About Frankincense Essential Oil
Frankincense, is also known as olibanum, which is made from the resin of the Boswellia tree. It grows in the dry, mountainous regions of India, Africa and the Middle East. It has a woody, spicy smell and can be inhaled, absorbed through the skin, steeped into a tea or taken as a supplement. Moreover, appears to offer certain health benefits, from improved arthritis and digestion to reduced asthma and better oral health. Frankincense is also used to fight certain types of cancer. Its health benefits are creating huge demand in European market.
Attributes | Details |
---|
Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
CAGR | 6.5% |
The companies are now exploring the market by adopting mergers & acquisitions, expansions, investments, new developments in existing products and collaborations as their preferred strategies. The players are also exploring new geographies and industries through expansions and acquisitions so as to avail a competitive advantage through combined synergies. Analyst at AMA Research estimates that United States Vendors will contribute the maximum growth to Global Frankincense Essential Oil market throughout the forecasted period. 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.
NOW Health Group, Inc. (United States), Edens Garden Oil Company (United States), Young Living Essential Oils (United States), Khadi Natural (India), Plant Therapy Inc. (United States), Nature's Sunshine Products Inc. (United States), Syscom Consumer Products Pvt. Ltd. (United States) and Ambe Phytoextracts Private Limited (India) are some of the key players that are part of study coverage. Additionally, the Vendors which are also part of the research coverage are Aromaaz International (India), Bo International (India), Cn Lab Canada, Asian Group (Canada) and Ecuadorian Rainforest, LLC. (United States).
Segmentation Overview
AMA Research has segmented the market of Global Frankincense Essential Oil market by , Application (cosmetic and personal care industry, Pharmaceuticals industry and Food industry) and Region.
On the basis of geography, the market of Frankincense Essential Oil 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 Nature, the sub-segment i.e. Organic will boost the Frankincense Essential Oil 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 Essential Oil market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Increasing Health Consciousness among the Consumers
Market Growth Drivers:
Increasing Demand for Organic Products is Fueling the Market and Wide Range of Applications Such as Pharmaceuticals, and Personal Care Products
Challenges:
Lack of Awareness Among the Consumers
Restraints:
Availability of Alternative Products
Opportunities:
Increasing Disposable Income in Developing Economies and Rising Prevalence of Health Problems
Market Leaders and their expansionary development strategies
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Key Target Audience
Manufacturers, Raw material suppliers, Government associations, Research organizations 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.