Frankincense Oil Market Size To Worth USD 479.3 Million By 2032 | SNS Insider

(MENAFN- GlobeNewsWire - Nasdaq) Rising consumer preference for natural remedies and expanding applications in aromatherapy, cosmetics, and pharmaceuticals drive the Frankincense Oil market growth.

Austin, Feb. 04, 2025 (GLOBE NEWSWIRE) -- The SNS Insider report indicates that, “ The Frankincense Oil Market Size was valued at USD 253.0 Million in 2023 and is expected to reach USD 479.3 Million by 2032, growing at a CAGR of 7.4% over the forecast period of 2024-2032. ”

Increasing Demand for Sustainable and Therapeutic Frankincense Oil Driven by Wellness Trends and Environmental Consciousness

Frankincense Oil has gained significant market growth because of the growing consumer demand for natural and organic products. This oil, extracted from the resin of the Boswellia tree, has been in use for thousands of years because of its medicinal properties, which include anti-inflammatory and antimicrobial properties. Over the last few years, the oil has found applications in cosmetics, personal care, and aromatherapy. The rising wellness trends, particularly in North America and Europe, have increased the demand. A U.S. The National Institute of Health has mentioned Frankincense Oil as a very effective product for the treatment of inflammatory conditions such as arthritis. In addition, the European Medicines Agency's 2023 report on Frankincense also acknowledged the popularity of this oil in the natural remedy field. However, overharvesting in some regions, like Ethiopia and India, has made people question the sustainability of Boswellia trees. This has brought the aspect of ethical sourcing and fair trade into the limelight.

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Key Companies:

• AOS Products ([Frankincense Essential Oil], [Frankincense Carrier Oil])
• doTERRA International ([Frankincense Essential Oil], [doTERRA Frankincense Touch])
• Edens Garden ([Frankincense Essential Oil], [Frankincense and Myrrh Essential Oil Blend])
• Florihana ([Frankincense Essential Oil], [Boswellia Sacra Frankincense Essential Oil])
• Healing Solutions ([Frankincense Essential Oil], [Frankincense Supreme Essential Oil])
• Mountain Rose Herbs ([Frankincense Essential Oil], [Frankincense Resin Powder])
• Plant Therapy Essential Oils ([Frankincense Serrata Essential Oil], [Frankincense Organic Essential Oil])
• Rocky Mountain Oils ([Frankincense Essential Oil], [Frankincense Resin Essential Oil])
• The Aromatherapy Company ([Frankincense Pure Essential Oil], [Frankincense and Myrrh Essential Oil Blend])
• Young Living Essential Oils ([Frankincense Essential Oil], [Frankincense (Boswellia carterii) Essential Oil])
• Aroma Tierra ([Organic Frankincense Essential Oil], [Frankincense Resin Essential Oil])
• Aveda Corporation ([Aveda Inner Light Frankincense Oil], [Aveda Shampure Oil])
• Biolandes ([Frankincense Essential Oil], [Boswellia Resin Oil])
• Just Herbs ([Frankincense Essential Oil], [Frankincense & Myrrh Skin Care Oil])
• Kants ([Frankincense Essential Oil], [Frankincense Resin Essential Oil])
• Mystic Moments ([Frankincense Essential Oil], [Frankincense Organic Essential Oil])
• Neal's Yard Remedies ([Frankincense Essential Oil], [Frankincense Intense Cream])
• Nature's Sunshine Products ([Frankincense Oil], [Frankincense & Myrrh Essential Oil Blend])
• Organic Infusions ([Frankincense Essential Oil], [Organic Frankincense Resin Essential Oil])
• Primavera Life ([Organic Frankincense Essential Oil], [Boswellia Sacra Frankincense Oil])

Frankincense Oil Market Report Scope:

Report Attributes	Details
Market Size in 2023	USD 253.0 Million
Market Size by 2032	USD 479.3 Million
CAGR	CAGR of 7.4% From 2024 to 2032
Base Year	2023
Forecast Period	2024-2032
Historical Data	2020-2022
Report Scope & Coverage	Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook
Key Segments	. By Product Type (Boswellia serrata, Boswellia carterii, Boswellia sacra) . By Application (Cosmetics and Personal Care, Healthcare, Food and Beverages, Others) . By Distribution Channel (Online Retail, Specialty Stores, Supermarkets/Hypermarkets, Others)
Key Drivers	. Rising Popularity of Natural and Organic Personal Care Products Drives the Growth of the Frankincense Oil Market . Increased Adoption of Aromatherapy Boosts the Demand for Frankincense Oil Globally

