Frankincense extracts are extracted from resin of Boswellia trees and have been used extensively in numerous traditional medicine systems owing to their therapeutic properties. Frankincense extracts find wide application in treating conditions such as arthritis, digestive issues, skin diseases, respiratory disorders and reducing stress and anxiety. The various bioactive compounds present in frankincense extracts such as boswellic acids provide anti-inflammatory, antioxidant and anti-tumor effects. Moreover, growing consumer preference for herbal products with fewer side effects has boosted demand for frankincense extracts.
The global frankincense extracts market is estimated to be valued at US$ 377.4 Mn in 2024 and is expected to exhibit a CAGR of 7.4% over the forecast period of 2024 to 2031.
Key Takeaways
Key players operating in the frankincense extracts market are Caterpillar, Inc., Deere & Company, Komatsu Ltd., Mahindra Construction Equipment, Volvo Construction Equipment, J C Bamford Excavators Ltd., Terex Corporation, CNH Industrial NV, Manitou Group, Action Construction Equipment Ltd., and Hitachi Construction Machinery Co., Ltd. These players are focused on strengthening their distribution networks and product portfolios through collaborations with local firms in high growth markets.
The wide range of therapeutic applications of Frankincense Extracts Market Demand in fields such as pharmaceuticals, personal care and nutraceuticals are expected to present lucrative growth opportunities for players. The anti-inflammatory and anti-tumor properties make frankincense extracts viable ingredients in developing new drugs and therapies.
A growing focus on global expansion through partnerships and acquisitions of regional players is observed among leading companies. Europe and North America currently hold the majority market share. However, the rising health-conscious population and rapid economic growth in Asia Pacific and Latin America are anticipated to display high incremental opportunities for frankincense extract manufacturers over the forecast period.
Market drivers
The extensive therapeutic applications of frankincense extracts in treating numerous health conditions like arthritis, digestive disorders, and cancer are expected to be a major market driver. Frankincense contains bioactive boswellic acids that have anti-inflammatory, anti-cancer and anti-microbial properties.
Growing consumer preference for herbal and plant-based products with minimal side effects is fueling demand for frankincense extracts. Additionally, the expanding nutraceuticals and functional foods industries offers lucrative scope for frankincense extracts.
Market restrain
Stringent regulatory framework pertaining to herbal extracts and high costs associated with clinical trials and new product development may restrain market growth. Adulteration during production owing to complexity in species identification is another challenge.
Segment Analysis
The aromatherapy segment dominates the Frankincense Extracts market owing to wide scope of application for frankincense essential oil in aromatherapy practices. Frankincense essential oil is extensively used in massage blends, room diffusers, baths etc. for relaxation and stress relief benefits. It helps promoting sleep, relaxation of mind and muscles, relief from headaches. Aromatherapy remains a popular therapy globally and demand for aromatic essential oils including frankincense continues to surge thereby driving growth of this segment.
The cosmetic segment is another major sub-segment. Frankincense extract finds application in variety of skincare products like serums, moisturizers, cleansers due to anti-aging and skin rejuvenating properties. It helps reducing appearance of fine lines, wrinkles, and scars. Demand for natural and herbal skincare products is on the rise thus boosting consumption of frankincense extracts in cosmetic formulations.
Global Analysis
The North America region dominates the global Frankincense Extracts market owing to robust demand from established aromatherapy and cosmetic industries in the region. Rising health consciousness and preference for natural wellness products among consumers in the US and Canada drives the market. The Asia Pacific region is projected to witness fastest growth during the forecast period. Improving living standards, growing interest in herbal therapies in countries like China and India provides impetus to market growth. Increasing investments by international players to tap opportunities in China and India will augment the APAC Frankincense Extracts market.
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