Frankincense Extracts Market is Anticipated to Witness High Growth Owing to Rising Usage in Pharmaceuticals and Cosmetics Industries

Frankincense Extracts Market



The global Frankincense extracts market is rapidly gaining popularity owing to its extensive therapeutic benefits and usefulness across numerous end-use sectors, especially pharmaceuticals and cosmetics. Frankincense extracts contain boswellic acids that have anti-inflammatory and anti-cancer properties which are driving their usage in supplementary medicines and healthcare products. Frankincense oil is also widely utilized in aromatherapy for its soothing aroma and pleasant scent. Additionally, it is commonly used in perfumes, moisturizers, scrub creams and toners owing to its skin conditioning attributes. The growing demand for natural and herbal ingredients in cosmetic formulations has boosted the adoption of Frankincense extracts.

The Global Frankincense extracts Market is estimated to be valued at US$ 377.4 Mn in 2024 and is expected to exhibit a CAGR of 7.4% over the forecast period 2024 to 2030.

Key Takeaways

Key players operating in the Frankincense extracts are Caterpillar, Inc., Deere & Company, Komatsu Ltd., Mahindra Construction Equipment, Volvo Construction Equipment, J C Bamford Excavators Ltd., Terex Corporation, CNH Industrial NV, Manitou Group, Action Construction Equipment Ltd., and Hitachi Construction Machinery Co., Ltd. These players are focusing on strategic collaborations to expand their product portfolio and global footprint.

There exists significant opportunities for market players in the development of new application areas of Frankincense extracts such as personal care, aromatherapy, and nutrition supplements. Rising health-consciousness and product premiumization trends present lucrative prospects.

Key players plan to make further inroads into high-growth developing markets and strengthen their distribution networks across Asia Pacific, Middle East, and Latin America to benefit from increased consumer spending in these regions. Global expansion remains a top priority.

Market drivers and restrain

One of the key drivers for the Frankincense Extract Market Demand is the rising application in pharmaceutical formulations owing to various therapeutic properties. Studies have demonstrated the anti-inflammatory, anti-microbial, and cancer-fighting abilities of boswellic acids present in Frankincense extracts. This is augmenting its usage in supporting the treatment of arthritis, asthma, digestive issues, and certain cancers.

However, inconsistent supply of raw materials due to geographical and climate-related challenges is a major restraint. Frankincense resins are harvested from specific tree species found in limited locations across Somalia, Ethiopia, and Oman. Changes in rainfall patterns and temperatures significantly impact yields. Price volatility arising from unstable supply poses challenges to market participants.
Segment Analysis

Frankincense is extracted from the Boswellia plant in powder and essential oil form. The powder segment dominates the market owing to its wide applications in pharmaceutical and food & beverage industries. It is used as an ayurvedic medicine and dietary supplement. The essential oil segment is growing rapidly due to increasing demand from cosmetic companies for its calming and anti-inflammatory properties. Essential oil is majorly used in aromatherapy products.

Global Analysis

Regionally, Middle East & Africa accounts for the largest share in the frankincense extracts market and is expected to maintain dominance during the forecast period. Countries like Somalia and Yemen have huge reserves of Boswellia plant. The supportive climatic conditions aid in large scale cultivation. North America is the fastest growing regional market due to rising awareness about traditional uses of frankincense. Major players are expanding their distribution channels in the region. Asia Pacific will witness significant growth rate led by emerging economies of India and China where it is used extensively in Ayurveda and Chinese medicines.

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