by The frankincense extracts are obtained from the oleogum resin of the Boswellia species of trees that are native to Somalia, Ethiopia, Oman, Yemen and other nations located in the Horn of Africa and Arabian Peninsula regions. The extracts find a wide range of applications in perfumes, incense, soaps, lotions, cosmetics, aromatherapy and traditional medicine. The boswellic acids present in these extracts possess anti-inflammatory, anti-arthritic and anti-tumor properties. In cosmetics, frankincense extracts are extensively used in facial masks, serums, creams and anti-aging products due to their ability to reduce wrinkles, scars and acne.
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 Dynamics:
The growing demand from the cosmetic industry remains one of the major drivers for the frankincense extracts market. The anti-aging properties of boswellic acids have increased their use in anti-aging creams, serums and facial masks. Various cosmetic brands are focusing on incorporating frankincense extracts in their natural and organic products. Another key driver is the proven anti-inflammatory and pain-relieving abilities of frankincense extracts. Several studies have demonstrated the efficacy of boswellic acids in reducing joint inflammation in arthritis patients. Their endogenous cannabinoid receptor activity may also help relieve chronic pain. This has spurred the demand for frankincense extracts in nutraceuticals and functional food and beverage products.
Segment Analysis
The frankincense extracts market can be segmented into essential oil, resin and powder. The essential oil segment dominates the market currently with over 40% share owing to high demand from aromatherapy and fragrance industry. The essential oil of frankincense extracts contains Boswellic acid which is useful in essential oils used in beauty and skin care products.
PEST Analysis
Political: There are no major government regulations impacting the frankincense extracts market currently. Import duties are nominal.
Economic: The aromatherapy and natural healthcare industry has been growing at a rapid pace globally which is driving demand for frankincense extracts. Rising disposable incomes in developing nations are increasing consumer spending on wellness products.
Social: Increased focus on preventive healthcare and awareness about benefits of natural extracts is a key factor for growth of frankincense extracts market. Frankincense extracts find wide application in relaxation products and stress relief products.
Technological: New extraction techniques are being developed to isolate key compounds from frankincense extracts to develop targeted healthcare applications. Researchers are exploring anti-inflammatory and anti-cancer properties of Boswellic acid.
Key Takeaways
The global Frankincense Extracts Market Share is expected to witness high growth during the forecast period of 2023 to 2030. 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.
Regional analysis indicates Asia Pacific as the fastest growing regional market owing to large population, rising middle class and increased awareness.
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. Research is being conducted to develop Boswellic acid extracts into therapies and drugs to treat inflammatory conditions, cancers and autoimmune disorders.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
