Frankincense Extract Market Size and Forecasts (2021 - 2031), Global and Regional Share, Trends, and Growth Opportunity Analysis

Coverage: Frankincense Extract Market covers analysis By Form (Powder, Oil, Resin); End-Use (Food and Beverages, Cosmetics and Personal Care, Aromatherapy, Pharmaceuticals, Others) , and Geography (North America, Europe, Asia Pacific, and South and Central America)

Publication Month : Mar 2024

  • Report Code : TIPRE00016611
  • Category : Food and Beverages
  • Status : Upcoming
  • No. of Pages : 150
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MARKET INTRODUCTION

Frankincense is also known as olibanum, which is obtained from the trees of genus Boswellia belongs to the Burseraceae family, which is widely utilized in perfumes and incense. These trees produce resins, and are these are native to northern South Yemen, Somalia, Ethiopia, and Oman. Frankincense extracts are mostly produced in Ethiopia and Somalia, which is further propelling the growth of the frankincense extracts market in Africa. Frankincense extract is known for increasing the effects of herbs & supplements. Frankincense extracts are quite a good product for healthy skin and digestion. It further has medical properties and is used for treating arthritis and various chronic inflammatory diseases, including asthma, allergies, and inflammatory bowel disease. Such applications, in turn, are anticipated to fuel the growth of the frankincense extracts market over the forecast period.

MARKET DYNAMICS

The frankincense extract market has witnessed significant growth owing to factors such as wider application in food & beverages, cosmetics & personal care, aromatherapy, pharmaceuticals, and others. The global frankincense extract market is anticipated to be driven by increasing awareness regarding the benefits of frankincense oil, including the promotion of healthy cell regeneration, lowering blood pressure, lowering joint pain, and stress among the consumers. Research studies show that frankincense oil helps in reducing itching problems, eradicates arthritis pain & inflammation, and promotes sleep & prevent insomnia. However, frankincense may cause gastrointestinal distress, including stomach pain, nausea, and hyperacidity, which may further hamper the growth of the frankincense extract market. Nevertheless, the pace at which new technologies are impacting the food sector is high, and it has become necessary for manufacturers to increase the speed and scale of their R&D efforts, which may open up new opportunities for this market.

MARKET SCOPE

The "Global Frankincense Extract Market Analysis to 2028" is a specialized and in-depth study of the food and beverages industry with a special focus on the global market trend analysis. The report aims to provide an overview of the frankincense extract market with detailed market segmentation by form, end-use, distribution channel, and geography. The global frankincense extract market is expected to witness high growth during the forecast period. The report provides key statistics on the market status of the leading frankincense extract market players and offers key trends and opportunities in the market.

MARKET SEGMENTATION

The global frankincense extract market is segmented on the basis of form, end-use. On the basis of form, the frankincense extract market is segmented into powder, oil, and resin. The frankincense extract market on the basis of the end-use is classified into food & beverages, cosmetics & personal care, aromatherapy, pharmaceuticals, and others.

REGIONAL FRAMEWORK

The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides an overview and forecast of the global frankincense extract market based on various segments. It also provides market size and forecast estimates from the year 2020 to 2028 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South America. The frankincense extract market by each region is later sub-segmented by respective countries and segments. The report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.

The report analyzes factors affecting the frankincense extract market from both demand and supply side and further evaluates market dynamics affecting the market during the forecast period i.e., drivers, restraints, opportunities, and future trend. The report also provides exhaustive PEST analysis for all five regions namely; North America, Europe, APAC, MEA, and South America after evaluating political, economic, social and technological factors affecting the frankincense extract market in these regions.

World Geography

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MARKET PLAYERS


The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides an overview and forecast of the global frankincense extract market based on various segments. It also provides market size and forecast estimates from the year 2020 to 2028 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South America. The frankincense extract market by each region is later sub-segmented by respective countries and segments. The report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.

