Global Frankincense Essential Oil Market by Grade Type (95%), By Application (Research Uses, Drug Formula, Dietic Foods, Cosmetics, & Other Applications) and by Region – Global Forecast to 2033

MarketResearch.biz announces the publication of its most recently generated research report titled, “Global Frankincense Essential Oil Market by Grade Type (<85%, 85%-90%, 90%-95%, & >95%), By Application (Research Uses, Drug Formula, Dietic Foods, Cosmetics, & Other Applications) and by Region – Global Forecast to 2028”, which offers a holistic view of the global frankincense essential oil market through systematic segmentation that covers every aspect of the target market. The Global Frankincense Essential Oil Market is projected to be US$ 222.8 Mn in 2020 to reach US$ 406.1 Mn by 2030 at a CAGR of 7.7%.

Frankincense is made from the tough Boswellia tree by cutting the bark and hardening the resin. It is believed that traditional medicine has multiple properties, including anti-inflammatory, expectorant, antiseptic, and even anti-anxiety and anti-neuropathy effects. It is mainly found in very few areas of India and Pakistan, and Yemen and Oman. The word Frankincense is derived from the French word "france-encens" (meaning "high-quality incense"). It can be used for various purposes such as medicine, spirituality and cosmetics. Frankincense essential oil is used in fragrance applications as well as fragrance applications. It is obtained through a steam distillation process using tree resin.

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Global Frankincense Essential Oil Market Revenue (US$ Mn), 2020–2030During the forecast period, the pharmaceutical industry's increasing use of several drugs to prepare drugs is also expected to promote market growth. Since Boswellia has medicinal properties for the treatment of these diseases, it is estimated that the growth of the elderly population suffering from joint diseases and hypertension will drive the growth of the global market. Frankincense helps treat itching, insomnia and some respiratory diseases. The rapid prevalence of skin, sleep and respiratory diseases in the population is also expected to drive the growth of the target market. Increasing demand for perfumes and fragrances is another factor that is expected to drive the growth of the frankincense oil market.

Changing atmospheric and climatic conditions also have an adverse effect on the growth of trees and Insufficient supply of raw materials, reduced frankincense trees and over-cutting which may hinder the supply of raw materials and affect their prices.

The emerging applications of frankincense oil in the treatment of pancreatic cancer, such as its ability to inhibit the viability of human pancreatic cancer cell lines and induce their apoptosis. Recent studies have shown that crude essential oil prepared by water distillation of Boswellia serrata gum resin may be a useful alternative therapeutic agent for the treatment of patients with pancreatic adenocarcinoma, which is an aggressive cancer with poor prognosis. This factor is expected to provide substantial opportunities for major players in the market to increase their penetration and market share.

Global frankincense essential oil market is segmented based on grade type, application, and region. Based on grade type, the market is segmented into <85%, 85%-90%, 90%-95%, & >95%. The >95 segment accounts for the majority share and is expected to witness significant share in terms of revenue over the forecast period. Based on application, the market is segmented into research uses, drug formula, dietic foods, cosmetics, & other applications. The cosmetics segment accounts for significant revenue share whereas the dietic foods segment is projected to register significant CAGR in the next coming years.

Global Frankincense Essential Oil Market Attractiveness Analysis by Form, 2020–2030

By region, the market is segmented into United States, Europe, Japan, China, India, Southeast Asia, Rest of the world. Based on region, Europe estimated to account for major revenue share and is projected to dominate the global frankincense essential oil market owing to the increase in spending power of customers.

The research report on the global frankincense essential oil market includes profiles of some of the major companies such as Ambe Phytoextracts Private Limited, Aromaaz International, Katyani Exports, Lala Jagdish Prasad & Company, Kanta Enterprises Private Limited, BO International, Shaanxi Orient Industrial Co., Ltd, Xian Fengzu Biotechnology Co., Ltd, doTERRA International, Rocky Mountain Oils.

Global Frankincense Essential Oil Market Segmentation:

By Grade Type

• <85%
• 85%-90%
• 90%-95%
• >95%

By Application

• Research Uses
• Drug Formula
• Dietic Foods
• Cosmetics
• Other Applications

By Region

• North America
• Europe
• APAC
• South America
• Asia