(MENAFN- GlobeNewsWire - Nasdaq) Frankincense Extract market Size Was Valued at USD 329.94 Million in 2023, and is Projected to Reach USD 734.54 Million by 2032, Growing at a CAGR of 9.2% From 2024-2032
United Kingdom, London, Nov. 22, 2024 (GLOBE NEWSWIRE) -- Frankincense extract is a concentrate derived from the resin of Boswellia trees, found mainly in places like the Middle East, India, Africa, etc. The extract contains bioactive compounds, including boswellic acids, terpenes, and other phytochemicals known for their anti-inflammatory, antioxidant, and antimicrobial properties It has a wide range of applications, including use in traditional medicine for healing arthritis, and asthma, dietary issues involved in cosmetics to treat anti-aging benefits, aromatherapy for relaxation, and dietary supplements that claim to be versatile and serve value in treatment.
Introspective Market Research is pleased to announce the publication of its latest report, Frankincense Extract Market. This in-depth analysis shows that the Global Frankincense Extract Market , valued at USD 329.94 Million in 2023, is set for substantial growth and is projected to reach USD 734.54 Million by 2032 . This anticipated expansion reflects a strong compound annual growth rate (CAGR) of 9.2% from 2024 to 2032.
The fragrance extracts market is a growing industry within the global natural products industry. This is mainly due to increased demand for health, fitness, and beauty products. Frankincense, derived from the resin of the Boswellia tree, has been used in traditional medicine and rituals for centuries. The current interest in frankincense is due to its health benefits. The growth is driven by increased consumer interest in natural skin care products with natural antioxidant properties Food supplements and aromatherapy in pharmaceuticals Increased uptake of loba extract due to the potential therapeutic reasons is also helping to expand the market ...
Cosmetics, foods, and beverages are classified according to their applications. The cosmetics and personal care products companies have the largest market share. Some of the ingredients are frankincense for the skin-renewing anti-aging products. The demand for fragrances in nutritional supplements such as moisturizer facial oils is also increasing due to consumer awareness... of their ability to promote joint health and reduce inflammation.
The Asia Pacific area is witnessing a fantastic boom due to the growing adoption of conventional medicinal drugs and holistic fitness practices, fueled using cultural history and growing fitness awareness. The developing middle-class populace, coupled with rising disposable earnings, is driving a call for well-being products in international locations like China, India, and Japan. This nearby shift highlights a dynamic market landscape where traditional and contemporary well-being developments converge to shape growth trajectories.
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Key Industry Insights
Rising Consumer Preference for Natural and Organic Products
Growing demand for skin care and cosmetic products is a major driver of the culinary fragrance market. Increased consumer focus on personal care, especially in products with anti-aging and skin-rejuvenating properties, has led to a strong demand for fragrances in the beauty skin care industry Frankincense extract is known for its ability to improve skin wrinkles, reduce wrinkles, and promote cell regeneration It is becoming a sought-after ingredient in high-end skin care products.
A significant part of this growth is due to the increasing popularity of organic natural products. Frankincense extract is used in a variety of cosmetic products, including anti-aging creams, moisturizers, and facial oils. For example, premium skincare companies such as doTERRA and Neal's Yard Remedies use Frankincense Extract in high-end products that harness its anti-aging and skin-rejuvenating properties.
Frankincense extract is also used in personal care products for its antioxidant properties, which help protect the skin from free radicals Increased consumer awareness of the harmful effects of synthetic chemicals skin introduction is accelerating the transition to safer natural products.
The growing demand for organic and pure beauty products, as well as the versatility of loba extract in cosmetic products, emphasize its role as an important ingredient resulting in the market as consumers adopt health-conscious and eco-friendly approaches to skin care and medicinal properties that Frankincense extract is expected to emphasize increase in popularity in the meantime, which The market's growth trajectory will be further supported.
Increasing Demand in Skincare and Cosmetics:
Health Benefits and Therapeutic Applications are a key driver of the Frankincense Extract marketplace. This herbal ingredient is increasingly prominent for its wide-ranging fitness benefits, particularly in addressing inflammation, assisting joint health, and its ability to anticancer houses. These therapeutic results make Frankincense Extract a precious addition to nutritional dietary supplements, useful foods, and opportunity medicine practices. Frankincense Extract, with its excessive content material of boswellic acids, is being utilized in supplements targeting arthritis remedies, continual pain control, and immune machine assistance. For example, manufacturers like Nature's Way and Solgar incorporate Frankincense Extract into joint fitness formulations, leveraging its anti-inflammatory homes to cope with the growing incidence of osteoarthritis, which impacts over 500 million human beings globally.
