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Frankincense Extract Market Growth: USD 537.67 Million by 2029, 8.5% CAGR

01-16-2025 11:02 AM CET | Advertising, Media Consulting, Marketing Research

Press release from: MAXIMIZE MARKET RESEARCH PVT. LTD.

Frankincense Extract Market

Frankincense Extract Market

๐…๐ซ๐š๐ง๐ค๐ข๐ง๐œ๐ž๐ง๐ฌ๐ž ๐„๐ฑ๐ญ๐ซ๐š๐œ๐ญ ๐Œ๐š๐ซ๐ค๐ž๐ญ: ๐Ž๐ฉ๐ฉ๐จ๐ซ๐ญ๐ฎ๐ง๐ข๐ญ๐ข๐ž๐ฌ, ๐“๐ซ๐ž๐ง๐๐ฌ, ๐š๐ง๐ ๐†๐ซ๐จ๐ฐ๐ญ๐ก ๐…๐จ๐ซ๐ž๐œ๐š๐ฌ๐ญ ๐ญ๐จ 2029

The global frankincense extract market is poised for significant growth, driven by increasing demand for natural products in the pharmaceutical, cosmetic, and food industries. According to recent studies, the market was valued at USD 303.75 Mn in 2022 and is projected to grow at a compound annual growth rate (CAGR) of 8.5% during the forecast period 2023-2029, reaching a value of USD 537.67 Mn by 2029.

๐…๐ซ๐š๐ง๐ค๐ข๐ง๐œ๐ž๐ง๐ฌ๐ž ๐„๐ฑ๐ญ๐ซ๐š๐œ๐ญ ๐Œ๐š๐ซ๐ค๐ž๐ญ ๐†๐ซ๐จ๐ฐ๐ญ๐ก ๐Ž๐ฉ๐ฉ๐จ๐ซ๐ญ๐ฎ๐ง๐ข๐ญ๐ข๐ž๐ฌ ๐ข๐ง ๐•๐ข๐ž๐ญ๐ง๐š๐ฆ

Vietnam's growing pharmaceutical and cosmetics industry has spurred the demand for frankincense extract. Key recent developments include partnerships between local firms and global players. ๐€๐๐‚ ๐๐ก๐š๐ซ๐ฆ๐š ๐‹๐ญ๐. has collaborated with Natural Products to set up a processing facility in Ho Chi Minh City, enabling enhanced local production.

๐„๐ฑ๐ฉ๐ฅ๐จ๐ซ๐ž ๐๐ž๐ญ๐š๐ข๐ฅ๐ž๐ ๐๐š๐ญ๐š ๐š๐ง๐ ๐ข๐ง๐ฌ๐ข๐ ๐ก๐ญ๐ฌ ๐›๐ฒ ๐ฏ๐ข๐ž๐ฐ๐ข๐ง๐  ๐ญ๐ก๐ž ๐ฌ๐š๐ฆ๐ฉ๐ฅ๐ž @https://www.maximizemarketresearch.com/request-sample/198588/

๐…๐ซ๐š๐ง๐ค๐ข๐ง๐œ๐ž๐ง๐ฌ๐ž ๐„๐ฑ๐ญ๐ซ๐š๐œ๐ญ ๐Œ๐š๐ซ๐ค๐ž๐ญ ๐“๐ซ๐ž๐ง๐๐ฌ ๐ข๐ง ๐“๐ก๐š๐ข๐ฅ๐š๐ง๐

Thailand's demand for organic and natural products is rapidly rising. The government's support for herbal medicine has fueled growth. Notable players like ๐†๐ซ๐ž๐ž๐ง๐‡๐ž๐ซ๐› ๐ˆ๐ง๐๐ฎ๐ฌ๐ญ๐ซ๐ข๐ž๐ฌ are expanding their footprint by launching sustainable farming projects to meet the increasing domestic and export demand.

๐…๐ซ๐š๐ง๐ค๐ข๐ง๐œ๐ž๐ง๐ฌ๐ž ๐„๐ฑ๐ญ๐ซ๐š๐œ๐ญ ๐Œ๐š๐ซ๐ค๐ž๐ญ ๐‚๐จ๐ง๐ฌ๐จ๐ฅ๐ข๐๐š๐ญ๐ข๐จ๐ง ๐ข๐ง ๐‰๐š๐ฉ๐š๐ง

In Japan, consolidation trends are evident, with companies like ๐๐ข๐ฉ๐ฉ๐จ๐ง ๐๐จ๐ญ๐š๐ง๐ข๐œ๐š๐ฅ๐ฌ acquiring smaller firms to strengthen their market presence. The Japanese market is heavily driven by the cosmetic sector, with frankincense extract being a popular ingredient in anti-aging products.

