According to a new report published by Introspective Market Research, titled, “Frankincense Extract Market by Product Type, Application: Global Opportunity Analysis and Industry Forecast, 2024–2032,” the global Frankincense Extract market size was valued at $ 329.94 Million in 2023, and is projected to reach $ 610.93 Million by 2032, registering a CAGR of 9.2% from 2024 to 2032. The extraction and processing of frankincense resin into other forms, like essential oils and incense, is what the market for frankincense extracts entails. Because of these goods' aromatic qualities and possible health benefits, they are widely used in skincare products, fragrances, and traditional medicine. Extracts of Frankincense are prized for their possible health advantages. Because of their ability to augment the effects of vitamins and herbs, they are a preferred option for holistic and alternative medicine techniques.
As more people choose natural and organic products, the market is growing due to growing knowledge of the medicinal benefits of frankincense extracts. The market is expected to continue growing as more study is done on the many health advantages of frankincense, such as its antioxidant and anti-inflammatory qualities.
A wider shift in consumer consciousness toward sustainability and health is the cause of the rising demand for natural and organic products, including frankincense extracts. For example, customers are growing increasingly conscious of the negative consequences of synthetic chemicals frequently present in skincare products. They are currently actively looking for substitutes, such as extracts of frankincense, which are well-known for their all-natural qualities that support healthy skin without the use of harsh chemicals. This movement is also being driven by concerns about the environmental impact of conventional production methods. Consumers who select natural and organic products, including frankincense extracts, support sustainable methods that put the well-being of communities and ecosystems first.
The market for frankincense extract offers a substantial opportunity given the increasing focus on health and wellness. Customers are looking for natural cures and supplements to enhance their overall wellness journeys as they embrace more holistic approaches to health. Frankincense extracts are a good fit for this trend because they are thought to provide a variety of health benefits, from therapeutic effects to skincare, which fits well with consumers' demand for all-encompassing well-being solutions.
Global Frankincense Extract Market, Segmentation
The Frankincense Extract market is segmented on the basis of Product Type, Application, and Region.
Product Type:
The type segment is further classified into Pharmaceutical Grade, Cosmetic Grade, and Others. Among these, the Pharmaceutical Grade sub-segment accounted for the highest market share in 2023. Due to its considerable medicinal potential, frankincense extract holds a dominant market share in the pharmaceutical-grade segment. Strict quality criteria are met during the processing and refinement of pharmaceutical-grade frankincense extracts, guaranteeing consistency and effectiveness in medical applications. For instance, the pharmaceutical sector uses these extracts to create drugs that treat inflammatory diseases including inflammatory bowel disease and arthritis. Patients and healthcare professionals looking for dependable medicinal solutions highly value pharmaceutical-grade extracts because of their precise composition and standardized production.
Application:
The application segment is further classified into Oral Care, Skin Care, Medicine, Perfumes, Aromatherapy, and Others. Among these, the Food & Beverage sub-segment is anticipated to show the fastest growth by 2032. The broad range of uses of frankincense extract in cooking and flavor improvement is responsible for the Food & Beverage segment's notable market share. Frankincense extracts are prized for their aromatic and flavor qualities, especially when used as essential oils, which give distinct and exotic notes to a variety of food and beverage products. For example, they are used to teas, drinks, sweets, sauces, and marinades to provide a unique flavor that tastes good to customers looking for new culinary experiences.
Region:
The Frankincense Extract market in Asia-Pacific is projected to show the fastest growth by 2032. Frankincense extracts are used in aromatherapy and traditional medicine, two fields with a strong cultural history in the Asia-Pacific area. Natural treatments, including frankincense, have long been used for a variety of health and wellness issues in nations like China and India. The market for frankincense extracts is driven by the strong cultural ties and belief in these age-old customs among these consumers, who also value natural items with historical significance.
Some of the leading Frankincense Extract market players are
- 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), and Other Active Players.
Key Industry Developments
- In February 2023, The American biotechnology business Amyris has sold its portfolio of cosmetic chemicals to Givaudan Group. The completion of this acquisition is scheduled by the end of June 2023.
- In November 2022, in addition to providing dependable products, cutting-edge technical know-how, and current market data, De Monchy Aromatics also published a report that highlighted some of the major products that the industry is facing difficulties with.
Key Findings of the Study / Key Industry Developments.
- The market is expanding due to the growing demand for natural and organic products.
- Extracts of frankincense support holistic health trends by providing medicinal and skincare advantages.
- Pharmaceutical grade is dominant because of its potential for medicine and its strict quality requirements.
