Frankincense extracts are resinous extracts obtained from boswellia trees that have been used for centuries in incense and traditional medicine applications. The extracts contain active compounds known as boswellic acids that have shown therapeutic properties such as anti-inflammatory, antioxidant, anticancer, antiarthritic and wound healing effects. Frankincense extracts find wide application in pharmaceutical and nutraceutical products for conditions like arthritis, asthma, eczema, Crohn's disease and some cancers. The global frankincense extracts market value is estimated at US$ 327.6 Mn in 2023 and is gaining significant traction from its growing use in anti-aging creams and natural healing products.

The global Frankincense Extracts Market is estimated to be valued at US$ 327.6 Mn in 2023 and is expected to exhibit a CAGR of 3.0%  over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:
The wide range of therapeutic applications of frankincense extracts is one of the key drivers propelling the market growth. The active boswellic acid compounds present show anti-inflammatory and antioxidant properties that help in conditions like arthritis, asthma, Crohn's disease, certain cancers etc. This is increasing its demand in pharmaceutical as well as nutraceutical products. Further, the growing preference for natural and herbal medicines is also fueling the adoption of frankincense extracts in various medicinal formulations. The other driver for this market is its usage in personal care and cosmetic products like anti-aging creams where it helps reduce signs of aging due to anti-inflammatory qualities. Its healing properties also make it useful in products meant for conditions like acne, rashes and blemishes.

SWOT Analysis

Strength: Frankincense extracts have significant health benefits which increases its demand. Its anti-inflammatory and antioxidants properties help boost immune system. It is also used for reducing stress and anxiety. It has therapeutic properties which helps in the treatment of various medical conditions like arthritis and digestive issues.

Weakness: Frankincense extracts are expensive to produce due to difficulties in cultivation and harvesting of Boswellia trees. Inclement weather conditions and climate change also poses threats to cultivation. Excessive consumption of frankincense extracts can cause side effects like diarrhea and stomach upset in some individuals.

Opportunity: Increasing consumer awareness about health benefits of natural products provides opportunities for growth of frankincense extracts market. Rising demand for herbal supplements and essential oils in dietary and personal care products expands its application scope. Growing Ayurvedic and naturopathy industries also fuels the usage of frankincense extracts.

Threats: Substandard products available in market can harm brand reputation. Dependence on single source region for supplies exposes to supply chain disruptions. Slow economic growth and high input costs are challenges faced. Alternative therapeutic options limit complete dependence.

Key Takeaways

The global Frankincense Extracts Market Share is expected to witness high growth over the forecast period. Advancements in extraction technologies and growing distribution networks will aid the market expansion. The global Frankincense Extracts Market is estimated to be valued at US$ 327.6 Mn in 2023 and is expected to exhibit a CAGR of 3.0%  over the forecast period 2023 to 2030.

North America accounts for the largest revenue share currently due to higher health consciousness and expenditure on natural supplements. However, Asia Pacific region is projected to emerge as the fastest growing market owing to expanding Ayurvedic and herbal products industries in India and China. Countries like India, China, Japan and South Korea are major domestic markets. Growing preferences for herbal alternatives to allopathic medicines and cosmetic ingredients drives higher consumption.

Key players
Key players operating in the Frankincense Extracts market are ASLAN Pharmaceuticals, Takeda Pharmaceutical Company Limited, CHIESI Farmaceutici S.p.A., CSL, NIOX, Fountain Therapeutics, Eli Lilly and Company, GSK plc., Infinity Pharmaceuticals, Inc., Mabtech, Kineta Inc., Marinomed Biotech AG, Mycenax Biotech Inc., AstraZeneca, and Panacea Biotec.

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