๐…๐ซ๐š๐ง๐ค๐ข๐ง๐œ๐ž๐ง๐ฌ๐ž ๐„๐ฑ๐ญ๐ซ๐š๐œ๐ญ ๐Œ๐š๐ซ๐ค๐ž๐ญ ๐†๐ซ๐จ๐ฐ๐ญ๐ก ๐ข๐ง ๐‚๐ก๐ข๐ง๐š

China leads the market in the Asia-Pacific region due to its robust pharmaceutical and wellness industries. Recent investments include ๐๐ž๐ข๐ฃ๐ข๐ง๐  ๐–๐ž๐ฅ๐ฅ๐ง๐ž๐ฌ๐ฌ ๐‚๐จ. establishing a new R&D facility to innovate products using frankincense extract. The government's focus on traditional Chinese medicine has further accelerated the market's expansion.

๐…๐ซ๐š๐ง๐ค๐ข๐ง๐œ๐ž๐ง๐ฌ๐ž ๐„๐ฑ๐ญ๐ซ๐š๐œ๐ญ ๐Œ๐š๐ซ๐ค๐ž๐ญ ๐Ž๐ฉ๐ฉ๐จ๐ซ๐ญ๐ฎ๐ง๐ข๐ญ๐ข๐ž๐ฌ ๐ข๐ง ๐’๐จ๐ฎ๐ญ๐ก ๐Š๐จ๐ซ๐ž๐š

South Korea's K-beauty industry is a major driver of frankincense extract demand. Key companies like ๐’๐ž๐จ๐ฎ๐ฅ ๐๐š๐ญ๐ฎ๐ซ๐š๐ฅ๐ฌ have introduced innovative skincare lines featuring frankincense. In addition, South Korea has seen significant imports of raw materials to meet domestic demand.

๐‚๐ฎ๐ซ๐ข๐จ๐ฎ๐ฌ ๐ญ๐จ ๐ฉ๐ž๐ž๐ค ๐ข๐ง๐ฌ๐ข๐๐ž? ๐†๐ซ๐š๐› ๐ฒ๐จ๐ฎ๐ซ ๐ฌ๐š๐ฆ๐ฉ๐ฅ๐ž ๐œ๐จ๐ฉ๐ฒ ๐จ๐Ÿ ๐ญ๐ก๐ข๐ฌ ๐ซ๐ž๐ฉ๐จ๐ซ๐ญ ๐ง๐จ๐ฐ:https://www.maximizemarketresearch.com/request-sample/198588/

๐…๐ซ๐š๐ง๐ค๐ข๐ง๐œ๐ž๐ง๐ฌ๐ž ๐„๐ฑ๐ญ๐ซ๐š๐œ๐ญ ๐Œ๐š๐ซ๐ค๐ž๐ญ ๐“๐ซ๐ž๐ง๐๐ฌ ๐š๐ง๐ ๐”๐ฉ๐๐š๐ญ๐ข๐จ๐ง ๐ข๐ง ๐’๐ข๐ง๐ ๐š๐ฉ๐จ๐ซ๐ž

Singapore acts as a hub for the distribution of frankincense extract products across Southeast Asia. Major developments include ๐‡๐ž๐ซ๐›๐š๐ฅ๐–๐จ๐ซ๐ฅ๐ ๐๐ญ๐ž ๐‹๐ญ๐. signing distribution agreements with global suppliers to ensure a steady supply of high-quality extracts.

๐…๐ซ๐š๐ง๐ค๐ข๐ง๐œ๐ž๐ง๐ฌ๐ž ๐„๐ฑ๐ญ๐ซ๐š๐œ๐ญ ๐Œ๐š๐ซ๐ค๐ž๐ญ ๐‚๐จ๐ง๐ฌ๐จ๐ฅ๐ข๐๐š๐ญ๐ข๐จ๐ง ๐š๐ง๐ ๐“๐ซ๐ž๐ง๐๐ฌ ๐ข๐ง ๐ญ๐ก๐ž ๐”๐’

The US market is witnessing consolidation with large firms like ๐„๐ฌ๐ฌ๐ž๐ง๐ญ๐ข๐š๐ฅ ๐Ž๐ข๐ฅ๐ฌ ๐ˆ๐ง๐œ. acquiring smaller niche players. The increasing popularity of aromatherapy and natural remedies has significantly boosted demand for frankincense extract in the country. Additionally, regulatory advancements have streamlined product approvals.

