The Frankincense Extract Market size is valued at USD 303.75 Million in 2022 and is forecasted to grow at a CAGR of 8.5% from 2023 to 2029, reaching nearly USD 537.67 Million.
Frankincense Extract Market Overview:
This Frankincense Extract Market study looks at current and emerging industry trends and dynamics in the global Frankincense Extract Market. Frankincense Extract Extensive Market forecasting for the major Market segments is carried out between 2021 and 2027. Extensive Frankincense Extract Market analysis is carried out by closely monitoring key product positions and the main competitors in the Market framework. To understand the competitive landscape of the worldwide Frankincense Extract Market, key players are profiled and their strategies are thoroughly evaluated.
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Market Scope:
The analysis contains a current examination of the present Frankincense Extract Market landscape, as well as the most recent trends and drivers, as well as an overview of the entire Frankincense Extract Market environment. Increased demand for Frankincense Extract is driving the Market. The Market research examines the technology, end-user, and type categories, among other things, as well as the geographical landscape.
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Segmentation:
The Frankincense Extract Market is divided into Powder, Oil, and Resin segments based on Product Type. With a 45% market share in 2022, the powder sector will be the largest. Due to the rising demand for frankincense extract in the food and beverage sector, growth in the powder segment is anticipated. The demand for frankincense extract, which is used as a fragrance and moisturiser in the cosmetics and personal care business, is rising, which is causing the oil category to expand. The resin market is expanding due to the aromatherapy industry’s rising demand for frankincense extract, which is utilised as a diffuser oil.
The Frankincense Extract Market is divided into five categories, including Food & Beverage, Cosmetics & Personal Care, Aromatherapy, Pharmacological, and Others, according to Application. With a market share of over 30% in 2022, the food and beverage segment will continue to dominate the frankincense extract market as demand for natural and organic components rises in this sector. With a market share of more than 25% in 2022, the cosmetics and personal care segment will be the second largest in the frankincense extract market. Natural frankincense extract provides a number of advantages, including anti-inflammatory, antibacterial, and anxiolytic qualities. Other portions follow in the same order.
The market for frankincense extract is divided into three categories, including premium, standard, and economy. Due to the rising demand for high-quality frankincense extract from the cosmetics & personal care and pharmaceutical industries, the premium grade category will account for more than 35% of the frankincense extract market in 2022. Due to the rising demand for frankincense extract from the food and beverage and aromatherapy industries, the standard grade category is the second largest section of the frankincense extract market, accounting for a market share of 40% in 2022. Due to rising industrial and agricultural demand for frankincense extract, the economy grade market is expanding.
1. Frankincense Extract Market Size and Forecast, by Product Type (2022-2029)
1. Powder
2. Oil
3. Resin
2. Frankincense Extract Market Size and Forecast, by Application (2022-2029)
1. Food & Beverage
2. Cosmetics & Personal Care
3. Aromatherapy
4. Pharmacological
5. Others
3. Frankincense Extract Market Size and Forecast, by Quality Grade (2022-2029)
1. Premium
2. Standard
3. Economy
4. Frankincense Extract Market Size and Forecast, by Distribution channel (2022-2029)
1. Direct
2. Indirect
Key Players:
The Market research report provides comprehensive quantitative insights that provide a clear picture of the worldwide Market potential in a variety of categories, as well as country-by-country analyses in each covered topic. The analysis investigates the Market’s major influencing factors, as well as complete company profiles of
1. doTERRA
2. Young Living
3. Mountain Rose Herbs
4. Edens Garden
5. Plant Therapy
6. Now Foods
7. Aura Cacia
8. Rocky Mountain Oils
9. Nature’s Fusions
10. Plant Guru
11. Healing Solutions
12. Radha Beauty
13. Majestic Pure
14. ArtNaturals
15. Fabulous Frannie
16. Gya Labs
17. Prime Natural
18. Plantlife
19. Aromatics International
20. Florihana
21. Ovvio Oils
22. Miracle Botanicals
23. Essential Depot
24. Bulk Apothecary
25. Avíanō Botanicals
26. Eden Botanicals
27. Veriditas Botanicals
28. Native American Nutritionals
29. Rocky Mountain Oils
30. Scents of Earth
Regional Analysis:
Individual Market influencing variables and changes in Market laws that impact present and future Market trends are also included in the regional segment of the Market study. Data points such as downstream and upstream value chain analysis, technology trends, porter’s five forces analysis, and case studies are just a few of the indicators utilized to anticipate Market scenarios for various industries. When examining projection data for the region, the existence and availability of global players, as well as the obstacles they face as a result of substantial or low to none competition from local and domestic brands, are all taken into account.
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COVID-19 Impact Analysis on Frankincense Extract Market:
The COVID-19 epidemic has had a significant impact on the global Frankincense Extract industry. Frankincense Extract Production facilities were halted due to the global economic slump and a lack of manpower. The COVID-19 pandemic has led to a significant and extended drop in production utilization, and travel prohibitions and facility closures have kept personnel away from their facilities, causing the Market to decelerate in 2020. The negative impact of COVID-19 on the Market, on the other hand, is expected to be transitory, and the sector is expected to revive significantly by early 2021, owing to increased demand for Frankincense Extract.
Key Questions Answered in the Frankincense Extract Market Report are:
- Which segment was responsible for the largest share in the Frankincense Extract Market?
- How was the competitive scenario of the Market in 2020?
- Which are the key factors responsible for the Market growth?
- Which region held the maximum share in the Frankincense Extract Market in 2020?
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