present in vital oils obtained from an assembly of plants. It is observed that it is present in several strains of cannabis sativa. It is frequently quoted for its positive effect on the perfume manufacturing industry as it can produce an exclusive quality to personally constructed scents. Myrcene is also recognized as β-myrcene, is categorized as a monoterpene. Myrcene is a derivative of β-pinene by thermally detaching it and it is a bright yellow oily fluid with a balsamic fragrance. Myrcene is majorly used as an intermediary in creating menthol, citronellol, linalool, geraniol, lyral, and nerol between other terpene-based aromatic chemicals.

Myrcene is a transitional used in the fragrance industry. It has an amusing scent but is hardly used directly. It is also unbalanced in air, inclining it to polymerize. Tasters are soothed by adding the alkylphenols or tocopherol. It is greatly appreciated as an intermediary for the research of flavor and fragrance substances, such as menthol, citral, citronellol, citronellal, geraniol, nerol, and linalool. Myrcene is transformed to myrcenol, another perfume found in lavender, via hydroamination of the 1,3-diene by diethylamine followed by hydrolysis and palladium-catalyzed elimination of the amine.

COVID-19 Impact: Halt on Economic Activities to Hamper Market Growth

COVID 19 exaggerated the myrcene market hugely. Sales of fragrance products fell owing to the closing of department stores, airport stores, and specialty stores, and inaccessibility of products owing to transport prohibitions. Offline sales witnessed a major drop as individuals were fearful of getting out of their homes even to purchase everyday fundamentals.

LATEST TRENDS

"Anti-Oxidation Properties of Myrcene to Advance Market Progress"

The myrcene complex is mostly present in cannabis and has anti-oxidation properties. Therefore, the increasing demand for myrcene is anticipated due to the growing R&D activities for the products and improved properties of myrcene.  Fragrance elements are also usually used in products such as bpdy wash and detergents, daily use household products such as shower gels, shampoos, body care products such as scrubbers, lotions, candles, sprays, and cosmetics. Improvement of these fragrance products has stretched industry size. An upsurge in expenditure and trends such as aromatherapy has augmented the prominence of scented products.

MYRCENE MARKET SEGMENTATION

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• By Type Analysis

By type, the market is segmented into Myrcene 75%, Myrcene 80%, Myrcene 90%, and Others.

• By Application Analysis

Based on applications, the market is classified into Flavor and Fragrance, Pharmaceuticals, and Others.

REGIONAL INSIGHTS

DRIVING FACTORS

"Increasing Adoption from Various Industries to Support Market Growth"

Myrcene is a profuse monoterpene that arises as to the main component in many plant types, comprising hops and cannabis. It is a popular flavor and fragrance agent used in the production of food and beverages. It has revealed favorable health profits in numerous animal trainings. However, training directed at humans is missing. It is prospective for the preparation and manufacturing of non-alcoholic beers, functional foods and drinks, and cannabis abstracts rich in myrcene. It is famous for food additives used as a flavoring agent in the manufacturing of food and beverages. It is further used in consumer products, such as cosmetics, soaps, and detergents. Moreover, it is used in a range of consumable products and used as an initial measurable for commercially significant scents and flavors such as menthol, nerol, geraniol, and linalool.

R&D Activities to Promote Growth

Managements in different countries are endorsing R&D initiatives to use eco-friendly and harmless products. The consumption of personal care goods such as detergents, and body wash, and development in the information of harmful effects of substances on the skin also affect the demand for natural and bio-based fragrance elements. However, progress in engineering costs and the existence of chemical ingredients in scents cause certain side effects such as skin problems and allergies, which are estimated to hinder the global myrcene market growth.

MYRCENE MARKET REGIONAL INSIGHTS

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"Health Effects to Impede Market Progress"

Myrcene’s effects were blocked by the drug naloxone, signifying that this terpene effects the body’s endogenous opioids. These are substances which the body produces certainly in reaction to pain. They act in a similar way to opiates like morphine, but minus the dangerous side effects. However, rising worries from the World Health Organization (WHO) International Agency for Research on Cancer (IARC) over myrcene being a possible carcinogen bounds its saturation in the mass market. 

"Increasing Population to Foster Market Growth in Asia Pacific"

Asia Pacific is projected to dominate the myrcene market share. This is owing to the increasing population. Furthermore, China has been well-known to be one of the high-intensity regions manufacturing myrcene, assuming the lesser limitations and low labor costs. The increasing demand for natural ingredients in the perfume industry is anticipated to drive the market growth in the coming years.

Europe is anticipated to have a sizable market share. Countries such as Italy and France are home-based to approximately of the world’s most famed perfumeries such as the Maison Guerlain and Galimard Perfumery.

KEY INDUSTRY PLAYERS

"Incorporation of Strategies for Increasing Product Adoption to Help Companies Grow"

The myrcene market is fragmented, and the key competitors have used various techniques to strengthen their positions in the market, including expansions, agreements, new product releases, joint ventures, partnerships, and acquisitions. Major players strive to gain acquisitions and collaborations in the market to expand their product portfolio. The players try to gain a competitive advantage by adopting advanced technology. Companies also strive to gain market insights to offer an all-inclusive market report to the stakeholders. The companies are also developing strategies that offer long-term growth to the market. 

List of Market Players Profiled

• DRT (India)
• Bordas (Germany)
• 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)
• Pine Forest (India)
• Fujian Green Pine (China)
• Xianmen Doingcom Chemical (China)

REPORT COVERAGE

The research examines the most recent developments and the most profitable categories. It goes through the influence of COVID-19, the driving and restraining elements in detail. It keeps track of the important players' strategies and regional trends. It allows readers to learn about the critical methods that promote market growth.