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.To Get Report Page: https://www.coherentmarketinsights.com/market-insight/frankincense-extracts-market-1889
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.
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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.