Currently, I am using the following approach to get the product and then get MSRP.
I am not happy with this approach, Please suggest a better approach Thanks 
$sku = $cartItem->getProduct()->getSku();
$cartItemId = $cartItem->getProduct()->getIdBySku($sku);
$loadedItem = $cartItem->getProduct()->load($cartItemId);
$msrp = $loadedItem->getMsrp();