The report analyzes factors affecting the frankincense extract market from both demand and supply side and further evaluates market dynamics affecting the market during the forecast period i.e., drivers, restraints, opportunities, and future trend. The report also provides exhaustive PEST analysis for all five regions namely; North America, Europe, APAC, MEA, and South America after evaluating political, economic, social and technological factors affecting the frankincense extract market in these regions.

MARKET PLAYERS

The reports cover various key developments in the global frankincense extract market. Various companies are focusing growth strategies such as product launches, product approvals and others such as patents and events. Some of the growth strategies activities witnessed in the market were acquisitions, and partnership & collaborations. These activities have paved way for the expansion of business and customer base of market players. The market payers from frankincense extract market are anticipated to lucrative growth opportunities in the future with the rising demand for frankincense extract in the global market. Below mentioned is the list of few companies engaged in the frankincense extract market.

The report also includes the profiles of key companies along with their SWOT analysis and market strategies in the frankincense extract market. In addition, the report focuses on leading industry players with information such as company profiles, components, and services offered, financial information of the last 3 years, the key development in the past five years.

  •   AOS Products Private Limited
  •   Aromaaz International
  •   Avi Naturals
  •   De Monchy Aromatics Limited
  •   Edens Garden Inc.
  •   Phyto Life Sciences P. Ltd.
  •   Prime Natural Beauty
  •   Prime Natural Beauty
  •   Scents of Earth LLC.
  •   TriVita, Inc.

The Insight Partner's dedicated research and analysis team consist of experienced professionals with advanced statistical expertise and offer various customization options in the existing study.
  • Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
  • Request discounts available for Start-Ups & Universities
Report Coverage
Report Coverage

Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

Segment Covered
Segment Covered

This text is related
to segments covered.

Regional Scope
Regional Scope

North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

Country Scope
Country Scope

This text is related
to country scope.

TABLE OF CONTENTS

1. INTRODUCTION
1.1. SCOPE OF THE STUDY
1.2. THE INSIGHT PARTNERS RESEARCH REPORT GUIDANCE
1.3. MARKET SEGMENTATION
1.3.1 Frankincense Extract Market - By Form
1.3.2 Frankincense Extract Market - By End-Use
1.3.3 Frankincense Extract Market - By Region
1.3.3.1 By Country

2. KEY TAKEAWAYS

3. RESEARCH METHODOLOGY

4. FRANKINCENSE EXTRACT MARKET LANDSCAPE
4.1. OVERVIEW
4.2. PEST ANALYSIS
4.2.1 North America - Pest Analysis
4.2.2 Europe - Pest Analysis
4.2.3 Asia-Pacific - Pest Analysis
4.2.4 Middle East and Africa - Pest Analysis
4.2.5 South and Central America - Pest Analysis
4.3. EXPERT OPINIONS

5. FRANKINCENSE EXTRACT MARKET - KEY MARKET DYNAMICS
5.1. KEY MARKET DRIVERS
5.2. KEY MARKET RESTRAINTS
5.3. KEY MARKET OPPORTUNITIES
5.4. FUTURE TRENDS
5.5. IMPACT ANALYSIS OF DRIVERS AND RESTRAINTS

6. FRANKINCENSE EXTRACT MARKET - GLOBAL MARKET ANALYSIS
6.1. FRANKINCENSE EXTRACT - GLOBAL MARKET OVERVIEW
6.2. FRANKINCENSE EXTRACT - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING/MARKET SHARE

