FRANKINCENSE EXTRACTS MARKET ANALYSIS

Frankincense Extracts MarketSize and Trends

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.

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