Frankincense is a powerful remedy that comes from Boswellia tree, which is primarily native of southern Arabian region (especially Yemen and Oman), north-east Africa, and some parts of India. It is known for its strongly woodsy, spicy aroma when burnt. The frankincense oil is made by distilling the resin. The main components of frankincense oil are octanol, alpha-pinene, incensole acetate, octyl acetate, incensole, and alpha-thujen.
Frankincense oil is primarily used in food & beverages, cosmetics, and pharmaceutical industries. It is either used by inhaling, applying it on the skin, or mixed with carrier oils, such as jojoba oil or coconut oil. In the food industry, it is used as an edible ingredient. Frankincense has exceptionally good results on skin problems as it helps improve scar problems and remove stretch marks. Frankincense oil has significant results for asthma patients as it improves respiration and eases breathing. It also has a soothing action in cough, colds, laryngitis, and bronchitis. Frankincense also helps the digestive system by properly detoxing the system. In the cosmetic industry, it is used in the manufacturing of skin creams, deodorants, body washes, and clay masks.
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Frankincense essential oil has been used for several years for its healing properties, and therapeutic uses in aromatherapy. Major factor that is boosting the frankincense oil market growth is increase in consumer preference for natural products in the food and cosmetics industries. This in turn, has attracted the manufacturers operating in respective industries to use natural ingredients in their products. The factors that restricts the market growth is high price of essential oils. The technologies that are involved in manufacturing of frankincense are very costly and also the products are restricted to specific regions while being unavailable across the globe . Thus, extra cost of exporting-importing the product makes it a costlier product.
Major players operating in the frankincense oil market are Healing Solutions, NOW Health Group, Inc., Edens Garden, Young Living Essential Oils, Plant Therapy Inc., Nature’s Sunshine Products Inc., Syscom Consumer Products Pvt. Ltd, ALBERT VIEILLE SAS, AOS Products Private Limited, and doTERRA International.
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The frankincense market is segmented into nature, end use industry, and region. Based on nature, the market is classified into organic and conventional. Based on end use industry, it is divided into food industry, cosmetics industry, pharmaceutical industry, therapeutics industry, and others. Based on region, it is studied across North America, Europe, Asia-Pacific, and LAMEA.
KEY BENEFITS FOR STAKEHOLDERS
- This report provides a quantitative analysis of the current trends, estimations, and dynamics of the global frankincense oil market from 2018 to 2026 to identify the prevailing market opportunities.
- Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier–buyer network.
- In-depth analysis of the market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global industry.
- The market player positioning segment facilitates benchmarking while providing a clear understanding of the present position of the key market players.
- The report includes analyses of the regional as well as global market, key players, market segments, application areas, and growth strategies.
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