7. FRANKINCENSE EXTRACT MARKET - REVENUE AND FORECASTS TO 2028 - FORM
7.1. OVERVIEW
7.2. FORM MARKET FORECASTS AND ANALYSIS
7.3. POWDER
7.3.1. Overview
7.3.2. Powder Market Forecast and Analysis
7.4. OIL
7.4.1. Overview
7.4.2. Oil Market Forecast and Analysis
7.5. RESIN
7.5.1. Overview
7.5.2. Resin Market Forecast and Analysis
8. FRANKINCENSE EXTRACT MARKET - REVENUE AND FORECASTS TO 2028 - END-USE
8.1. OVERVIEW
8.2. END-USE MARKET FORECASTS AND ANALYSIS
8.3. FOOD AND BEVERAGES
8.3.1. Overview
8.3.2. Food and Beverages Market Forecast and Analysis
8.4. COSMETICS AND PERSONAL CARE
8.4.1. Overview
8.4.2. Cosmetics and Personal Care Market Forecast and Analysis
8.5. AROMATHERAPY
8.5.1. Overview
8.5.2. Aromatherapy Market Forecast and Analysis
8.6. PHARMACEUTICALS
8.6.1. Overview
8.6.2. Pharmaceuticals Market Forecast and Analysis
8.7. OTHERS
8.7.1. Overview
8.7.2. Others Market Forecast and Analysis