Additionally, Frankincense Extract is gaining traction within the integrative oncology area, with research suggesting its capability to inhibit tumor growth and beautify the efficacy of conventional remedies. This has pushed hobby pharmaceutical corporations to explore its use in experimental treatments.
The extract is also a staple in conventional medicinal drug systems like Ayurveda and Traditional Chinese Medicine (TCM), where it's miles used to sell normal properly-being, reduce pressure, and beautify immunity. This resurgence in the use of herbal remedies is creating new boom possibilities.
With customers increasingly seeking herbal solutions for managing health conditions, Frankincense Extract's demonstrated healing benefits are driving its adoption in healthcare and health sectors, solidifying its role as a key increase motive force within the worldwide marketplace.
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What are the Strategic Opportunities in the Frankincense Extract Market?
Expansion into Health and Wellness Products
Focus on Skincare & Cosmetics is an important strategic option in the fragrance extract market. Increasing consumer demand for natural anti-aging and skin renewal products presents a unique opportunity to position Loba as a premium multifunctional product in the beauty skincare industry.
Long known Frankincense extract to be beneficial on the skin, including the ability to tighten the skin, reduce the appearance of wrinkles, and regenerate the cells While consumers for pure and natural beauty things get more priority, Frankincense Extract is getting more demand for skin care products. Beauty and organic skincare brands like doTERRA and Neal's Yard Remedies are already using frankincense extract in anti-aging products, serums, and moisturizers, and their regenerative powers are in use.
The antioxidant properties of frankincense also make it an excellent addition to products designed for sensitive or aging skin While consumers are aware of the negative effects of synthetic chemicals is elevated and transformed into clean, cruelty-free, and environmentally friendly beauty solutions, perfume fits this trend well, with proven benefits The option provides.
Additionally, there is a growing trend to incorporate frankincense extracts into cosmetics, which combine cosmetic and medicinal benefits This growing category can expand skin care products to the perfumed beauty market again, especially among health-conscious consumers seeking multi-use beauty solutions.
What are the challenges of the Frankincense Extract Market?
Sustainability and Resource Availability
Sustainability and Resource Availability a significant challenge in the Frankincense Extract market. The overharvesting of Boswellia trees, which are the primary source of Frankincense resin, poses a critical threat to the sustainability of this natural resource. Unsustainable harvesting practices, including the excessive tapping of trees and insufficient recovery periods, have led to a decline in Boswellia tree populations in key growing regions such as Somalia, Ethiopia, and Oman.
A study published in Nature Sustainability in 2023 estimates that over 50% of Boswellia tree species are at risk of population decline due to overharvesting, habitat loss, and climate change. This directly impacts the long-term availability of high-quality Frankincense resin, creating a bottleneck in the supply chain. For instance, FAO reports indicate that resin yields have declined by 50% in some areas over the past two decades.
Efforts to promote sustainable harvesting are in the early stages and face challenges, including a lack of awareness among harvesters and insufficient enforcement of regulations. While some initiatives, such as FairWild Certification, aim to promote sustainable resin collection and fair trade, adoption remains limited due to the fragmented nature of the supply chain.
The pressure on supply chains is further exacerbated by increasing global demand for Frankincense Extract, driven by its applications in skincare, wellness, and therapeutics. Addressing this challenge requires collaborative efforts between governments, NGOs, and industry players to establish sustainable harvesting guidelines, educate local communities, and invest in Boswellia tree conservation programs. Without such measures, the long-term viability of the Frankincense Extract market may be jeopardized.
Key Manufacturers
Identifying key players and organizations in an industry is essential for understanding market dynamics and competitive positioning. These influential entities shape trends and drive innovation, providing valuable insights into strategic opportunities for growth and informed decision-making.
Edens Garden Inc. (USA) Scents of Earth LLC. (USA) TriVita, Inc. (USA) De Monchy Aromatics Limited (New Zealand) Aksu Vital Natural Products and Cosmetics (Turkey) Kanegrade Limited (Australia) Sun Impex (India) Universal Oleoresins (India) Aromaaz International (India) Avi Naturals (India) Xi'an Fengzu Biotechnology Co., Ltd. (China) Shaanxi Jiahe Phytochem Co., Ltd. (China) Xi'an Lyphar Biotech Co., Ltd. (China) Xi'an Harmonious Natural Bio-Tech Co., Ltd. (China) Shaanxi Sinuote Biotech Co., Ltd. (China) Xi'an Surnature Biological Technology Co., Ltd. (China) Xi'an Hao-Xuan Bio-Tech Co., Ltd. (China) Guangzhou City Junran Biotechnology Co., Ltd. (China) AOS Products Private Limited (India) Prime Natural Beauty (India) Phyto Life Sciences P. Ltd. (India) and Other Active Players
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Key Segments of Market Report
By Product Type:
The Pharmaceutical-grade segment is anticipated to lead the frankincense extract market during the forecast period, driven by its robust therapeutic applications. These extracts undergo meticulous processing and refinement to adhere to strict quality standards, ensuring consistent potency and effectiveness in medicinal use. For instance, pharmaceutical-grade frankincense extracts are integral to developing treatments for inflammatory conditions such as arthritis and inflammatory bowel disease. Their standardized formulations and precise production processes make them a preferred choice among healthcare providers and patients seeking dependable therapeutic solutions.
