The global Frankincense Extracts market is estimated to be valued at US$ 302.14 million in 2022 and is expected to exhibit a CAGR of 8.44% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
A) Market Overview:
Frankincense extracts are derived from the resin of Boswellia trees and have been used for centuries for their medicinal and aromatic properties. The market for frankincense extracts is driven by the increasing demand for natural and organic products. Frankincense extracts are widely used in the pharmaceutical, personal care, and aromatherapy industries due to their anti-inflammatory, antioxidant, and fragrance properties. The rising consumer preference for natural ingredients and the growing awareness about the health benefits of frankincense extracts are fueling the market growth.
B) Market Key Trends:
One key trend in the Frankincense Extracts Market is the growing adoption of frankincense extracts in skincare products. Frankincense extracts possess anti-aging and skin rejuvenating properties, making them a popular ingredient in anti-aging creams, serums, and lotions. The extracts help in reducing wrinkles, improving skin elasticity, and promoting a youthful appearance. For instance, Edens Garden Inc., a key player in the market, offers a range of skincare products containing frankincense extracts that target various skin concerns.
C) PEST Analysis:
Political: The political stability of the countries where frankincense extract production takes place can impact the supply and pricing of the extracts.
Economic: The economic growth of emerging markets can contribute to the increased demand for frankincense extracts.
Social: The growing awareness about natural and organic products among consumers is driving the demand for frankincense extracts.
Technological: Technological advancements in extraction methods and processing techniques are improving the efficiency and quality of frankincense extracts.
D) Key Takeaways:
1. The global frankincense extracts market is expected to witness high growth, exhibiting a CAGR of 8.44% over the forecast period. This growth can be attributed to the increasing demand for natural and organic products. Consumers are becoming more conscious of the ingredients they use, and frankincense extracts provide a natural and effective solution in the pharmaceutical, personal care, and aromatherapy industries.
2. In terms of regional analysis, North America is currently the fastest-growing and dominating region in the market. The region has a well-established pharmaceutical and personal care industry, where the demand for natural ingredients is high. Moreover, the presence of key players such as De Monchy Aromatics Limited and AOS Products Private Limited in North America further contributes to the market growth in the region.
3. Key players operating in the global frankincense extracts market include De Monchy Aromatics Limited, AOS Products Private Limited, TriVita, Inc., Edens Garden Inc., Prime Natural Beauty, and Phyto Life Sciences P. Ltd. These players focus on product innovation, strategic partnerships, and expansion to enhance their market presence. For example, AOS Products Private Limited offers a wide range of frankincense extracts for various applications, including pharmaceuticals, personal care, and fragrance industries.
In conclusion, the global frankincense extracts market is witnessing high growth due to the increasing demand for natural and organic products. Skincare applications, political stability, economic growth in emerging markets, growing consumer awareness, and technological advancements are the key factors driving the market. With North America leading the market, key players are striving to innovate and expand their product offerings to meet the rising demand for frankincense extracts.
Furthermore, frankincense extracts are beneficial to skin and digestion, as well as being used to treat gas (flatulence), wound healing, and a variety of other ailments, although there is no scientific evidence to back any of these claims.
They are also used to flavor meals and as a scent in soaps, cosmetics, and fragrances.
Frankincense extracts include anti-bacterial, anti-viral, anti-fungal, anti-oxidant, anti-scalp, anti-inflammatory, and sedative qualities, making them highly beneficial for a variety of skincare issues.
They may also assist to decrease the symptoms of aging by increasing skin moisture retention.
It is unclear how either drug will impact consumers in the short or long term.Frankincense includes essential oils, which are derived from various kinds of frankincense trees and give a strong aroma.
Because of its anti-inflammatory properties, it has been incorporated in the formulation of contemporary antibiotics.
The research report includes specific segments by region (country), by company, by Type and by Application.
This study provides information about the sales and revenue during the historic and forecasted period of 2015 to 2026.
Understanding the segments helps in identifying the importance of different factors that aid the market growth.
Download FREE Sample of this Report @ https://www.24chemicalresearch.com/download-sample/65172/global-frankincense-oil-2021-87Segment by Type, the Frankincense Oil market is segmented into:NaturalSyntheticSegment by Application:MedicineSkin careOral CareOthersGlobal Frankincense Oil Market: Regional AnalysisThe Frankincense Oil market is analysed and market size information is provided by regions (countries).
The report includes country-wise and region-wise market size for the period 2015-2026.
It also includes market size and forecast by Type and by Application segment in terms of sales and revenue for the period 2015-2026.The key regions covered in the Frankincense Oil market report are:North AmericaU.S.CanadaEuropeGermanyFranceU.K.ItalyRussiaAsia-PacificChinaJapanSouth KoreaIndiaAustraliaTaiwanIndonesiaThailandMalaysiaPhilippinesVietnamLatin AmericaMexicoBrazilArgentinaMiddle East & AfricaTurkeySaudi ArabiaU.A.EGlobal Frankincense Oil Market: Competitive AnalysisThis section of the report identifies various key manufacturers of the market.
We are a company based in the United Kingdom and we specialize in the import of premium quality organic health products, which include Frankincense.
To make sure that our customers get the best possible service and top-quality products, we keep directly in touch with the overseas harvesters of our imports.
Here you can find a large collection of products that have been used for centuries for medicinal purposes.
These products are sourced from the forests of Somalia, which is the home to many products involved in natural therapy.
Our products help you maintain the health of your skin, hair, and body.WHOLESALE PRODCUTSWe specialize in distributing wholesale frankincense products to our customers globally.
Our wholesale frankincense is imported in a 100 percent pure state from Somalia, where its raw materials are extracted from the arabic gum or acacia gum trees.