9. FRANKINCENSE EXTRACT MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
9.1. NORTH AMERICA
9.1.1 North America Frankincense Extract Market Overview
9.1.2 North America Frankincense Extract Market Forecasts and Analysis
9.1.3 North America Frankincense Extract Market Forecasts and Analysis - By Form
9.1.4 North America Frankincense Extract Market Forecasts and Analysis - By End-Use
9.1.5 North America Frankincense Extract Market Forecasts and Analysis - By Countries
9.1.5.1 United States Frankincense Extract Market
9.1.5.1.1 United States Frankincense Extract Market by Form
9.1.5.1.2 United States Frankincense Extract Market by End-Use
9.1.5.2 Canada Frankincense Extract Market
9.1.5.2.1 Canada Frankincense Extract Market by Form
9.1.5.2.2 Canada Frankincense Extract Market by End-Use
9.1.5.3 Mexico Frankincense Extract Market
9.1.5.3.1 Mexico Frankincense Extract Market by Form
9.1.5.3.2 Mexico Frankincense Extract Market by End-Use
9.2. EUROPE
9.2.1 Europe Frankincense Extract Market Overview
9.2.2 Europe Frankincense Extract Market Forecasts and Analysis
9.2.3 Europe Frankincense Extract Market Forecasts and Analysis - By Form
9.2.4 Europe Frankincense Extract Market Forecasts and Analysis - By End-Use
9.2.5 Europe Frankincense Extract Market Forecasts and Analysis - By Countries
9.2.5.1 Germany Frankincense Extract Market
9.2.5.1.1 Germany Frankincense Extract Market by Form
9.2.5.1.2 Germany Frankincense Extract Market by End-Use
9.2.5.2 France Frankincense Extract Market
9.2.5.2.1 France Frankincense Extract Market by Form
9.2.5.2.2 France Frankincense Extract Market by End-Use
9.2.5.3 Italy Frankincense Extract Market
9.2.5.3.1 Italy Frankincense Extract Market by Form
9.2.5.3.2 Italy Frankincense Extract Market by End-Use
9.2.5.4 United Kingdom Frankincense Extract Market
9.2.5.4.1 United Kingdom Frankincense Extract Market by Form
9.2.5.4.2 United Kingdom Frankincense Extract Market by End-Use
9.2.5.5 Russia Frankincense Extract Market
9.2.5.5.1 Russia Frankincense Extract Market by Form
9.2.5.5.2 Russia Frankincense Extract Market by End-Use
9.2.5.6 Rest of Europe Frankincense Extract Market
9.2.5.6.1 Rest of Europe Frankincense Extract Market by Form
9.2.5.6.2 Rest of Europe Frankincense Extract Market by End-Use
9.3. ASIA-PACIFIC
9.3.1 Asia-Pacific Frankincense Extract Market Overview
9.3.2 Asia-Pacific Frankincense Extract Market Forecasts and Analysis
9.3.3 Asia-Pacific Frankincense Extract Market Forecasts and Analysis - By Form
9.3.4 Asia-Pacific Frankincense Extract Market Forecasts and Analysis - By End-Use
9.3.5 Asia-Pacific Frankincense Extract Market Forecasts and Analysis - By Countries
9.3.5.1 Australia Frankincense Extract Market
9.3.5.1.1 Australia Frankincense Extract Market by Form
9.3.5.1.2 Australia Frankincense Extract Market by End-Use
9.3.5.2 China Frankincense Extract Market
9.3.5.2.1 China Frankincense Extract Market by Form
9.3.5.2.2 China Frankincense Extract Market by End-Use
9.3.5.3 India Frankincense Extract Market
9.3.5.3.1 India Frankincense Extract Market by Form
9.3.5.3.2 India Frankincense Extract Market by End-Use
9.3.5.4 Japan Frankincense Extract Market
9.3.5.4.1 Japan Frankincense Extract Market by Form
9.3.5.4.2 Japan Frankincense Extract Market by End-Use
9.3.5.5 South Korea Frankincense Extract Market
9.3.5.5.1 South Korea Frankincense Extract Market by Form
9.3.5.5.2 South Korea Frankincense Extract Market by End-Use
9.3.5.6 Rest of Asia-Pacific Frankincense Extract Market
9.3.5.6.1 Rest of Asia-Pacific Frankincense Extract Market by Form
9.3.5.6.2 Rest of Asia-Pacific Frankincense Extract Market by End-Use
9.4. MIDDLE EAST AND AFRICA
9.4.1 Middle East and Africa Frankincense Extract Market Overview
9.4.2 Middle East and Africa Frankincense Extract Market Forecasts and Analysis
9.4.3 Middle East and Africa Frankincense Extract Market Forecasts and Analysis - By Form
9.4.4 Middle East and Africa Frankincense Extract Market Forecasts and Analysis - By End-Use
9.4.5 Middle East and Africa Frankincense Extract Market Forecasts and Analysis - By Countries
9.4.5.1 South Africa Frankincense Extract Market
9.4.5.1.1 South Africa Frankincense Extract Market by Form
9.4.5.1.2 South Africa Frankincense Extract Market by End-Use
9.4.5.2 Saudi Arabia Frankincense Extract Market
9.4.5.2.1 Saudi Arabia Frankincense Extract Market by Form
9.4.5.2.2 Saudi Arabia Frankincense Extract Market by End-Use
9.4.5.3 U.A.E Frankincense Extract Market
9.4.5.3.1 U.A.E Frankincense Extract Market by Form
9.4.5.3.2 U.A.E Frankincense Extract Market by End-Use
9.4.5.4 Rest of Middle East and Africa Frankincense Extract Market
9.4.5.4.1 Rest of Middle East and Africa Frankincense Extract Market by Form
9.4.5.4.2 Rest of Middle East and Africa Frankincense Extract Market by End-Use
9.5. SOUTH AND CENTRAL AMERICA
9.5.1 South and Central America Frankincense Extract Market Overview
9.5.2 South and Central America Frankincense Extract Market Forecasts and Analysis
9.5.3 South and Central America Frankincense Extract Market Forecasts and Analysis - By Form
9.5.4 South and Central America Frankincense Extract Market Forecasts and Analysis - By End-Use
9.5.5 South and Central America Frankincense Extract Market Forecasts and Analysis - By Countries
9.5.5.1 Brazil Frankincense Extract Market
9.5.5.1.1 Brazil Frankincense Extract Market by Form
9.5.5.1.2 Brazil Frankincense Extract Market by End-Use
9.5.5.2 Argentina Frankincense Extract Market
9.5.5.2.1 Argentina Frankincense Extract Market by Form
9.5.5.2.2 Argentina Frankincense Extract Market by End-Use
9.5.5.3 Rest of South and Central America Frankincense Extract Market
9.5.5.3.1 Rest of South and Central America Frankincense Extract Market by Form
9.5.5.3.2 Rest of South and Central America Frankincense Extract Market by End-Use

