Frankincense extracts are obtained from resin of Boswellia trees and have been used traditionally in perfumes, incense and medicines owing to their therapeutic properties. Frankincense extracts are known to provide anti-inflammatory, anti-depressant and immune-boosting benefits. The extracts are increasingly being used in various cosmetic and personal care products such as moisturizers, face washes and serums due to their antioxidant and skin rejuvenating properties.
The global Frankincense Extracts Market is estimated to be valued at US$ 327.6 Mn in 2023 and is expected to exhibit a CAGR of 3.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends
The increasing use of frankincense extracts in cosmetic and personal care products is one of the major trends influencing market growth. Frankincense extracts provide numerous anti-aging benefits when used in cosmetic formulations. The extracts help reduce wrinkles, dark spots and blemishes while improving the skin texture and complexion. With growing awareness about natural and herbal ingredients, the demand for cosmetic products containing frankincense extracts is increasing rapidly. Manufacturers are increasingly utilizing frankincense extracts in various cosmetic products due to consumer preference for natural ingredients. Hence, the wide application of frankincense extracts in developing innovative skincare products is expected to drive the market substantially over the forecast period.
Segment Analysis
The global frankincense extracts market is dominated by the essential oil segment. Essential oil is extracted from the oleo-gum resin of the Boswellia tree's trunk. It finds wide application in aromatherapy due to its anxiety and stress-relieving properties. The essential oil segment accounts for over 60% share of the overall market owing to increasing demand from personal care and cosmetic industries.
Key Takeaways
The global Frankincense Extracts Market Share is expected to witness high growth owing to increasing awareness about their medicinal benefits. The global Frankincense Extracts Market is estimated to be valued at US$ 327.6 Mn in 2023 and is expected to exhibit a CAGR of 3.0% over the forecast period 2023 to 2030.
The Asia Pacific region currently dominates the market due to easy availability of raw materials in countries like India and China. Countries like India and China account for over 50% of the world's Boswellia trees, which are the primary source of raw materials. Furthermore, factors such as rising disposable incomes, growing beauty consciousness, traditional usage of frankincense in Ayurveda and other Indian medicines are positively impacting the regional market.
Key players
Key players operating in the frankincense extracts market are ASLAN Pharmaceuticals, Takeda Pharmaceutical Company Limited, CHIESI Farmaceutici S.p.A., CSL, NIOX, Fountain Therapeutics, Eli Lilly and Company, GSK plc., Infinity Pharmaceuticals, Inc., Mabtech, Kineta Inc., Marinomed Biotech AG, Mycenax Biotech Inc., AstraZeneca, and Panacea Biotec.
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Furthermore, frankincense extracts are beneficial to skin and digestion, as well as being used to treat gas (flatulence), wound healing, and a variety of other ailments, although there is no scientific evidence to back any of these claims.
They are also used to flavor meals and as a scent in soaps, cosmetics, and fragrances.
Frankincense extracts include anti-bacterial, anti-viral, anti-fungal, anti-oxidant, anti-scalp, anti-inflammatory, and sedative qualities, making them highly beneficial for a variety of skincare issues.
They may also assist to decrease the symptoms of aging by increasing skin moisture retention.
It is unclear how either drug will impact consumers in the short or long term.Frankincense includes essential oils, which are derived from various kinds of frankincense trees and give a strong aroma.
Because of its anti-inflammatory properties, it has been incorporated in the formulation of contemporary antibiotics.
It includes the size, share, growth, trends, key players, segments and regional analysis in detail during the study year 2020-2027.The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide.
The major players in the frankincense resin market include Alfarid, Babulal Sarabhai, Krystal Colloids, SARF COMMODITIES DMCC, Outlook International.
This section consists of a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.Get more information on "Global Frankincense Resin Market Research Report" by requesting FREE Sample Copy at https://www.valuemarketresearch.com/contact/frankincense-resin-market/download-sampleMarket DynamicsGlobal frankincense resin market is projected to grow with increasing demand for natural perfumes, insecticide, confectionary, and medicine.
The research on frankincense has focused mainly on the anti-inflammation, effects of extracts and chemical components, along with other pharmacological effects, including anti-ulcer, memory improvement, and anti-oxidation.
Frankincense resin has become increasingly popular in skin care and research on its biological activities in human skin cells.
In a recent study, frankincense resins have been proven to be effective in the treatment of inflammation and cancer.
