Global frankincense extract market is anticipated to grow considerably in the forecast period owing to the increased applications due to properties of frankincense extract, such as anti-inflammatory, antibacterial, and antifungal. Frankincense extract, also known as boswellia extract is derived from Boswellia tree. It is an aromatic resin used in perfume and incense products. Besides applications in perfumes, it is also used to treat chronic inflammatory disorders and several other health issues. It is available to end users as a pill, cream (ointment), and as a resin.
The major drivers of frankincense extract market include increasing pharmaceutical applications, high demand of frankincense extracts in aromatherapy to reduce anxiety and stress, increasing prevalence of skin related issues, such as eczema and acne due to side effects of beauty products, and rise in demand from medical industry. Furthermore, growing applications of frankincense extract in herbal medical products is also driving the market. However, gastrointestinal problems caused by frankincense extract is hindering the market growth.
Growing applications of frankincense extract is trending in the market. Nonetheless, explosive demand from skin care industry due to growing number of skin conditions like dermatitis and skin break out is an opportunity for the market.
Frankincense extract market is categorized based on product type, applications, extraction type, and geography. Based on product type, market is divided into cosmetic grade, pharmaceutical grade, and others. Pharmaceutical grade segment is expected to hold larger share of the market in the coming years due to increased applications. These applications can be attributed to its beneficial properties, such as antibacterial, anti-inflammatory, antifungal, and others.
In terms of application, frankincense extract market is divided into skin care, oral care, medicine, and others. Amongst all, oral care segment is predicted to lead the market in future due to growing geriatric population, Moreover, other factors responsible for the growth of dental applications include increasing dental disorders among adults like periodontal gum disorders and growing number of dental issues in young children aged 6 and above. Based on extraction type, the market is divided into distillation, supercritical fluid extraction, and others.
Geographically, frankincense extract market is segmented as North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. Latin America accounts for significant share of the market due to high demand form fragrance industry, growing demand from consumers that drives personal care industry, and rise in demand from cosmetics segment. Europe also leads the market in terms of revenue and increasing focus on fragrance-based treatments and increased applications for herbal medical products and aromatherapy, which ultimately stimulates the growth of medical industries and aromatherapy. Moreover, Asia Pacific also accounts for considerable share of the market due to the developing pharmaceutical sector.
The key players in frankincense extract market include De Monchy Aromatics, AOS Products Private Limited, Nature's Sunshine Products, AMO, TriVita, DoTERRA, Prime Natural, Edens Garden, Radha Beauty, Fabulous Frannie, Majestic Pure, and Mountain Rose Herbs.
Leading players of Frankincense Extract including:
• De Monchy Aromatics
• AOS Products Private Limited
• Nature's Sunshine Products
• Edens Garden
• Radha Beauty
• Majestic Pure
• Prime Natural
• Mountain Rose Herbs
• Fabulous Frannie
Market split by Type, can be divided into:
• Pharmaceutical Grade
• Cosmetic Grade
Market split by Application, can be divided into:
• Skin care
• Oral Care
Market split by Sales Channel, can be divided into:
• Direct Channel
• Distribution Channel
Market segment by Region/Country including:
• North America (United States, Canada and Mexico)
• Europe (Germany, UK, France, Italy, Russia and Spain etc.)
• Asia-Pacific (China, Japan, Korea, India, Australia and Southeast Asia etc.)
• South America Brazil, Argentina, Colombia and Chile etc.)
• Middle East & Africa (South Africa, Egypt, Nigeria and Saudi Arabia etc.)
Research Support Specialist, USA