Global Frankincense Extracts Market is estimated to be valued at US$ 302.14 Million in 2022. According to the Global Frankincense Extracts Market Report, By Product Type (Pharmaceutical Grade, Cosmetic Grade, and Others), By Application (Oral Care, Skin Care, Medicine, Perfumes, Aromatherapy, and Others), and By Region (North America, Europe, Asia Pacific , Latin America, Middle East, and Africa), published by Coherent Market Insights.
Global frankincense extracts market was valued at US$ 302.14 Million in 2022. Frankincense Extracts Market is expected to register a CAGR of 8.44% over the forecast period (2022–2030), to reach US$ 577.8 Million by 2030.
Frankincense, also called as Olibanum, is referred as a gummy exudates, which is obtained from the trees of genus Boswellia and family Burseraceae. It grows especially in Somalia and Saudi Arabia. Frankincense extracts is known for its application in rheumatoid arthritis, ulcerative colitis, sore throats, asthma, and others, which in turn increases demand from the pharmaceutical industry. According to International Federation of Pharmaceutical Manufacturers & Association, the global pharmaceutical market is to reach around US$ 1,430 Billion by 2022. However, researchers from Ethiopia and the Netherlands found that the Boswellia tree, which produces frankincense are decreasing due to excessive grazing, fire, and beetle attack, and this can negatively impact the market growth.
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.
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https://www.coherentmarketinsights.com/market-insight/frankincense-extracts-market-1889
Key Trends and Analysis of the Global Frankincense Extracts Market:
- Among product type, pharmaceutical grade segment accounted for the highest market share 48.00% in 2021, due to increasing use of frankincense because of its beneficial properties such as anti-inflammatory, antibacterial, antifungal, and others for pharmaceutical applications.
- Oral care segment is expected to account for a significant share 17.00% in the global frankincense extracts market over the forecast period. Rising geriatric population is a major factor propelling growth of the oral care segment. According to the United Nations Department of Economics and Social Affairs, in 2021, the global population of people aged 60 years was 962 million and is expected to double by 2030. Furthermore, according to the World Health Organization (WHO), in 2021, more than 50% of the children aged 6 and above were reported to be suffering from dental caries and a significant number of the population reported to have suffered from periodontal gum diseases as well. These factors are highly responsible for growth of the oral care segment in the market.
Key Takeaways of the Global Frankincense Extracts Market:
- Asia Pacific was the fastest growing region in the global frankincense extracts market in 2021, both in terms of value and volume, owing to increasing growth of the healthcare sector. According to India Brand Equity Foundation (IBEF), the pharmaceutical sector in world accounted for 2.4% of the global pharmaceutical industry in terms of value in 2022 and is expected to expand at a CAGR of 8.44% during 2022 to 2030.
- Latin America is expected to exhibit significant growth in the global frankincense extracts market over the forecast period, due to increasing demand from the fragrance industry. According to the U.S. Export, Brazil ranked second in fragrance, men’s products, sunscreen protection & deodorants and accounted for 7.1% of the worldwide consumption in fragrance and toiletry industry. Moreover, Brazil is the second-largest export market for U.S. personal care, fragrance, and cosmetic products and represents about 15% of imports into the market.
- Key market players are focusing on organic and inorganic growth strategies such as mergers & acquisitions, plant expansions, and new product launches to enhance their business and product portfolio in the frankincense extracts market.
- Some of the 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., among others.
