The increasing use of myrcene for innovative products is expected to rise. And expanding perfumes and fragrances sector is driving the global Myrcene market.
At a compound annual growth rate of 4.3%, the size of the worldwide Myrcene market is projected to reach USD 136.5 million in 2028.
Covid-19 Impact & Market Status
Each and every industry in the world has suffered due to the outburst of COVID-19 pandemic. The pandemic has also had a significant impact on the global Myrcene market, as covid-19 has caused the global supply chain of agricultural and adjacent industries to malfunction. As a result of the interrupted supply line, raw material acquisition and distribution was impacted. This has a detrimental influence on the cost, expenditure, and risk incurred by companies. But the use of myrcene is anticipated to increase in the coming years.
Surge In Usage Of Myrcene In The Food Industry
There has been a constant growth in the usage of myrcene in the food & beverage industry all across the globe. They are vigorously using it as one of the food additives as well as a smell enhancer of the food. At the same time, the antioxidant properties are boosting its usage in the market. Myrcene is a chemical intermediate that is utilised in the fragrance business. Although it has a lovely odour, it is rarely used directly. It is also polymerizable in air, making it unstable. The inclusion of alkylphenols or tocopherol stabilises the samples. As a result, it is more valuable as an intermediary in the production of taste and aroma compounds such as menthol and linalool.
Asia Pacific Emerges As The Market Leader In The Myrcene Market
Because of its rising population, the Asia Pacific area is expected to use more myrcene than the rest of the world contributing majorly to growth of global Myrcene market. Furthermore, due to less constraints and cheaper labour costs, China has been identified as one of the high intensity locations manufacturing myrcene. The Myrcene market in North America is expected to trail Asia Pacific in regard to quantitative utilization due to the desire for organic products in the fragrance sector.
With the European taste and aroma market at an all-time high, myrcene consumption is likely to rise in lockstep. Although tiny, the perfume business in the Middle East and Africa is developing at the highest proportion, and the myrcene market will soon follow. Europe and South America are likely to develop at a slower pace and occupy a tiny but essential portion of the global myrcene market.
The global myrcene market is expected to be of worth USD 138.3 million at a CAGR of 4.7% during 2022-2029.
Myrcene compounds are stable and easily soluble in water, as well as extensively used in beverage industry. Because myrcene is volatile in air, it is transformed into myrcenol for usage in the fragrance business. Myrcene is frequently utilised to impart a peppery fragrance to alcoholic beverages. Myrcene has also been linked to health advantages such as pain relief. Terpenes containing myrcene may permeate the blood brain barrier, enhancing analgesic reactions. Owing to these benefits the use of myrcene is increasing driving the global myrcene market. Myrcene usage is expected to increase somewhat during the projection period due to its use as an intermediate in the sector further driving the global myrcene market.
Myrcene is a common monoterpene that is found in a variety of plant species, particularly hops and cannabis. It is a common flavouring and fragrance agent, as well as a food additive that is used in the production of food and drinks.
Myrcene is a well-known food additive that is used as a flavor enhancers component in the production of foods and drinks. It is also found in consumer items including cosmetics, and detergents. Myrcene is utilised as a starting ingredient for economically significant smells and flavours such as menthol, in addition to being employed in a range of consumable items.
Myrcene is a kind of volatile organic terpene generated from the myrcene plant. Many essential oils contain myrcene. It is a flavouring and odorizing agent used in the food industries, and it is a popular flavouring in both the beverage and food industries. Myrcene has been utilised in the food business to add taste. Myrcene is a monoterpenoid that belongs to the terpene family. Myrcene is a colourless volatile liquid that is found in several essential oils, including lemongrass and eucalyptus. It belongs to the terpenoid class of monoterpenes.
However, rising WHO worries about myrcene being a probable carcinogen limit its widespread adoption of myrcene hampering the global myrcene market. In addition, because myrcene is produced from cannabis, political and cultural considerations may serve as a barrier to the growth of the global myrcene market. Furthermore, because the myrcene chemical is unstable, it is not employed directly in its functions, and its derivatives have limited usage in the fragrance business. This is a major element limiting market expansion in terms of value – volume of the global myrcene market.
The key market players in the global Myrcene market are Bordas, Jiangxi Huayu, Wansong Forestry, Hessence Chemiclas, Yasuhara Chemicals, Spectrum Laboratory Products Inc, and Ecogreen International group limited among others.
Major Developments in The Global Myrcene Market: A Snapshot
- Bio based myrcene terpene has been introduced recently which contributes significantly to the food business to add taste.
Myrcene Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2028||USD 138.3 million|
|Growth Rate||CAGR of 4.7 % during 2021-2028|
|Segment Covered||Type, Application, Regions|
|Regions Covered||North America, Europe, Asia Pacific, Middle East and Africa, South America|
|Key Players Profiled||Bordas, Jiangxi Huayu, Wansong Forestry, Hessence Chemiclas, Yasuhara Chemicals, Spectrum Laboratory Products Inc, and Ecogreen International group limited among others.|
Key Segments of the Global Myrcene Market
Type Overview, 2019-2029 (USD Billion)
- Myrcene 90%
- Myrcene 80%
- Myrcene 75%
Application Overview, 2019-2029 (USD Billion)
- Food & Beverages
- Flavour & Fragrances
Regional Overview, 2019-2029 (USD Billion)
- Rest of Europe
- Rest of Asia Pacific
- Rest of South America
Middle East and South Africa