by Frankincense extracts have been used in religious rituals and cosmetic formulations for ages due to their anti-inflammatory, anti-depressant and anti-tumor properties. Frankincense extracts are increasingly being used in applications such as pharmaceuticals, personal care products and aromatherapy owing to their therapeutic benefits. Frankincense extracts contain boswellic acid that help relieve symptoms of cancer, arthritis, asthma, depression, digestive issues, and skin conditions. They are also used in soaps, creams and lotions to treat various skin issues like acne, wrinkles, blemishes etc. Growing demand for natural ingredients in cosmetics and pharmaceutical formulations along with rising popularity of aromatherapy are majorly driving the demand for frankincense extracts.
The global Frankincense Extracts Market is estimated to be valued at US$ 327.6 Mn in 2023 and is expected to exhibit a CAGR of 3.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends
The key trend gaining traction in the frankincense extracts market is its increasing usage in aromatherapy. Frankincense essential oil extracted from resin is widely used in aromatherapy owing to its calming and relaxing properties. It helps relieve stress, anxiety and promotes better sleep. Growing health awareness has propelled demand for alternative therapies like aromatherapy. Manufacturers are increasingly offering frankincense-infused candles, diffusers and room sprays for aromatherapy. They have also launched blended essential oils containing frankincense extracts to target specific health conditions like depression and pain. Rising popularity of aromatherapy as a convenient and economical wellness option is expected to drive the demand for frankincense extracts over the forecast period.
Porter’s Analysis
Threat of new entrants: Low barrier to entry but established brands dominate the market.
Bargaining power of buyers: Large buyers can negotiate lower prices but suppliers have strong brand identity.
Bargaining power of suppliers: Few suppliers control majority of supply but buyers have alternatives from other suppliers.
Threat of new substitutes: Potential threat from alternative wellness products but loyalty towards frankincense extracts.
Competitive rivalry: Intense competition among existing players to win market share through product innovation.
Key Takeaways
The global Frankincense Extracts Market Share is expected to witness high growth. The global Frankincense Extracts Market is estimated to be valued at US$ 327.6 Mn in 2023 and is expected to exhibit a CAGR of 3.0% over the forecast period 2023 to 2030.
The Asia Pacific region currently dominates the market due to a high consumer base and rising awareness. Countries like India and China are the major markets in the region.
Key players operating in the frankincense extracts market are ASLAN Pharmaceuticals, Takeda Pharmaceutical Company Limited, CHIESI Farmaceutici S.p.A., CSL, NIOX, Fountain Therapeutics, Eli Lilly and Company, GSK plc., Infinity Pharmaceuticals, Inc., Mabtech, Kineta Inc., Marinomed Biotech AG, Mycenax Biotech Inc., AstraZeneca, and Panacea Biotec.
The global frankincense extracts market is expected to witness high growth. Established players are focusing on product innovation and market expansion strategies to strengthen their market share. For instance, in 2021, ASLAN Pharmaceuticals received an orphan drug designation from the US FDA for its drug candidate ‘ASLAN004’ for biliary tract cancer.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