๐…๐ซ๐š๐ง๐ค๐ข๐ง๐œ๐ž๐ง๐ฌ๐ž ๐„๐ฑ๐ญ๐ซ๐š๐œ๐ญ ๐Œ๐š๐ซ๐ค๐ž๐ญ ๐†๐ซ๐จ๐ฐ๐ญ๐ก ๐š๐ง๐ ๐Ž๐ฉ๐ฉ๐จ๐ซ๐ญ๐ฎ๐ง๐ข๐ญ๐ข๐ž๐ฌ ๐ข๐ง ๐ญ๐ก๐ž ๐„๐ฎ๐ซ๐จ๐ฉ๐ž๐š๐ง ๐Œ๐š๐ซ๐ค๐ž๐ญ

Europe remains a key market due to its well-established cosmetic and pharmaceutical industries. Recent collaborations, such as ๐๐ข๐จ๐๐ก๐š๐ซ๐ฆ๐š ๐„๐” partnering with ๐Ž๐ซ๐ ๐š๐ง๐ข๐œ๐„๐ฑ๐ญ๐ซ๐š๐œ๐ญ๐ฌ ๐‹๐ญ๐., are focused on sustainable sourcing practices. Consumer preference for organic and ethically sourced products continues to shape the market's trajectory.

๐Š๐ž๐ฒ ๐‘๐ž๐œ๐ž๐ง๐ญ ๐ƒ๐ž๐ฏ๐ž๐ฅ๐จ๐ฉ๐ฆ๐ž๐ง๐ญ๐ฌ

The merger between ๐†๐ซ๐ž๐ž๐ง๐‡๐ž๐š๐ฅ๐ญ๐ก ๐๐š๐ญ๐ฎ๐ซ๐š๐ฅ๐ฌ ๐š๐ง๐ ๐„๐œ๐จ๐„๐ฑ๐ญ๐ซ๐š๐œ๐ญ ๐‚๐จ. in the US created a market leader in the natural extracts industry.
๐๐ž๐ข๐ฃ๐ข๐ง๐  ๐–๐ž๐ฅ๐ฅ๐ง๐ž๐ฌ๐ฌ ๐‚๐จ. announced plans to expand its distribution network across Southeast Asia.

๐†๐ž๐ญ ๐š ๐œ๐ฅ๐จ๐ฌ๐ž๐ซ ๐ฅ๐จ๐จ๐ค ๐š๐ญ ๐ญ๐ก๐ž ๐ ๐š๐ฆ๐ž-๐œ๐ก๐š๐ง๐ ๐ข๐ง๐  ๐ฉ๐ซ๐จ๐๐ฎ๐œ๐ญ๐ฌ ๐๐ซ๐ข๐ฏ๐ข๐ง๐  ๐ฌ๐ฎ๐œ๐œ๐ž๐ฌ๐ฌ :https://www.maximizemarketresearch.com/request-sample/198588/

๐’๐ž๐ ๐ฆ๐ž๐ง๐ญ๐š๐ญ๐ข๐จ๐ง:

๐›๐ฒ ๐๐ซ๐จ๐๐ฎ๐œ๐ญ ๐“๐ฒ๐ฉ๐ž

Powder
Oil
Resin

The market for frankincense extract is divided into three segments based on product type: powder, oil, and resin. With a 45% market share in 2022, the powder segment is the biggest. The growing need for frankincense extract in the food and beverage sector is expected to propel the powder segment's growth. The increased demand for frankincense extract in the personal care and cosmetics sector, where it is utilized as a moisturizer and fragrance, is driving the growth of the oil segment. The demand for frankincense extract in the aromatherapy sector, where it is utilized as a diffuser oil, is rising due to the resin segment.

๐›๐ฒ ๐€๐ฉ๐ฉ๐ฅ๐ข๐œ๐š๐ญ๐ข๐จ๐ง

Food & Beverage
Cosmetics & Personal Care
Aromatherapy
Pharmacological
Others

The market for frankincense extract is divided into several segments based on its application, including food and beverage, cosmetics and personal care, aromatherapy, pharmaceutical, and others. Due to the growing demand for natural and organic components in the food and beverage industry, the food and beverage category holds the highest share of the frankincense extract market in 2022. With a market share of more than 25% in 2022, the cosmetics and personal care sector is the second-largest in the frankincense extract industry. A natural substance, frankincense extract has several advantages, including anxiolytic, antibacterial, and anti-inflammatory effects. Subsequent segments follow in the same sequence.

