Global Frankincense Essential Oil Market is estimated to be US$ 445.23 million by 2030 with a CAGR of 7.3% during the forecast period

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Published Date: May 2023

Frankincense Essential Oil Market accounted for US$ 222.8 million in 2020 and is estimated to be US$ 445.23 million by 2030 and is anticipated to register a CAGR of 7.3%. For a long time, Frankincense, also known as Boswellia serrata, has been used to treat inflammatory illnesses. It contains additional pentacyclic triterpenic acids, in addition to - and -boswellic acid that reduce pro-inflammatory activities by inhibiting 5-lipoxygenase and cyclo-oxygenase. However, according to a recent systematic assessment of the literature, only seven randomised clinical trials of boswellia therapy for any human disease have shown some evidence of clinical benefit. Despite the fact that frankincense essential oil (FREO) is becoming more popular in skin care, research on its biological activity in human skin cells is limited, if not non-existent.

The report " Global Frankincense Essential Oil Market, By Nature (Organic, and Conventional), By Distribution Channel (Direct, and Indirect), By End User (Cosmetic and Personal Care Industry, Pharmaceuticals Industry, Food Industry, and Household) and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Trends, Analysis and Forecast till 2029’’

Key Highlights:

In September 2021, Saje Natural Wellness, based in Vancouver, has introduced a new line of skincare products. The lotion, which contains hyaluronic acid, rosehip oil, rose otto, and frankincense, hydrates the skin without being too thick or greasy.

Analyst View:

The rising use of many medications in the pharmaceutical sector to create drugs is also projected to boost market growth. The target market's growth is also predicted to be fueled by the rising prevalence of skin, sleep, and respiratory ailments in the population. Another factor that is predicted to fuel the expansion of the frankincense oil market is the rising demand for perfumes and fragrances. Changing meteorological and climatic circumstances have a negative impact on tree development, as well as an insufficient supply of raw materials, fewer frankincense trees, and over-cutting, all of which can stymie raw material supplies and raise costs.

Browse 60 market data tables* and 35 figures* through 140 slides and in-depth TOC on “Global Frankincense Essential Oil Market, By Nature (Organic, and Conventional), By Distribution Channel (Direct, and Indirect), By End User (Cosmetic and Personal Care Industry, Pharmaceuticals Industry, Food Industry, and Household) and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Trends, Analysis and Forecast till 2029.”

Key Market Insights from the report:

Global Frankincense Essential Oil Market accounted for US$ 222.8 million in 2020 and is estimated to be US$ 445.23 million by 2030 and is anticipated to register a CAGR of 7.3%. Global Frankincense Essential Oil market is segmented into nature, distribution channel, end-user and region.

Based on Nature, the Global Frankincense Essential Oil Market is segmented into Organic, and Conventional.
Based on Distribution Channel, the Global Frankincense Essential Oil Market is segmented into Direct, and Indirect.
Based on End-user, the Global Frankincense Essential Oil Market is segmented into Cosmetic and Personal Care Industry, Pharmaceuticals Industry, Food Industry, and Household.
By Region, the Global Frankincense Essential Oil Market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Europe is expected to account for major revenue share as compared to that of other regions.

Competitive Landscape & their strategies of Global Frankincense Essential Oil Market:

The key players in the global Frankincense Essential Oil market includes ambe phytoextracts private limited, Aromaaz international, Ava plant co., ltd., Bo international, Cn lab, asian group, Ecuadorian rainforest, llc., AOS Products Private Limited, Herblink biotech corporation, Kanta enterprises private limited, and Majestic Pure.

The market provides detailed information regarding the industrial base, productivity, strengths, manufacturers, and recent trends which will help companies enlarge the businesses and promote financial growth. Furthermore, the report exhibits dynamic factors including segments, sub-segments, regional marketplaces, competition, dominant key players, and market forecasts. In addition, the market includes recent collaborations, mergers, acquisitions, and partnerships along with regulatory frameworks across different regions impacting the market trajectory. Recent technological advances and innovations influencing the global market are included in the report.

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Some Important Points Answered in this Market Report Are Given Below:

Explains an overview of the product portfolio, including product development, planning, and positioning
Explains details about key operational strategies with a focus on R&D strategies, corporate structure, localization strategies, production capabilities, and financial performance of various companies.
Detailed analysis of the market revenue over the forecasted period.
Examining various outlooks of the market with the help of Porter’s five forces analysis, PEST & SWOT Analysis.
Study on the segments that are anticipated to dominate the market.
Study on the regional analysis that is expected to register the highest growth over the forecast period

Market Purview

Market Dynamics, Regulations, and Trends Analysis
- Market Dynamics
  - Drivers
  - Restraints
  - Market Opportunities
  - Market Trends
- DR Impact Analysis
- PEST Analysis
- Porter’s Five Forces Analysis
- Opportunity Orbit
- Market Investment Feasibility Index
- Macroeconomic Factor Analysis
- Market Estimation
- Top-Down Approach
  - Approach for estimating Market Share by Top-Down Analysis (Supply Side)
- Bottom-Up Approach
  - Approach for estimating market share by Bottom-up Analysis (Demand Side)
- Market Breakdown and Data Triangulation
- Research Assumptions