Frankincense Extracts – Insights
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. According to Centers for Disease Control and Prevention (CDC), eczema and skin problems in the U.S. was 7.2% in 2012, which increased to 11.6% in 2014.
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 department’s 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. 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, Neal’s 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.
Figure 1. Export and Import of Frankincense during 2014-2015
|Country||Quantity (tons)||Value (US$)||% Share|
|Country||Quantity (Tons)||Value (US$)||% Share|
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.
Frankincense is a resinous tree, popularly known as loban, Indian olibanum or kundur. The frankincense tree produces resins by tapping them. Tapping produces tears (hardened resins) due to their high aromatic content which is used as an incense. In addition to this, it is also used for fumigating preparation in cultural ceremonies, for religious rituals and as a remedy for treating variety of diseases such as inflammatory chronic diseases. Due to this, it is expected to propel growth of global frankincense extracts market. However, it may cause some allergic reactions such as diarrhea, stomach pain, nausea, and others, which is expected to be a major restraining factor for growth of this market.
Asia Pacific is expected to be dominant in the global market over the forecast period. This is attributed to steadily growing cosmetics and personal care industry in the region. Japan is one of the largest markets for personal care products in the world. According to the International Trade Administration (ITA), the cosmetics sector in Japan was valued at US$ 13,208 in 2015 and per capita expenditure on personal care and cosmetic products was US$ 174 in 2014. However, decline in the number of tree owing to insect attacks and fire, results in increasing cost of frankincense extracts. This is negatively affecting the growth of frankincense extracts market.
Key features of the study:
“*” marked represents similar segmentation in other categories in the respective section.
Table of Contents
*Browse 180 market data tables and 110 figures on "Global Frankincense Extracts Market - Global forecast to 2025”.
Coherent Market Insights followsa comprehensive research methodology focused on providing the most precise market analysis. The company leverages a data triangulation model which helps company to gauge the market dynamics and provide accurate estimates. Key components of the research methodologies followed for all our market reports include:
In addition to this, Coherent Market Insights has access to a wide range of the regional and global reputed paid data bases, which helps the company to figure out the regional and global market trends and dynamics. The company analyses the industry from the 360 Degree Perspective i.e. from the Supply Side and Demand Side which enables us to provide granular details of the entire ecosystem for each study. Finally, a Top-Down approach and Bottom-Up approach is followed to arrive at ultimate research findings.
Coherent Market Insights desk research is based on a principle set of research techniques:
Coherent Market Insights has a large amount of in-house repository of industry database. This is leveraged as a burner for initiating a new research study. Key secondary sources include:
Preliminary Data Mining
The raw data is obtained through the secondary findings, in house repositories, and trade surveys. It is then filtered to ensure that the relevant information including industry dynamics, trends, and outlook is retained for further research process.
Holistic approach is used to ensure that the granular and uncommon parameters are taken into consideration to ensure accurate results. The information from the paid databases are further combined to the raw data in order to standardize it.
Coherent Statistical model
We arrive at our final research findings through simulation models. Coherent Data Analytics Model is a statistical tool that helps company to forecast market estimates. Few of the parameters considered as a part of the statistical model include:
Once the findings are derived from the statistical model, large volume of data is process to confirm accurate research results. Data analytics and processing tools are adopted to process large chunk of collected informative data. In case, a client customizes the study during the process, the research finding till then are benchmarked, and the process for new research requirement is initiated again.
This is the most crucial stage of the research process. Primary Interviews are conducted to validate the data and analysis. This helps in achieving the following purposes:
The primary research is conducted with the ecosystem players including, but not limited to:
Finding it difficult to find the research that would cater to your business demands? Give us a chance to help you. One of our Research Consultants will connect to provide a customized solution.
Talk to our research consultant to design an exclusive report as per your research needs.
We aim to fulfil client's research demands with tailored research solutions.
We aim to provide research studies in quickest turnaround time and in a much cost effective manner.
We cover each industry from supply and demand side with an aim to provide a most holistic research study.
We strive to provide most accurate and reliable research findings in our research reports.