by The global Frankincense Extracts Market is estimated to be valued at US$ 302.14 million in 2022 and is expected to exhibit a CAGR of 8.44% over the forecast period (2023-2030), according to a new report published by Coherent Market Insights. Frankincense extracts are widely used in various industries such as cosmetics, fragrance and perfume, pharmaceuticals, and aromatherapy. With their therapeutic properties, frankincense extracts have found significant use in treating various ailments, thereby driving market growth.
B) Market Dynamics:
The market for frankincense extracts is primarily driven by two factors. Firstly, the increasing demand for natural and herbal products in the cosmetic and pharmaceutical industries is boosting the Frankincense Extracts Market growth. The rich antioxidant and anti-inflammatory properties of frankincense extracts make them highly desirable in skincare products. Moreover, the growing trend towards organic and natural skincare products is further propelling market demand.
Secondly, the rising popularity of aromatherapy is driving the demand for frankincense extracts. Aromatherapy uses essential oils, including frankincense extracts, for their calming and stress-relieving properties. The therapeutic benefits of frankincense extracts have gained immense attention, leading to increased adoption in wellness centers, spas, and households.
C) Market Key Trends:
One key trend in the frankincense extracts market is the increasing consumer preference for sustainable sourcing. Consumers are becoming more conscious about responsible sourcing practices and are inclined towards brands that prioritize sustainable and ethical harvesting of raw materials. Therefore, companies are focusing on ensuring the traceability of their frankincense extracts to meet consumer demands and to maintain a positive brand image.
D) SWOT Analysis:
– Strength: Frankincense extracts possess strong antioxidant and anti-inflammatory properties, making them suitable for use in various industries. Their versatile applications make them highly sought after in the market.
– Weakness: Limited availability and slow growth of Boswellia trees, from which frankincense extracts are derived, pose challenges in meeting the growing demand. This could lead to supply constraints and hamper market growth.
– Opportunity: Increasing consumer awareness about the natural and therapeutic benefits of frankincense extracts presents opportunities for market expansion. Furthermore, the growing e-commerce sector enables easy accessibility and distribution of frankincense extract products.
– Threats: Intense market competition and counterfeit products can be potential threats to the market. Maintaining product quality and differentiating from competitors will be crucial for sustained growth.
E) Key Takeaways:
Market size related content:
The global frankincense extracts market is projected to witness significant growth, with a CAGR of 8.44% over the forecast period. The increasing demand for organic skincare products and the rising popularity of aromatherapy are the major factors driving market growth.
Regional analysis:
North America is expected to dominate the global frankincense extracts market, owing to the high demand for natural and herbal products in the region. The Asia Pacific region is also anticipated to witness substantial growth, driven by the rising disposable income and growing preference for organic cosmetics.
Key players:
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. These companies are focusing on product innovation, sustainable sourcing, and expanding their distribution networks to gain a competitive edge in the market.
In conclusion, the growing demand for natural and herbal products, coupled with the increasing popularity of aromatherapy, is fueling the global frankincense extracts market. With the market projected to witness significant growth over the forecast period, key players are adopting strategies to meet consumer demands, maintain sustainability, and strengthen their market presence.