10. INDUSTRY LANDSCAPE
10.1. MERGERS AND ACQUISITIONS
10.2. AGREEMENTS, COLLABORATIONS AND JOIN VENTURES
10.3. NEW PRODUCT LAUNCHES
10.4. EXPANSIONS AND OTHER STRATEGIC DEVELOPMENTS

11. FRANKINCENSE EXTRACT MARKET, KEY COMPANY PROFILES
11.1. AOS PRODUCTS PRIVATE LIMITED
11.1.1. Key Facts
11.1.2. Business Description
11.1.3. Products and Services
11.1.4. Financial Overview
11.1.5. SWOT Analysis
11.1.6. Key Developments
11.2. AROMAAZ INTERNATIONAL
11.2.1. Key Facts
11.2.2. Business Description
11.2.3. Products and Services
11.2.4. Financial Overview
11.2.5. SWOT Analysis
11.2.6. Key Developments
11.3. AVI NATURAL
11.3.1. Key Facts
11.3.2. Business Description
11.3.3. Products and Services
11.3.4. Financial Overview
11.3.5. SWOT Analysis
11.3.6. Key Developments
11.4. DE MONCHY AROMATICS LIMITED
11.4.1. Key Facts
11.4.2. Business Description
11.4.3. Products and Services
11.4.4. Financial Overview
11.4.5. SWOT Analysis
11.4.6. Key Developments
11.5. EDENS GARDEN INC.
11.5.1. Key Facts
11.5.2. Business Description
11.5.3. Products and Services
11.5.4. Financial Overview
11.5.5. SWOT Analysis
11.5.6. Key Developments
11.6. PHYTO LIFE SCIENCES P. LTD.
11.6.1. Key Facts
11.6.2. Business Description
11.6.3. Products and Services
11.6.4. Financial Overview
11.6.5. SWOT Analysis
11.6.6. Key Developments
11.7. PRIME NATURAL BEAUTY
11.7.1. Key Facts
11.7.2. Business Description
11.7.3. Products and Services
11.7.4. Financial Overview
11.7.5. SWOT Analysis
11.7.6. Key Developments
11.8. PRIME NATURAL BEAUTY
11.8.1. Key Facts
11.8.2. Business Description
11.8.3. Products and Services
11.8.4. Financial Overview
11.8.5. SWOT Analysis
11.8.6. Key Developments
11.9. SCENTS OF EARTH LLC.
11.9.1. Key Facts
11.9.2. Business Description
11.9.3. Products and Services
11.9.4. Financial Overview
11.9.5. SWOT Analysis
11.9.6. Key Developments
11.10. TRIVITA, INC.
11.10.1. Key Facts
11.10.2. Business Description
11.10.3. Products and Services
11.10.4. Financial Overview
11.10.5. SWOT Analysis
11.10.6. Key Developments

12. APPENDIX
12.1. ABOUT THE INSIGHT PARTNERS
12.2. GLOSSARY OF TERMS
The List of Companies

1. AOS Products Private Limited
2. Aromaaz International
3. Avi Natural
4. De Monchy Aromatics Limited
5. Edens Garden Inc.
6. Phyto Life Sciences P. Ltd.
7. Prime Natural Beauty
8. Prime Natural Beauty
9. Scents of Earth LLC.
10. TriVita, Inc.

The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

  1. Data Collection and Secondary Research:

As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.

Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.

  1. Primary Research:

The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.

For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.

A typical research interview fulfils the following functions:

  • Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
  • Validates and strengthens in-house secondary research findings
  • Develops the analysis team’s expertise and market understanding

Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:

  • Industry participants: VPs, business development managers, market intelligence managers and national sales managers
  • Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.

Below is the breakup of our primary respondents by company, designation, and region:

Research Methodology

Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.

  1. Data Analysis:

Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.

  • 3.1 Macro-Economic Factor Analysis:

We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.

  • 3.2 Country Level Data:

Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.

  • 3.3 Company Profile:

The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.

  • 3.4 Developing Base Number:

Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.

  1. Data Triangulation and Final Review:

The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.

We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.

We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.

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