About Frankincense Extract
Frankincense is a hardened gum-like material that comes from cuts made in the trunk of the Boswellia sacra tree. This tree typically grows in dry, mountainous regions. Frankincense is used in Ayurveda for hundreds of years for its medicinal uses. Frankincense has found its application in pharmaceuticals because of its anti-inflammatory, anti-bacterial and antifungal properties. As a growing number of customers start to prefer natural medicines; the demand for Frankincense is also increasing.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
CAGR | 7.1% |
The market is fairly fragmented. As market players sell more or less ideal products; competition is very steep in the industry. So, demand for the products is dependant on cost-effectiveness. Differentiation from competitors through markets or any other methods is the key to succeed in this market Established and emerging Vendors should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
S.A. Herbal (India), AOS Products Private Limited (India), Aromaaz International (India), De Monchy Aromatics (United Kingdom), Albert Vieille (France), Herbo Nutra (India), ISAR International LLP (India), TriVita, Inc (United States), Avi Naturals (India) and Scents of Earth (United States) are some of the key players that are part of study coverage.
Segmentation Overview
AMA Research has segmented the market of Global Frankincense Extract market by , Application (Anti-inflammatory Agent, Wound Healing, Gas and Bloating Cure and Others) and Region.
On the basis of geography, the market of Frankincense Extract has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Form, the sub-segment i.e. Resin From will boost the Frankincense Extract market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Industry Verticals, the sub-segment i.e. Pharmaceuticals will boost the Frankincense Extract market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Distribution Channel, the sub-segment i.e. Online will boost the Frankincense Extract market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Increasing Application of Frankincense Extract as Aromatic in Food and Emerging Usage of Frankincense Extract in Skin Related Problems as it also Helps in Promoting Skin Health
Market Growth Drivers:
Growing Demand as a Medicine for Substitute to Artificial Drugs and Rising Prevalence of Bone Related Problems
Challenges:
Boswellia Tree Requires Specific Environment to Grow
Restraints:
Huge Research Gap in the Use-Cases of Frankincense Extract
Opportunities:
Surging Demand from North America and Europe Due to Increasing Awareness about the Benefits of Frankincense Extract
Market Leaders and their expansionary development strategies
In February 2023, leading fragrance and flavor companies Firmenich and Robertet announced a joint research initiative to explore the sustainable sourcing and extraction of frankincense essential oil.
In October 2023, Fenty Beauty released its Eaze Drop Blurring Skin Tint with Frankincense. This lightweight foundation features the extract for a calming and soothing effect on the skin.
Key Target Audience
Venture Capitalists and Private Equity Firms, New Entrants/Investors, Analysts and Strategic Business Planners, Frankincense Extract Manufacturers, Suppliers, and Distributors, Raw Material Suppliers, Government Regulatory and Research Organizations, End-Use Industries and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.