Frankincense is also known as olibanum, which is obtained from the trees of genus Boswellia belongs to the Burseraceae family, which is widely utilized in perfumes and incense. These trees produce resins, and are these are native to northern South Yemen, Somalia, Ethiopia, and Oman. Frankincense extracts are mostly produced in Ethiopia and Somalia, which is further propelling the growth of the frankincense extracts market in Africa. Frankincense extract is known for increasing the effects of herbs & supplements. Frankincense extracts are quite a good product for healthy skin and digestion. It further has medical properties and is used for treating arthritis and various chronic inflammatory diseases, including asthma, allergies, and inflammatory bowel disease. Such applications, in turn, are anticipated to fuel the growth of the frankincense extracts market over the forecast period.
MARKET DYNAMICS
The frankincense extract market has witnessed significant growth owing to factors such as wider application in food & beverages, cosmetics & personal care, aromatherapy, pharmaceuticals, and others. The global frankincense extract market is anticipated to be driven by increasing awareness regarding the benefits of frankincense oil, including the promotion of healthy cell regeneration, lowering blood pressure, lowering joint pain, and stress among the consumers. Research studies show that frankincense oil helps in reducing itching problems, eradicates arthritis pain & inflammation, and promotes sleep & prevent insomnia. However, frankincense may cause gastrointestinal distress, including stomach pain, nausea, and hyperacidity, which may further hamper the growth of the frankincense extract market. Nevertheless, the pace at which new technologies are impacting the food sector is high, and it has become necessary for manufacturers to increase the speed and scale of their R&D efforts, which may open up new opportunities for this market.
MARKET SCOPE
The "Global Frankincense Extract Market Analysis to 2028" is a specialized and in-depth study of the food and beverages industry with a special focus on the global market trend analysis. The report aims to provide an overview of the frankincense extract market with detailed market segmentation by form, end-use, distribution channel, and geography. The global frankincense extract market is expected to witness high growth during the forecast period. The report provides key statistics on the market status of the leading frankincense extract market players and offers key trends and opportunities in the market.
MARKET SEGMENTATION
The global frankincense extract market is segmented on the basis of form, end-use. On the basis of form, the frankincense extract market is segmented into powder, oil, and resin. The frankincense extract market on the basis of the end-use is classified into food & beverages, cosmetics & personal care, aromatherapy, pharmaceuticals, and others.
REGIONAL FRAMEWORK
The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides an overview and forecast of the global frankincense extract market based on various segments. It also provides market size and forecast estimates from the year 2020 to 2028 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South America. The frankincense extract market by each region is later sub-segmented by respective countries and segments. The report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.
The report analyzes factors affecting the frankincense extract market from both demand and supply side and further evaluates market dynamics affecting the market during the forecast period i.e., drivers, restraints, opportunities, and future trend. The report also provides exhaustive PEST analysis for all five regions namely; North America, Europe, APAC, MEA, and South America after evaluating political, economic, social and technological factors affecting the frankincense extract market in these regions.
MARKET PLAYERS
The reports cover various key developments in the global frankincense extract market. Various companies are focusing growth strategies such as product launches, product approvals and others such as patents and events. Some of the growth strategies activities witnessed in the market were acquisitions, and partnership & collaborations. These activities have paved way for the expansion of business and customer base of market players. The market payers from frankincense extract market are anticipated to lucrative growth opportunities in the future with the rising demand for frankincense extract in the global market. Below mentioned is the list of few companies engaged in the frankincense extract market.
The report also includes the profiles of key companies along with their SWOT analysis and market strategies in the frankincense extract market. In addition, the report focuses on leading industry players with information such as company profiles, components, and services offered, financial information of the last 3 years, the key development in the past five years.
- AOS Products Private Limited
- Aromaaz International
- Avi Naturals
- De Monchy Aromatics Limited
- Edens Garden Inc.
- Phyto Life Sciences P. Ltd.
- Prime Natural Beauty
- Prime Natural Beauty
- Scents of Earth LLC.
- TriVita, Inc.
The Insight Partner's dedicated research and analysis team consist of experienced professionals with advanced statistical expertise and offer various customization options in the existing study.