by The global Frankincense Extracts Market is estimated to be valued at US$ 302.14 million in 2022 and is expected to exhibit a CAGR of 8.44% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
A) Market Overview:
Frankincense extracts are derived from the resin of the Boswellia tree and have been used for centuries in traditional medicine for their various health benefits. The extracts are rich in active compounds such as boswellic acids, which possess anti-inflammatory, analgesic, and anti-cancer properties. Frankincense extracts are widely used in the pharmaceutical, cosmetics, and personal care industries, owing to their natural and organic nature.
B) Market Dynamics:
The growth of the global Frankincense Extracts Market is primarily driven by the increasing consumer preference for natural and organic products. With the rising awareness about the harmful effects of synthetic chemicals, consumers are gravitating towards products that are derived from natural sources. Frankincense extracts offer a sustainable and eco-friendly alternative to synthetic ingredients, making them highly desirable in the market.
Another driver of market growth is the expanding applications of frankincense extracts in the pharmaceutical industry. The extracts have shown promise in the treatment of various ailments, including arthritis, asthma, and cancer. Moreover, ongoing research and development activities are further fueling the demand for frankincense extracts in the pharmaceutical sector.
C) Segment Analysis:
The market for frankincense extracts can be segmented based on product type, application, and region. Based on product type, the essential oil segment dominates the market, owing to its wide range of applications in the cosmetics and personal care industry. The essential oil segment is expected to continue its dominance over the forecast period.
D) PEST Analysis:
Political: The political environment plays a crucial role in the sourcing and trade of frankincense extracts. Political stability and favorable regulations related to forestry and sustainable sourcing can impact the availability and pricing of the extracts.
Economic: The economic factors that influence the frankincense extracts market include disposable income, consumer spending patterns, and overall economic growth. Rising disposable incomes and increasing consumer preference for premium natural products are expected to drive market growth.
Social: The growing preference for natural and organic products among consumers is a key social factor driving the demand for frankincense extracts. The increasing awareness about the benefits of natural ingredients and their positive impact on health and well-being are contributing to the market growth.
Technological: Technological advancements in extraction methods and formulation techniques are facilitating the production of high-quality frankincense extracts. Innovations in packaging and preservation technologies are also enhancing the shelf life and efficacy of these extracts.
E) Key Takeaways:
– The global frankincense extracts market is expected to witness high growth, exhibiting a CAGR of 8.44% over the forecast period, due to increasing consumer preference for natural and organic products.
– The Asia-Pacific region is expected to be the fastest-growing and dominating region in the market due to the rising demand for natural and herbal products in countries like China and India.
– Key players operating in the global frankincense extracts market include De Monchy Aromatics Limited, AOS Products Private Limited, TriVita, Inc., Edens Garden Inc., Prime Natural Beauty, and Phyto Life Sciences P. Ltd.
In conclusion, the global market for frankincense extracts is poised for significant growth due to the increasing demand for natural and organic products. The market is driven by consumer preference, expanding applications in pharmaceuticals, and the positive socio-economic and technological factors. With the Asia-Pacific region emerging as a key market, companies like De Monchy Aromatics Limited, AOS Products Private Limited, TriVita, Inc., Edens Garden Inc., Prime Natural Beauty, and Phyto Life Sciences P. Ltd. are expected to capitalize on this growth opportunity and gain a competitive edge.
