Frankincense Essential Oil Market Projected To Touch CAGR Of 7.7% By 2030

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%. The first five-year cumulative revenue (2020–2024) is projected to be over US$ 1.2 Bn, which is estimated to increase moderately over the latter part of the five-year forecast period.

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: Market Dynamics

During 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.

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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: Market Forecast

The comprehensive research report comprises a complete forecast of the global frankincense essential oil market based on factors affecting the market and their impact in the foreseeable future. According to the forecast projections, revenue from the global frankincense essential oil market is estimated to expand at a moderate CAGR of 7.7% during the forecast period.

Global Frankincense Essential Oil Market: Segmental Snapshot

The market report has been segmented on the basis of grade type, application, and region. The grade type segment includes <85%, 85%-90%, 90%-95%, & >95%. The application segment includes research uses, drug formula, dietic foods, cosmetics, & other applications. The region covered in the analysis are North America, China, Europe, Japan, Southeast Asia, Rest of the World.

By grade type: The >95 segment is expected to register a CAGR of over 9.1%, thereby accounting for highest revenue share among the grade type segments.

By application: The cosmetics segment is expected to register a CAGR of over 8.4% over the forecast period, thereby accounting for highest revenue share among the application segments.

By region: The market in North America accounted for highest revenue share in the global frankincense essential oil market in 2020, and is estimated to register a CAGR of over 7.9% between 2020 and 2030.

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Global Frankincense Essential Oil Market: Competitive Analysis

The research report on the global frankincense essential oil market includes profiles of 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.

The Global Frankincense Essential Oil Market: Global Industry, Size, Share, Growth, Trends, and Forecast, 2020–2030 report has been prepared based on an in-depth market analysis with inputs from industry experts. This report covers the present scenario and the growth prospects of the global Frankincense Essential Oil Market for 2020–2030.