Seattle, WA -- (SBWire) -- 11/15/2019 --Frankincense, also referred to as olibanum, belongs to the Burseraceae family. Basically, it is an aromatic resin that is widely used in perfumes and incense. Frankincense extracts are majorly produced in Ethiopia and Somalia which is propelling the growth of frankincense extracts market in Africa. Its extracts have numerous health benefit and are good for digestion and health. It also has other medical properties such as it can be used for treating arthritis and other chronic inflammatory diseases such as asthma, allergies, and inflammatory bowel disease. Such applications, in turn, are projected to propel the market growth of the frankincense extracts market over the forecast period.

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Among product types, the pharmaceutical grade segment is expected to account for the largest market share over the forecast period and this can be attributed to the large medicinal applications of frankincense extract, owing to its antioxidant, astringent, cytophylactic, and disinfectant properties. By applications, the skincare segment is projected to hold significant revenue share over the forecast period owing to growing consumer preference towards maintaining healthy skin. In addition to this rising prevalence of skin-related problems such as acne and eczema is further expected to fuel the growth of the frankincense market. According to the Centers for Disease Control and Prevention (CDC), eczema and skin problems in the U.S. were 7.2% in 2012, which increased to 11.6% in 2014.

On the other hand, side-effects associated with the use of Frankincense may cause gastrointestinal distress such as stomach pain, nausea, and hyperacidity, which is expected to hamper the growth of frankincense extracts market.

The Asia Pacific accounted for the fastest-growing market for frankincense extracts owing to expanding pharmaceutical industry. According to the Indian Brand Equity Foundation (IBEF), the pharmaceutical industry is the third-largest industry in India in terms of volume and accounted for 20% of the global pharmaceutical industry in 2017. The pharmaceutical market is expected to increase to US$ 55 billion by 2020. Also, the government is involved in various initiatives to promote the pharmaceutical sector in India. For instance, the Department of Biotechnology received US$ 333.3 million in the Union Budget 2017-18, to implement the department's national biotech strategy. Furthermore, in India, 30.8 tons and 49.3 tons of frankincense were exported and imported respectively during 2014-15.

Europe is projected to hold the dominant position in frankincense extracts market, in terms of revenue, over the forecast period and this can be credited to rising demand for aromatherapy, as it is used to relieve stress and anxiety. According to the Centre for the Promotion of Imports (CBI), an agency of the Netherlands Ministry of Foreign Affairs, and Europe is the largest market for aromatherapy. The aromatherapy market is expected to reach US$ 8 billion by 2026 globally. Moreover, various players in the region are increasing their focus on introducing new products to expand their product portfolio. For instance, in May 2017, Neal's Yard Remedies Ltd., launched Frankincense Intense Lift Serum, to help people reduce stress by promoting a sense of relaxation and wellbeing through the aromatic benefits of frankincense oil and frankincense resin extracts.

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In India, the frankincense export was valued at US$ 158.6 thousand and import was valued at US$ 167.7 thousand during 2014-15.

Major Players in the Global Frankincense Extracts Market
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.

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