Myrtle, which also goes by the name of Myrtus belongs to the genus of flowering plants in the family Myrtaceae. This aromatic evergreen shrub is native to the Mediterranean region in Southern Europe as well as North Africa. The plant has small, shiny, dark green leaves which contain vesicles full of essential oil. In the ancient times, the myrtle plant found its use in therapeutic applications by soaking the leaves in wine so as to counter several infections and fever. Furthermore, additional properties of myrtle were detected by the people such as its ability to fortify the stomach and being effective for pulmonary and bladder infections. Other utilizations of myrtle included the treatment of bronchial infections, genito-urinary system, and for haemorrhoids. The is anticipated to expand at a significant CAGR in the forecast period on the backdrop of emerging properties of myrtle essential oil for instance antiseptic, astringent, deodorant, expectorant, and a sedative substance.
Myrtle essential oil market is segmented on the basis of application which includes cosmetics & personal care, incense, dietary supplements, and aromatherapy. Amongst these applications, the aromatherapy segment is expected to flourish at a healthy rate owing to its ability to clean and open the respiratory passage and thereby finding its use in diffusers with other oils such as rosemary, thyme and ravensare. The personal care & cosmetics segment is also forecasted to show a moderate growth on the backdrop of its offered properties such as astringent, antiseptic, and other benefits such as its actions against hemorrhoids, acne, pimples, cystitis, infections in the urinary tract, and chronic problems like leucorrhea.
Myrtle essential oil market is segmented on the basis of the end use which includes retail and industrial. The retail segment is further sub-segmented as distribution channel which includes online stores, hypermarkets/supermarkets, specialized drug stores, and convenience stores.
Global market drivers and restraints:-
The myrtle essential oil is gaining widespread popularity on the backdrop of its manifold advantages offered by it. Some of the properties of myrtle essential oil which are primarily driving the myrtle essential oil market are its potential use in mouthwash in order to make gums contract and strengthen their hold onto the teeth, its capability to tighten the skin aimed at encountering the wrinkles, help stop hemorrhaging by inducing the blood vessels to contract. Moreover, the myrtle essential oil eliminates foul odors and used in incense sticks and burners, fumigants and vaporizers as room fresheners. The myrtle essential oil can be also has a possible capacity to be used as an antiseptic and can be applied on wounds to protect it against microbes. Additionally, myrtle essential oil reduces the presence and further deposition of phlegm and also clears congestion of the nasal tracts, bronchi and lungs resulting from colds and provides good relief from coughing. The restraints of myrtle essential oil market are relatively few however are potential to affect the market and include the weak penetration in the market owing to the lack of awareness amongst the population regarding the product and selection of potential alternatives. Also, a few cases have been reported owing to the side-effects of myrtle essential oil however are not medically proven yet.
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The South Asian countries such as India, Indonesia, Singapore, Malaysia, Sri Lanka and others lead as the top exporters as well as manufacturers of the benzoin essential oil market followed by North America and Europe. Most imports have been witnessed by the countries like U.S, Germany, U.K, China, Saudi Arabia, France, and others. Asia will remain as a potential market attributing to the growing economies of India and China. Furthermore, great potential in the benzoin essential oil market can be attributed to its diverse uses.
Major Key players:-
Some of the major key who are driving the myrtle essential oil market globally are Young Living Essential Oils, Floracopeia Inc, MYSTIC MOMENTS, Aromatics International, Inovia International, Phoenix Aromas & Essential Oils LLC, and the like.