๐›๐ฒ ๐ƒ๐ข๐ฌ๐ญ๐ซ๐ข๐›๐ฎ๐ญ๐ข๐จ๐ง ๐‚๐ก๐š๐ง๐ง๐ž๐ฅ

Direct
Indirect

The market for frankincense extract is divided into direct and indirect distribution channels. With a market share of more than 80% in 2022, the indirect distribution channel is the biggest market category. This is a result of the growing need for frankincense extract across numerous end-use sectors. Due to the growing demand for frankincense extract from direct-to-consumer brands and internet retailers, the direct distribution channel is the second-largest segment of the frankincense extract market, holding a share of more than 20% in 2022.

๐†๐ž๐ญ ๐š ๐๐ž๐ญ๐š๐ข๐ฅ๐ž๐ ๐š๐ง๐š๐ฅ๐ฒ๐ฌ๐ข๐ฌ:https://www.maximizemarketresearch.com/market-report/frankincense-extract-market/198588/

๐Š๐ž๐ฒ ๐๐ฅ๐š๐ฒ๐ž๐ซ๐ฌ:

1. doTERRA- Pleasant Grove, Utah, USA
2. Young Living - Lehi, Utah, USA
3. Mountain Rose Herbs- Eugene, Oregon, USA
4. Edens Garden - San Clemente, California, USA
5. Plant Therapy - Twin Falls, Idaho, USA
6. Now Foods - Bloomingdale, Illinois, USA
7. Aura Cacia - Urbana, Iowa, USA
8. Rocky Mountain Oils - Orem, Utah, USA
9. Nature's Fusions - Spanish Fork, Utah, USA
10. Plant Guru - Miami, Florida, USA
11. Healing Solutions - Phoenix, Arizona, USA
12. Radha Beauty - Houston, Texas, USA
13. Majestic Pure - San Diego, California, USA
14. ArtNaturals - Gardena, California, USA
15. Fabulous Frannie - Boise, Idaho, USA
16. Gya Labs - Singapore
17. Prime Natural - Houston, Texas, USA
18. Plantlife - San Clemente, California, USA
19. Aromatics International - Missoula, Montana, USA
20. Florihana - Oraison, France

๐‚๐ก๐ž๐œ๐ค ๐จ๐ฎ๐ญ ๐จ๐ฎ๐ซ ๐ญ๐ซ๐ž๐ง๐๐ข๐ง๐  ๐ฌ๐ญ๐ฎ๐๐ข๐ž๐ฌ ๐ญ๐จ ๐ฎ๐ง๐๐ž๐ซ๐ฌ๐ญ๐š๐ง๐ ๐ข๐ง๐๐ฎ๐ฌ๐ญ๐ซ๐ฒ ๐ฌ๐ก๐ข๐Ÿ๐ญ๐ฌ :

โ™ฆ Thin Boiling Starch Market https://www.maximizemarketresearch.com/market-report/thin-boiling-starch-market/147120/

โ™ฆ Wireless Keyboard Market https://www.maximizemarketresearch.com/market-report/global-wireless-keyboard-market/3701/

โ™ฆ Global Cesium Market https://www.maximizemarketresearch.com/market-report/global-cesium-market/89395/

โ™ฆ Industrial Palletizing Robots Market https://www.maximizemarketresearch.com/market-report/industrial-palletizing-robots-market/77409/

โ™ฆ Operational Technology Market https://www.maximizemarketresearch.com/market-report/operational-technology-market/171620/

โ™ฆ Global Fall Detection System Market https://www.maximizemarketresearch.com/market-report/global-fall-detection-system-market/25573/

โ™ฆ Global Conductive Inks Market https://www.maximizemarketresearch.com/market-report/global-conductive-inks-market/33202/

โ™ฆ Enterprise Risk Management Market https://www.maximizemarketresearch.com/market-report/global-enterprise-risk-management-market/39991/

โ™ฆ Global Soy Milk Market https://www.maximizemarketresearch.com/market-report/global-soy-milk-market/77593/

โ™ฆ Ductless HVAC System Market https://www.maximizemarketresearch.com/market-report/global-ductless-hvac-system-market/28305/

๐‚๐จ๐ง๐ญ๐š๐œ๐ญ ๐”๐ฌ:

MAXIMIZE MARKET RESEARCH PVT. LTD.
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Pune Banglore Highway, Narhe
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sales@maximizemarketresearch.com

๐€๐›๐จ๐ฎ๐ญ ๐”๐ฌ:

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