According to the Global Frankincense Extracts Market is analyzed on the basis of Product Type (Pharmaceutical Grade, Cosmetic Grade, and Others), and Application (Oral Care, Skin Care, Medicine, Perfumes, Aromatherapy, and Others). Frankincense, also called as olibanum, is referred to as gummy exudates, which is obtained from the family of the genus Boswellia and Burseraceae. It grows especially in Somalia and Saudi Arabia. Frankincense extracts is known for application in rheumatoid arthritis, ulcerative colitis, sore throats, asthma, and others, which in turn has led to high demand from the pharmaceutical industry. According to International Federation of Pharmaceutical Manufacturers & Association, the global pharmaceutical market is expected to reach around US$ 1,430 billion by 2020. However, researchers from Ethiopia and the Netherlands found that the Boswellia tree, which produce frankincense are decreasing due to excessive grazing, fire and beetle attack, which is negatively impacting the market growth.
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Browse 460 pages, 180 market data tables* and 110 figures* on "Frankincense Extracts Market” - Global forecast to 2025.
Key Trends and Analysis of the Frankincense Extracts Market:
- Among product type, pharmaceutical grade segment accounted for the highest market share in 2017. This is attributed to increasing use of frankincense sue its beneficial properties such as anti-inflammatory, antibacterial, antifungal, and others for pharmaceutical applications.
- Oral care segment is expected to account for a significant share in the global frankincense extracts market over the forecast period. Rising geriatric population is a major factor propelling growth of the oral care segment. According to the United Nations Department of Economics and Social Affairs, in 2017, the global population aged 60 years was 962 million and is expected to double by 2050. Furthermore, according to the World Health Organization (WHO), in 2015, more than 50% of the children aged 6 and above were reported to be suffering from dental caries and a significant number of the population reported to have suffered from periodontal gum diseases as well. These factors are highly responsible for growth of the oral care application.
Key Takeaways of the Market:
- According to ’ analysis, Asia Pacific was the fastest growing region in the global frankincense extracts market in 2017, both in terms of value and volume, owing to increasing growth of the healthcare sector. According to India Brand Equity Foundation (IBEF), the pharmaceutical sector in India accounted for 2.4% of the global pharmaceutical industry in terms of value in 2017 and is expected to expand at a CAGR of 12.89% during 2015 to 2020.
- Latin America is expected to exhibit significant growth in the global frankincense extracts market over the forecast period. This is attributed to increasing demand from the fragrance industry. According to the U.S. Export, Brazil ranked second in fragrance, men’s products, sunscreen protection & deodorants segment and accounted for 7.1% of the worldwide consumption in fragrance and toiletry industry. Also, Brazil is the second-largest export market for U.S. personal care, fragrance, and cosmetic products and represents about 15% of imports into the market.
- Key market players are focusing on organic and inorganic growth strategies such as mergers & acquisitions, plant expansions, and new product launches to enhance their business and product portfolio in the frankincense extracts market. For instance, in May 2018, Neal’s Yard launched Frankincense Intense Lift Eye cream, an organic product formulated to act on ageing signs around the eye area.
- Some of the 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., among others.