Frankincense Extracts Market - Global Forecast to 2025

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Frankincense Extracts Market - Global Industry
Insight, Trends, Outlook, and Opportunity
Analysis 2017-2025

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REPORT DESCRIPTION
Frankincense Extracts Market Overview
Frankincense, also known as olibanum, is obtained
from the trees of genus boswellia belonging to
the Burseraceae family, which is widely used in
perfumes and incense. These trees produce resins
and are native to northern Somalia, South Yemen,
Ethiopia, and Oman. Frankincense extracts is
majorly produced in Ethiopia and Somalia which is
propelling the growth of frankincense extracts
market in Africa. Frankincense extract increases
the effects herbs and supplements. Frankincense
extracts are good for healthy skin and digestion.
It also has medical properties and is used for
treating arthritis and various chronic
inflammatory diseases such as asthma, allergies,
and inflammatory bowel disease. Such applications
in turn, are expected to fuel growth of the
frankincense extracts market over the forecast
period. Among product types, the pharmaceutical
grade segment is expected to account for the
largest market share over the forecast period.
This is majorly attributed to the large medicinal
applications of frankincense extract, owing to
its antioxidant, astringent, cytophylactic, and
disinfectant properties. Among applications, the
skin care segment is expected to account for a
significant revenue share over the forecast
period due to increasing consumer preference
towards maintaining aesthetic appeal.
Additionally, increasing prevalence of
skin-related problems such as acne and eczema,
owing to use of synthetic beauty products is in
turn, propelling growth of the frankincense
market.
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REPORT DESCRIPTION
Frankincense may cause gastrointestinal distress
such as stomach pain, nausea, and hyperacidity.
This in turn, poses as a major factor hampering
growth of the frankincense extracts market. Asia
Pacific holds the fastest-growing market for
frankincense extracts owing to growing
pharmaceutical industry. According to Indian
Brand Equity Foundation (IBEF), pharmaceutical
industry is the third-largest industry in India
in terms of volume and accounted for 20 of the
global pharmaceutical industry in 2017. The
pharmaceutical market is expected to increase to
US 55 billion by 2020. Also, the government is
involved in various initiatives to promote the
pharmaceutical sector in India. For instance, the
Department of Biotechnology received US 333.3
million in the Union Budget 2017-18, to implement
the departments national biotech strategy.
Furthermore, in India, 30.8 tons and 49.3 tons of
frankincense were exported and imported
respectively during 2014-15. Europe is expected
to hold the dominant market for frankincense
extracts, in terms of revenue, over the forecast
period. This growth is primarily driven by
increasing demand for aromatherapy, as it is used
to relieve stress and anxiety. Request Sample
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REPORT DESCRIPTION
According to Centre for the Promotion of Imports
(CBI), an agency of the Netherlands Ministry of
Foreign Affairs, Europe is the largest market for
essential oils and one of the key markets for
aromatherapy. The aromatherapy market is expected
to reach US 8 billion by 2026 globally.
Furthermore, various players are focused on
launching new products to expand their product
portfolio. For instance, in May 2017, Neals Yard
Remedies Ltd., launched Frankincense Intense Lift
Serum, to help people reduce stress by promoting
a sense of relaxation and wellbeing through the
aromatic benefits of frankincense oil and
frankincense resin extracts. In India, the
frankincense export was valued at US 158.6
thousand and import was valued at US 167.7
thousand during 2014-15. Major Players in the
Global Frankincense Extracts Market Some of the
key players operating in the global frankincense
extracts market are De Monchy Aromatics Limited,
AOS Products Private Limited, TriVita, Inc.,
Edens Garden Inc., Prime Natural Beauty, and
Phyto Life Sciences P. Ltd. Request For
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.com/insight/request-customization/1889
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