[2021] Opoponax Extract Resinoid Market – Global Treatment Innovations, Growth, Sales Revenue, Emerging Technologies, Competitive Landscape, Top Key Players Study and Business Trends by Forecast 2027

SEATTLE, April 14, 2021, (PHARMIWEB) — Overview:

Opoponax extract resinoid is also known as sweet myrrh essential oil and is often referred to as opoponax essential oil. The resins extracted by slant incisions in the barks of Opoponax chromium and Opoponax hispidus Griseb trees are steam distilled into Opoponax essential oils. These trees are mainly found in Somalia, Ethiopia, and Kenya, which are native to east Africa. Opoponax extract resinoids are primarily available in two forms namely opoponax gum and opoponax essential oil, and they have a wide range of uses in the food and spice industry, as well as the cosmetic and healthcare industries. Opoponax oils are used in the healthcare industry for aromatherapy, to treat muscle pains, arthritis, and diarrhoea, as well as having antiseptic and anti-spasmodic properties.

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Drivers:

Rising prevalence of muscle cramps and spasms, primarily owing to females’ over age and pregnancy, which is expected to drive growth of the global Opoponax extract resinoid market over the forecast period. For instance, in 2018, according to U.S. National Library of Medicine report published in September 2020, around 46% of individuals 50 years and above suffered from muscle cramps, globally. Furthermore, in 2018, according to same source, 26% of the pregnant women in China suffered from muscle cramps in calf during pregnancy.

COVID-19 Impact Analysis:

COVID-19 has had an impact on several markets around the world. The COVID-19 pandemic had the following impact on the global opoponax extract resinoid market:

Restraints:

Owing to its raw form and extraction from natural constituents, Opoponax oils are extremely difficult to preserve. A producer needs a large amount of botanical supply to extract a small amount of essential oil. However, the manufacturers of essential oils such as lavender essential oil, opoponax oil, and more are facing restraints due to opoponax oil conservation and stability. Furthermore, opoponax essential oil has some major side effects include consumption of opoponax oil for a prolonged period of time causes mild kidney injuries in individuals, as there is a small amount of opoponax resins found in opoponax essential oil. Which is expected to hinder the global opoponax extract resinoid market growth.

Regional Analysis:

Among regions, the global opoponax extract resinoid market is segmented into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa. In North America, the opoponax extract resinoid market is expected to grow significantly due to rising incidences of anxiety in people, which is expected to pose demand for opoponax essential oil in aromatherapy treatment. For instance, in 2018, according to the U.S. National library of Medicine report published in 2019, over 15-16% of individuals aged 50 years and above were suffering from anxiety in the U.S.

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Moreover, in Europe, the global opoponax extract resinoid market is expected to witness significant growth during the forecast period due to the increasing incidences of viral and bacterial infection-related diseases such as persistent cough and chronic cough. For instance, in 2019, according to U.S. National Library of Medicine report published, around 12% of the European population was suffering from chronic cough and persistent cough caused owing to viral infections and bacterial infections.

Competitive Landscape

Major players are dominating in the global opoponax extract resinoid market such as M & U International LLC, Miracle Botanicals, William Bernstein Company, Penta International Corporation, Star Child Glastonbury, and Botany Essentials Pty Ltd.

Market Taxonomy

Among type, the global opoponax extract resinoid market is segmented into:

• Opoponax gum
• Opoponax essential oil

Among indication, the global opoponax extract resinoid market is segmented into:

• Antiseptic
• Anti-spasmodic
• Anti-bacterial
• Others

Among distribution channel, the global opoponax extract resinoid market is segmented into:

• Online Pharmacy
• Retail Pharmacy
• Drug Stores

Among region, the global opoponax extract resinoid market is segmented into:

• North America
• Latin America
• Europe
• Asia Pacific
• Middle East
• Africa

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