The research study conducted by Report Ocean on the “ Frankincense Extract Market ” spans over 100+ pages and delves into various facets of this market. It analyses the business strategies adopted by emerging industry players, examines the geographical scope, dissects market segments, evaluates the product landscape, and investigates price and cost structures. This research report facilitates market segmentation based on the latest Market trends, geographical market, and technological advancements. Each section of the report is meticulously prepared to scrutinize key aspects of the market. Moreover, it includes a detailed analysis of current applications, comparing them while focusing on opportunities, threats, and conducting a competitive analysis of major companies.
Global Frankincense Extract Market is valued at approximately USD $$billion in 2021 and is anticipated to grow with a healthy growth rate of more than $$% over the forecast period 2022-2029. Frankincense Extract also known as Indian frankincense, is a resin herbal extract from the boswellia tree. Frankincense has a woody aroma, and it is considered rich in a wide range of health properties including anti-inflammatory, antiseptic, anxiolytic and anti-neurotic among others. Moreover, owing to its anti-inflammatory properties it is widely used in aromatherapy, and in the treatment of rheumatoid arthritis, inflammatory bowel disease, and asthma disease. The increasing demand for essential oils worldwide and growing use of frankincense extracts in pharmaceuticals as well as strategic initiatives from leading market players are key factors accelerating the market growth.
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The growing demand for essential oils due to rising popularity of aromatherapy is contributing to the Global Frankincense Market. For instance, according to Statista – in 2019, the global demand for essential oils was estimated at 290.54 kilotons, and as per projections, the demand is projected to grow to 404.2 kilotons by 2025. Furthermore, as per Statista – in FY 2020, the total export value of ayurvedic and herbal products was USD 428.08 million, and as per projections, the total export volume is projected to grow to USD 612 million by end of FY 2022. Also, growing incidences of arthritis and asthma and rising expansion of food & beverage industry would create a lucrative growth prospectus for the market over the forecast period. However, limited availability of raw materials and high extraction costs associated with Frankincense Extract stifle market growth throughout the forecast period of 2022-2029.
The key regions considered for the Global Frankincense Extract Market study include Asia Pacific, North America, Europe, Latin America, and Rest of the World. Asia Pacific dominated the market in terms of revenue, owing to the dominance of branded products and rising expansion of medical tourism coupled with increasing popularity of aromatherapy in the region. Whereas Asia Pacific is expected to grow with the highest CAGR during the forecast period, owing to factors such as rising consumption of herbal healthcare supplements as well as increasing demand for essential oils in the region.
Major market players included in this report are:
Indian Spice Oil Industries
Aromaaz International
De Monchy Aromatics
Albert Vieille
HERBO NUTRA
AMARNATH EXPORTS
Avi Naturals
Ambe Ns Agro Product Pvt. Ltd.
Scents of Earth LLC.
Edens Garden
Recent Developments in the Market:
In December 2021, Baltimore, USA -based Tilley Company, Inc., a leading distributor of specialty ingredients announced its merger with Phoenix Aromas and Essential Oils, a leading global distributor of flavor and fragrance ingredients and compounds, for the food and beverage, personal care, pharmaceutical, air care, and fragrance markets.
Global Frankincense Extract Market Report Scope:
Historical Data: 2019-2020-2021
Base Year for Estimation: 2021
Forecast period: 2022-2029
Report Coverage: Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
Segments Covered: Form, End-Use, Region
Regional Scope: North America; Europe; Asia Pacific; Latin America; Rest of the World
Customization Scope: Free report customization (equivalent up to 8 analyst’s working hours) with purchase. Addition or alteration to country, regional & segment scope*
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.
The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players.
The detailed segments and sub-segment of the market are explained below:
By Form
Powder
Oil
Resin
By End-Use
Food & Beverage
Cosmetics & Personal Care
Aromatherapy
Pharmacological
Insecticide Repellents
Others
By Region:
North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
RoLA
Rest of the World
Key Questions Answered in the Market Report:
• How did the COVID-19 pandemic have an impact on the adoption of via a range of pharmaceutical and existence sciences companies?
• What is the outlook for the affect market all through the forecast length 2023-2032?
• What are the key developments influencing the have an impact on market? How will they have an impact on the market in short-, mid-, and long-term duration?
• What is the give up person appreciation toward?
• What are the key elements impacting the have an effect on market? What will be there have an impact on in short-, mid-, and long-term duration?
• What are the key possibilities areas in the influence market? What is their workable in short-, mid-, and long-term duration?
• What are the key techniques adopted via groups in the have an effect on market?
• What are the key utility areas of the influence market? Which utility is predicted to keep the very best increase attainable all through the forecast duration 2023-2033?
• What is the favoured deployment mannequin for the impact? What is the boom conceivable of quite a number deployment fashions existing in the market?
• Who are the key cease customers of pharmaceutical quality? What is their respective share in the affect market?
• Which regional market is predicted to maintain the easiest boom possible in the have an impact on market at some stage in the forecast length 2023-2032?
• Which are the key gamers in the have an impact on market?
Growth Hampering Factors in the Market:
- Environmental regulations: Stricter environmental regulations on the production and use of fossil fuels can limit the availability and use of traditional market.
- Safety concerns: Safety concerns regarding the storage and transportation of can limit their use.
- Supply chain disruptions: Disruptions in the global supply chain due to natural disasters, pandemics, or other factors can impact the availability and cost of market.
- Security concerns: Security concerns regarding the transportation and storage of market can limit their use and availability.
- Technological obsolescence: Advances in technology can make existing systems obsolete, leading to reduced demand.
- Competition from alternative fuels: The development of alternative fuels such as biofuels and hydrogen-based fuels can compete with traditional market.
- Volatility in oil prices: Fluctuations in oil prices can affect the cost of market, making it difficult for industry players to predict and plan for costs.
- Economic downturns: Economic downturns can result in reduced demand for air travel and air cargo transportation, leading to a reduction in demand for market.
- Geopolitical tensions: Political instability and tensions between nations can impact the global supply chain for market, leading to supply disruptions and price fluctuations.
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