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Consumer Preferences in the Frankincense Oil Market

The consumer preference within the Frankincense Oil market is now being focused on sourcing oils that are ethically produced, organic, and sustainably harvested. In 2023, a prominent environmental advocacy group surveyed consumers regarding their willingness to pay more for sustainable sources of Frankincense Oil, and over 65% agreed to pay for sustainable sources of Frankincense Oil. Consumer preference mainly drives this result from increased environmental awareness of sourcing natural products and transparency in source ingredients. Companies that emphasize sustainability and traceability of their sourcing practices are emerging as market leaders.

Frankincense Oil Market Segment Analysis:

By Product Type: Boswellia Serrata Leads the Frankincense Oil Market, Driven by Therapeutic Demand

In 2023, Boswellia serrata dominated the Frankincense Oil market with a market share of about 45%. It is in high demand for therapeutic application, especially with its strong anti-inflammatory and antioxidant properties, conditions like arthritis are among its applications. Popular wellness brands such as Plant Therapy Essential Oils are currently embracing this variant, further cementing its market leadership.

By Application: Cosmetics and Personal Care Segment Drives Frankincense Oil Market Growth

The cosmetics and personal care segment dominated the frankincense oil market in 2023, with a 40% share. Frankincense oil has anti-aging and skin rejuvenation properties, which have made it a popular ingredient in natural skincare. Companies such as Nature's Sunshine Products have taken advantage of this by providing high-end beauty products to cater to the increasing demand for organic alternatives.

Regional Analysis of the Frankincense Oil Market

Middle East & Africa Region Dominates the Frankincense Oil Market Due to Rich Natural Resources and Cultural Significance

In 2023, the Middle East and Africa region held the maximum market share at 40%, driven by this region's extensive availability of Boswellia tree resources. Some of the leading producers are Oman, Somalia, and Ethiopia, while Oman produces superior quality Boswellia sacra. Its cultural and historical significance in the region, besides the sustainable harvesting of Frankincense, has also increased the demand. About 3,000 tons per year are exported from Somalia. Various types of Frankincense are produced in Ethiopia for export. These factors, along with ethical sourcing initiatives, ensure the region's continued dominance in the global Frankincense Oil market.

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Recent Developments

• January 2024: Researchers at the Hollings Cancer Center found that Boswellia, an extract from frankincense, has anti-cancer effects in a small clinical trial. The results suggested that the compound may be able to suppress the growth of cancer cells and induce apoptosis in certain types of cancer.
• December 2023: Oman launched the International Frankincense Research Center aimed at further developing research into the sustainable collection of frankincense. This has the goals of increasing economic frankincense while taking measures towards mitigating ecological issues surrounding excessive frankincense collection.

Table of Contents – Major Key Points

1. Introduction

• Market Definition
• Scope (Inclusion and Exclusions)
• Research Assumptions

2. Executive Summary

• Market Overview
• Regional Synopsis
• Competitive Summary

3. Research Methodology

• Top-Down Approach
• Bottom-up Approach
• Data Validation
• Primary Interviews

4. Market Dynamics Impact Analysis

• Market Driving Factors Analysis
• PESTLE Analysis
• Porter's Five Forces Model

5. Statistical Insights and Trends Reporting

• Production Capacity and Utilization Analysis by Region
• Raw Material Prices Analysis by Region
• Regulatory Impact: Effects of regulations on production and usage.
• Environmental Metrics Analysis by Region
• Innovation and R&D

6. Competitive Landscape

• List of Major Companies, By Region
• Market Share Analysis, By Region
• Product Benchmarking
• Strategic Initiatives
• Technological Advancements
• Market Positioning and Branding

7. Frankincense Oil Market Segmentation, by Product Type

8. Frankincense Oil Market Segmentation, by Application

9. Frankincense Oil Market Segmentation, by Distribution Channel

10. Regional Analysis

11. Company Profiles

12. Use Cases and Best Practices

13. Conclusion

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