Frankincense, also known as olibanum, is obtained from the trees of genus boswellia belonging to the Burseraceae family, which is widely used in perfumes and incense. These trees produce resins and are native to northern Somalia, South Yemen, Ethiopia, and Oman. Frankincense extracts is majorly produced in Ethiopia and Somalia which is propelling the growth of frankincense extracts market in Africa. Frankincense extract increases the effects herbs and supplements. Frankincense extracts are good for healthy skin and digestion. It also has medical properties and is used for treating arthritis and various chronic inflammatory diseases such as asthma, allergies, and inflammatory bowel disease. Such applications in turn, are expected to fuel growth of the frankincense extracts market over the forecast period.
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Among product types, the pharmaceutical grade segment is expected to account for the largest market share over the forecast period. This is majorly attributed to the large medicinal applications of frankincense extract, owing to its antioxidant, astringent, cytophylactic, and disinfectant properties. Among applications, the skin care segment is expected to account for a significant revenue share over the forecast period due to increasing consumer preference towards maintaining aesthetic appeal. Additionally, increasing prevalence of skin-related problems such as acne and eczema, owing to use of synthetic beauty products is in turn, propelling growth of the frankincense market. According to Centers for Disease Control and Prevention (CDC), eczema and skin problems in the U.S. was 7.2% in 2012, which increased to 11.6% in 2014.
Frankincense may cause gastrointestinal distress such as stomach pain, nausea, and hyperacidity. This in turn, poses as a major factor hampering growth of the frankincense extracts market.
Asia Pacific holds the fastest-growing market for frankincense extracts owing to growing pharmaceutical industry. According to Indian Brand Equity Foundation (IBEF), pharmaceutical industry is the third-largest industry in India in terms of volume and accounted for 20% of the global pharmaceutical industry in 2017. The pharmaceutical market is expected to increase to US$ 55 billion by 2020. Also, the government is involved in various initiatives to promote the pharmaceutical sector in India. For instance, the Department of Biotechnology received US$ 333.3 million in the Union Budget 2017-18, to implement the department’s national biotech strategy. Furthermore, in India, 30.8 tons and 49.3 tons of frankincense were exported and imported respectively during 2014-15.
Europe is expected to hold the dominant market for frankincense extracts, in terms of revenue, over the forecast period. This growth is primarily driven by increasing demand for aromatherapy, as it is used to relieve stress and anxiety. According to Centre for the Promotion of Imports (CBI), an agency of the Netherlands Ministry of Foreign Affairs, Europe is the largest market for essential oils and one of the key markets for aromatherapy. The aromatherapy market is expected to reach US$ 8 billion by 2026 globally. Furthermore, various players are focused on launching new products to expand their product portfolio. For instance, in May 2017, Neal’s Yard Remedies Ltd., launched Frankincense Intense Lift Serum, to help people reduce stress by promoting a sense of relaxation and wellbeing through the aromatic benefits of frankincense oil and frankincense resin extracts.
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In India, the frankincense export was valued at US$ 158.6 thousand and import was valued at US$ 167.7 thousand during 2014-15.
Some of the key players operating in the global frankincense extracts market are De Monchy Aromatics Limited, AOS Products Private Limited, TriVita, Inc., Edens Garden Inc., Prime Natural Beauty, and Phyto Life Sciences P. Ltd.
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