According to Coherent Market Insights, 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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