Opoponax Extract Resinoid Market, by Product Type (Opoponax Gum and Opoponax Oil), By Indication (Antiseptic, Anti-spasmodic, Antibacterial, and Others), by Distribution Channel (Online Pharmacy, Retail Pharmacy, and Drug Stores), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) - Size, Share, Outlook, and Opportunity Analysis, 2020 – 2027

Opoponax extract resinoid is generally called opoponax essential oil and also known as sweet myrrh essential oil. Opoponax essential oils are steam distilled from the resins extracted by giving slant incisions to barks of trees called Opoponax chromium and Opoponax hispidus Griseb. These trees are mostly found in native east African countries such as Somalia, Ethiopia, and Kenya. Opoponax extract resinoids are mainly available in two forms such as opoponax gum and opoponax essential oil, and they have wide applications in food and spice industry, cosmetic industry, and healthcare industry. In the healthcare industry, opoponax oils are used for aromatherapy, to cure muscle pains, arthritis, used to cure diarrhea, and also has properties such as antiseptic and anti-spasmodic.

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Global Opoponax Extract Resinoid Market: Drivers

The global opoponax extract resinoid market is expected to witness significant growth, owing to increasing incidence of muscle cramps and muscle spasms, mainly due to over age and pregnancy condition in females. According to US National Library of Medicine report published in September 2020, in 2018, around 46% of individuals above the age of 50 were suffering from muscle cramps, globally. Moreover, according to same source, 26% of the pregnant women in China suffered from muscle cramps in calf during pregnancy in 2018.

Global Opoponax Extract Resinoid Market: COVID-19 Impact Analysis

COVID-19 has affected several markets across the world. The COVID-19 pandemic affected the global opoponax extract resinoid market in the following ways:

Global Opoponax Extract Resinoid Market: Restraints

Opoponax oils are very difficult to conserve due to its raw form and extracted from natural constituents. In order to extract a minimal amount of essential oil, a manufacturer needs large amount of botanical supply. Therefore, conservation of opoponax oils and stability of opoponax oil is the restraints faced by the manufacturers of essential oils such as lavender essential oil, opoponax oil, and others. Moreover, opoponax essential oil has some major side effects such as ingestion of opoponax oil for longer period of time leads to minor injuries to kidneys in individuals, as there is small amount of presence of opoponax resins in opoponax essential oil.

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Global Opoponax Extract Resinoid Market Regional Analysis

On the basis of region, 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 witness significant growth due to increasing prevalence of anxiety in individuals, which is expected to increase demand for opoponax essential oil in aromatherapy treatment. For instance, according to US National library of Medicine report published in 2019, in 2018, around 15-16% of individuals above the age of 50 were suffering from anxiety in the U.S.

In Europe, the global opoponax extract resinoid market is expected to witness significant growth over the forecast period, owing to rising prevalence of bacterial and viral infection associated diseases such as chronic cough and persistent cough. For instance, according to US National Library of Medicine report published in 2019, in 2019, around 12% of the European population was suffering from chronic cough and persistent cough caused due to viral infections and bacterial infections.

Global Opoponax Extract Resinoid Market: Competitive Landscape

Key operating players in the global opoponax extract resinoid market include Miracle Botanicals, M & U International LLC, Penta International Corporation, William Bernstein Company, Botany Essentials Pty Ltd, and Star Child Glastonbury.

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