Report Ocean has just released an all-encompassing market research report delving deep into the Frankincense Extract Market industry. This report furnishes readers with invaluable insights into both present and future industry trends, equipping them with the means to discern the factors driving revenue growth and profitability. It meticulously scrutinizes the critical factors that impact both the global and regional markets, encompassing drivers, limitations, risks, challenges, opportunities, and trends specific to the industry. Additionally, the report underscores global certainties, undertakes comprehensive analysis of key players from upstream to downstream, and presents market forecasts, SWOT & PESTEL analysis, market scenarios, and feasibility studies.
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
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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
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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
Table of Contents:
- Executive Summary
- Introduction
- Methodology
- Market Overview
- Market Analysis
- Market Size and Forecast
- Market Trends
- Market Dynamics
- Market Segmentation
- Competitive Landscape
- Competitive Scenario
- Key Players
- Regional Analysis
- Regional Market Overview
- Market Size and Forecast by Region
- Product/Service Analysis
- Product/Service Overview
- Market Size and Forecast by Product/Service
- End-User Analysis
- End-User Overview
- Market Size and Forecast by End-User
- Industry Structure
- Key Findings and Recommendations
- Conclusion
Compelling Reasons to Invest:
Market Segmentation and Value Insights:
- The report offers a comprehensive market segmentation, providing market value data for each segment and sub-segment examined. This deepens your understanding of market dynamics and opportunities within specific market segments.
Focus on Rapid Growth and Dominant Regions:
- This study pinpoints regions and market segments poised for swift growth and those holding a substantial market share. This strategic insight aids businesses in targeting high-growth areas for investment.
Geographical Market Analysis:
- Emphasizing product or service consumption across different geographic areas, the report identifies region-specific variables that influence the market. It offers valuable insights into regional market dynamics.
Competitive Landscape:
- The report includes market rankings of major players, highlighting recent partnerships, product/service launches, business expansions, and acquisitions by profiled companies. This data facilitates a comprehensive understanding of the competitive landscape and industry trends.
Comprehensive Company Profiles:
- Detailed profiles are provided for top market players, encompassing business overviews, company insights, product benchmarking, and SWOT analysis. This aids in gaining a holistic perspective on key market players.
Market Outlook and Growth Prospects:
- The report presents the current market outlook and future growth prospects, considering recent changes and developments. It identifies growth opportunities, drivers, obstacles, and restrictions in both developing and emerging regions.
Market Analysis Using Porter’s Five Forces and Value Chain:
- The market report offers a multifaceted market analysis, utilizing Porter’s five forces to assess industry competitiveness and providing insights into the market using the Value Chain approach.
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