As per study, “Global
Frankincense Oil Market Status (2015-2019) and Forecast (2020-2024) by
Region, Product Type & End-Use” some of the key companies working in the
global frankincense oil market areAsian Group, Harry Baba, Cn Lab Canada, Kanta
Enterprises Private Limited, Herblink Biotech Corporation, Karmotech, Koprulu
Makina Hirdavat Insaat Tarim Gida Biyo Enerji Kimya Sanayi Ve Ticaret Limited
Sirketi, Katyani Exports,Organic Herb Inc., Ngai Tin Enterprise - Chelsea, BO
International, Praveen Aroma Pvt Ltd, Xian Fengzu Biotechnology Co., Ltd., Zen
Supplements Ltd, Ambe Phytoextracts Private Limited, AVA Plant Co., Ltd., Shaanxi
Orient Industrial Co., Ltd., Zhong Tang (Dalian) Materials Co., Ltd.,Lala
Jagdish Prasad & Co., Nuvaria Ingredients, Aromaaz International, Ecuadorian
Rainforest, LLC.
Frankincense is an oleogum-resin, also called
olibanum. It is attained from the dried & distilled resin of the Frankincense
tree. Its main components are incensole, octyl acetate, octanol, incensole
acetate, alpha-pinene, and alpha-thujen. Its potent aroma can be defined as
earthy, woody, and spicy with a fruity nuance. It contains several properties
that stimulate the immune system, reduce feelings of anxiety, and diminish
signs of aging, among other demonstrated activities. It is also used as an
ingredient in incense, perfume and skin care products. In aromatherapy, the oil
is typically used for such conditions like Indigestion, Anxiety, cough, cold
and ulcers. It is also used to alleviate stress & relieve pain.
Based on type, frankincense oil market is segmented
into synthetic frankincense oil and natural frankincense oil. Based on
application, market is segmented into skin care, medicine, oral care and
others. Based on distribution channel, market is segmented into direct channel,
and indirect channel. The indirect segment is further sub-segmented into
specialty stores, drug store, modern trade, online stores
and other retail stores. In addition, based on end use industry, market is segmented
into therapeutic, cosmetic, food and others.
The frankincense oil market is driven by growth in
demand for organic & natural beauty products in both developed and
developing economies, followed by increase in awareness among consumers
regarding the benefits of frankincense oil such as lowering joint pain, the
promotion of healthy cell regeneration, lowering blood pressure &stress
among the consumers. However, limited availability of raw materials and
presence of local players may impact the market. Moreover, rise in disposable
income of the customers in developing economies is a key opportunity for
market. Furthermore, increase in investment in research & development
(R&D)among global producers and growth in adoption of online platform by
retailers to provide frankincense oil products to consumers are major trend for
market.
Based on geography, the Asian-Pacific region
dominates the frankincense oil market owing to rise in number of retail outlets
and large consumer base in the region. Whereas, the European and North-American
regions are estimated to witness higher growth rate due to mature market &
presence of key manufacturers and change in lifestyle of people over the
forecast period. In upcoming years, it is expected that the market will be
reached at rapid pace on account of rise in number of emerging economies during
the forecast period.
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Ken Research
Ankur Gupta, Head Marketing & Communications
Ankur@kenresearch.com
+91-9015378249
