Frankincense Extracts Market | De Monchy Aromatics Limited, AOS Products Private Limited, TriVita, Inc., Edens Garden Inc.

Frankincense, also known as olibanum, is obtained from the trees of genus boswellia belonging to the Burseraceae family, which 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 effects herbs and supplements. Frankincense extracts are good for healthy skin and digestion. It also has medical properties and is used for treating arthritis and various chronic inflammatory diseases such as asthma, allergies, and inflammatory bowel disease. Such applications in turn, are expected to fuel growth of the frankincense extracts market over the forecast period.

Among product types, the pharmaceutical grade segment is expected to account for the largest market share over the forecast period. This is majorly attributed to the large medicinal applications of frankincense extract, owing to its antioxidant, astringent, cytophylactic, and disinfectant properties. Among applications, the skin care segment is expected to account for a significant revenue share over the forecast period due to increasing consumer preference towards maintaining aesthetic appeal. Additionally,

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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

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Europe is expected to hold the dominant market for frankincense extracts, in terms of revenue, over the forecast period. This growth is primarily driven by increasing demand for aromatherapy, as it is used to relieve stress and anxiety. According to Centre for the Promotion of Imports (CBI), an agency of the Netherlands Ministry of Foreign Affairs, Europe is the largest market for essential oils and one of the key markets for aromatherapy. The aromatherapy market is expected to reach US$ 8 billion by 2026 globally. Furthermore, various players are focused on launching new products to expand their product portfolio. For instance, in May 2017, Neal’s Yard Remedies Ltd., launched Frankincense Intense Lift Serum, to help people reduce stress by promoting a sense of relaxation and wellbeing through the aromatic benefits of frankincense oil and frankincense resin extracts.

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