by The frankincense extracts market has witnessed significant growth over the past few years owing to the wide applications of frankincense extracts in personal care and fragrance industries. Frankincense extracts (Boswellia species) are extracted from the resin of Boswellia trees which find applications in products such as skincare creams, perfumes, and home fragrances. The essential oil obtained from frankincense possesses anti-inflammatory, antioxidant, and anti-aging properties. This makes it highly suitable for use in products such as anti-aging creams, face serums, and massage oils. Additionally, frankincense extracts help relieve stress and promote relaxation, thus aiding its adoption in aromatherapy products.
The global frankincense extracts market is estimated to be valued at US$ 377.4 Mn in 2024 and is expected to exhibit a CAGR of 7.4% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the frankincense extracts market are Caterpillar, Inc., Deere & Company, Komatsu Ltd., Mahindra Construction Equipment, Volvo Construction Equipment, J C Bamford Excavators Ltd., Terex Corporation, CNH Industrial NV, Manitou Group, Action Construction Equipment Ltd., and Hitachi Construction Machinery Co., Ltd.
The key opportunities in the Frankincense Extracts Market Demand include growing demand from emerging economies in Asia Pacific and Latin America. Additionally, increasing application of frankincense extracts in premium skin and hair care products presents lucrative growth prospects.
Growing awareness regarding the therapeutic properties of frankincense extracts along with expansion of e-commerce channels is also expected to support the global expansion of the frankincense extracts market over the forecast period.
Market Drivers
The global frankincense extracts market is projected to grow at a steady pace over the forecast period. One of the key drivers for this market is the expansion of personal care industry. Growing consciousness among consumers regarding the use of natural and herbal ingredients in personal care products is propelling the demand for frankincense extracts in anti-aging creams, serums, and other skin care products. Additionally, increased disposable income and changing lifestyles are also augmenting the demand for premium personal care brands incorporating natural ingredients such as frankincense extracts.
PEST Analysis
Political: The frankincense extracts market is influenced by regulations on the import and export of raw materials used to produce frankincense extracts. Governments in key producing countries can influence local production and supply through trade policies.
Economic: Factors such as changes in disposable consumer incomes and spending patterns have an impact on the demand for aromatherapy and wellness products containing frankincense extracts. Fluctuations in raw material costs also affect manufacturers.
Social: Growing consumer awareness about the perceived benefits of frankincense extracts in areas such as skincare, pain relief, and spiritual practices is a key driver of market growth. Adoption of natural and herbal products continues to increase in popularity.
Technological: Advances in extraction techniques help players develop new product forms and expand applications. Manufacturers are investing in innovation to differentiate offerings and create customized formulations for different end-use industries.
Geographical regions where the market is concentrated in terms of value include North America and Europe. Both regions account for over 60% of the global market value due to high demand for aromatherapy and wellness products.
The fastest growing regional market for frankincense extracts is Asia Pacific excluding Japan. Increasing disposable incomes, rising health awareness, and growth in cosmetics and personal care industries are fueling sales across developing economies in the region.