By Applications:
The Skincare segment accounted for the largest share of 29.3% in the frankincense extract market in 2023, driven by its rising use in premium cosmetic and personal care products. Frankincense extract is highly valued in skincare due to its natural anti-inflammatory, antioxidant, and anti-aging properties. It is frequently incorporated into serums, moisturizers, and creams to improve skin elasticity, reduce the appearance of wrinkles, and promote cell regeneration.
The growing demand for organic and clean beauty products has significantly contributed to this segment's dominance. Consumers are increasingly seeking products made from natural ingredients, free from synthetic chemicals, and backed by therapeutic benefits. This trend has spurred the adoption of frankincense extract in luxury skincare brands, catering to a health-conscious audience.
Additionally, the global rise in disposable income, particularly in regions like Asia Pacific and North America, has driven demand for premium skincare products. The expanding e-commerce platforms have also facilitated greater accessibility to frankincense-infused skincare solutions, further boosting market growth.
With its proven efficacy in addressing skin concerns like aging, inflammation, and dryness, the skin care segment is expected to maintain its leadership position in the frankincense extract market, supported by innovations in product formulations and growing consumer preference for plant-based skincare.
By Region:
Asia Pacific is poised to dominate the frankincense extract market during the forecast period, driven by rapid economic growth, increasing health consciousness, and expanding applications in pharmaceuticals, cosmetics, and food and beverages. The region's growing middle-class population and rising disposable incomes are fueling demand for premium and natural products, positioning frankincense as a sought-after ingredient.
In the pharmaceutical sector, the region's increasing focus on traditional and herbal medicine aligns well with the therapeutic properties of frankincense, such as its anti-inflammatory and antioxidant effects. Countries like India and China, with strong herbal medicine traditions, are key drivers of this demand.
The cosmetics and personal care industry in Asia Pacific is also witnessing robust growth, bolstered by consumer preference for organic and natural formulations. Frankincense extract, valued for its anti-aging and skin-rejuvenating properties, is increasingly incorporated into luxury skincare products across the region.
In the food and beverage sector, the rise in demand for natural flavors and health-focused products is promoting the use of frankincense extract in functional beverages and health foods. The region's burgeoning functional food industry further accelerates this trend.
Additionally, the Asia Pacific market benefits from the region's proximity to frankincense-producing nations, ensuring a steady supply chain and competitive pricing. These factors collectively underscore the region's anticipated dominance in the global frankincense extract market, supported by its diverse application scope and growing consumer base.
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Comprehensive Offerings:
Historical Market Size and Competitive Analysis (2017–2023): An in-depth assessment of market size and competitive dynamics over the past several years. Historical Pricing Trends and Regional Price Curve (2017–2023): Comprehensive analysis of historical pricing data and trends across various regions. Market Size, Share, and Forecast by Segment (2024–2032): Detailed projections and insights into market size, share, and anticipated growth by segment. Market Dynamics: Thorough analysis of growth drivers, restraints, opportunities, and key trends, emphasizing regional variations. Market Trend Analysis: Evaluation of emerging trends shaping the market landscape. Import and Export Analysis: Insight into trade patterns and their effects on market dynamics. Market Segmentation: Detailed analysis of market segments and sub-segments, with a thorough regional breakdown. Competitive Landscape: Strategic profiles of key players across regions, including competitive benchmarking for enhanced decision-making. PESTLE Analysis: Evaluation of the market through Political, Economic, Social, Technological, Legal, and Environmental factors to understand broader influences. PORTER's Five Forces Analysis: Assessment of competitive forces shaping the market environment. Industry Value Chain Analysis: Examination of the value chain to identify key stages and contributors that drive the market. Legal and Regulatory Environment by Region: Insight into the legal landscape and its implications for business operations, highlighting compliance challenges and opportunities. Strategic Opportunities and SWOT Analysis: Identification of lucrative business opportunities, supported by a thorough SWOT analysis to gauge market positioning. Investment Pockets: Identification of key investment opportunities within the market, focusing on areas with significant growth potential. Conclusion and Strategic Recommendations: Final insights and actionable recommendations for stakeholders to enhance market strategies and capitalize on growth opportunities.
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