FRANKINCENSE EXTRACTS MARKET ANALYSIS

Global frankincense extracts market was valued at US$ 302.14 Million in 2022, exhibiting a CAGR of 8.44% during the forecast period (2023 to 2030).

Frankincense, also known as Olibanum, is obtained from the trees of genus boswellia belonging to the Burseraceae family that is widely used in perfumes and incense. These trees produce resins and are native to northern Somalia, South Yemen, Ethiopia, and Oman. Frankincense extracts is majorly produced in Ethiopia and Somalia which is propelling the growth of frankincense extracts market in Africa. Frankincense extract increases the effect of herbs and supplements. Frankincense extracts are good for healthy skin and digestion. It also used for treating arthritis and various chronic inflammatory diseases such as asthma, allergies, and inflammatory bowel disease. Such applications are expected to fuel growth of the global frankincense extracts market over the forecast period.

Drivers

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.

COVID-19 is an incomparable global public health emergency that affected almost every industry, and long-term effects of covid-19 are projected to impact the industry growth during the forecast period.

Figure 1. Global Frankincense Extracts Market Value Share (%), By Region, 2022

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Global Frankincense Extracts Market- Restraints

Frankincense essential oil obtained from its extract is used in aromatherapy to alleviate stress and relieve pain. Busy and hectic lifestyle of the urban populace along with the increase in disposable income needs in rise in demand for aromatherapy, which ultimately boosts the growth of the frankincense extract market. Consumers have preference toward cosmetics and personal care products made with natural and organic ingredients.

There is increased demand for frankincense powder in soaps, shampoo. Increased demand for frankincense result in the decline of boswellia trees. This anticipated to restrain the growth of the frankincense extract market. Frankincense may cause gastrointestinal trouble, such as, stomach torment, queasiness, and hyperacidity. This is likely to hamper the growth of the global frankincense extracts market to some extent in forecast period (2023-2030).

Global Frankincense Extracts Market- Trends

Among product type, the pharmaceutical review segment is likely to hold the largest share of the overall industry over the for caste period (2023-2030) this is due to the huge restorative uses of frankincense separate, because of its cell reinforcement, astringent, cytophylactic, and disinfectant properties. Among application, the skin care segment represented a huge income share over the coming years,  due to increasing customer inclination towards keeping up an attractive personality.

Moreover, growing prevalence of skin-related issues, such as, skin break- out and dermatitis due to utilization of engineered magnificence items,  is impelling growth of the global frankincense essence market.

Figure 2. Global Frankincense Extracts Market value Share (%), By Product Type, 2022

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Recent & Key Developments

• In November 2022, De Monchy Aromatics, has delivered reliable products, innovative technical expertise and up-to-date market intelligence released a report focused on some of the key products causing challenges in industry.
• In May 2021, Edens Garden, launched unscented FDA-approved hand sanitizer spray.
• In April 2020, Eden Garden Releases 7 new baking soda-free deodorant that eliminates odor naturally.

Competitive Section

Major 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.