Frankincense is a resinous tree, popularly known as loban, Indian olibanum or kundur. The frankincense tree produces resins by tapping them. Tapping produces tears (hardened resins) due to its high aromatic content that is used as an incense. Moreover, it is also used for fumigating preparation in cultural ceremonies, for religious rituals, and as a remedy for treating variety of diseases such as inflammatory chronic diseases.  This factors is expected to propel growth of global frankincense extracts market. However, it may cause some allergic reactions such as diarrhoea, stomach pain, nausea, and others, which is expected to be a major restraining factor for growth of this market.

Consumers preference inclined toward natural ingredients in the food and beverages products due to increase in products due to increased rate in health related problems. Frankincense extracts has applications in an emulsifying agents, stabilizer, and flavour in food and beverage industry and it is an opportunity by manufacturers for growth and expansion of the market.

The frankincense extract market is segmented based on form, end use, and region. Based on form the market is classified into powder, oil, and resin. Based on end use, it is categorized into food & beverage, cosmetics & personal care, aromatherapy, pharmacological, insecticide, and others.

Market Dynamics

Asia Pacific is expected to be dominant in the global market over the forecast period, due to steadily growing cosmetics and personal care industry in the region. Japan is one of the largest markets for personal care products in the world. According to the International Trade Administration (ITA), the cosmetics sector, in Japan, in 2022, However, decline in the number of tree, owing to insect attacks and fire, results in increasing cost of frankincense extracts. This is negatively affecting the growth of frankincense extracts market.

Key features of the study:

• This report provides in-depth analysis of the global frankincense extracts and provides market size (US$ Million) and Compound Annual Growth Rate (CAGR %) for the forecast period (2023–2030), considering 2022 as the base year
• It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrix for this market
• This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, regional outlook, and competitive strategy adopted by the leading players
• It profiles leading players in the global frankincense extracts market on the basis of the following parameters company overview, financial performance, product portfolio, geographical presence, distribution strategies, key developments and strategies, and future plans
• Key companies covered as a part of this study include De Monchy Aromatics Limited, AOS Products Private Limited, TriVita, Inc., Edens Garden Inc., Prime Natural Beauty, and Phyto Life Sciences P. Ltd. among others.
• Insights from this report would allow marketers and the management authorities of companies to make informed decisions regarding their future product launch, technology up-gradation, market expansion, and marketing tactics
• The global frankincense extracts market report caters to various stakeholders in this industry including investors, suppliers, manufacturers, distributors, new entrants, and financial analysts
• Stakeholders would have ease in decision-making through the various strategy matrices used in analysing the global frankincense extracts market

Detailed Segmentation:

• Global Frankincense Extracts Market, By Product Type:
• Cosmetic Grade
• Pharmaceutical Grade
• Others
• Global Frankincense Extracts Market, By Application:
• Oral Care
• Skin Care
• Medicine
• Perfumes
• Aromatherapy
• Others
• Global Frankincense Extracts Market, By Region:
• North America
• U.S.
• Canada
• Europe
• U.K.
• Germany
• Italy
• France
• Russia
• Spain
• Rest of Europe
• Asia Pacific
• China
• India
• Japan
• ASEAN
• Australia
• South Korea
• Rest of Asia Pacific
• Latin America
• Brazil
• Argentina
• Mexico
• Rest of Latin America
• Middle East
• GCC
• Israel
• Rest of Middle East
• Africa
• North Africa
• Central Africa
• Southern Africa
• Company Profiles
• De Monchy Aromatics Limited
• Company Overview
• Product Portfolio
• Financial Performance
• Key Strategies
• Recent Developments
• Future Plans
• AOS Products Private Limited
• TriVita, Inc.
• Edens Garden Inc.
• Prime Natural Beauty
• Phyto Life Sciences P. Ltd