Frankincense Essential Oil Market Growth To Be Driven By The Increasing Research Uses Activities Across The Globe
Pune, Maharashtra, November 14, 2019 (Wired Release) Prudour Pvt. Ltd. Frankincense is produced from hardy Boswellia trees, by slashing the barks and allowing the resin to harden. The traditional medicine is believed to have several properties including anti-inflammatory, expectorant, antiseptic, and even anxiolytic and anti-neurotic effect. It is primarily found in India and Pakistan and very few parts of Yemen and Oman. The word Frankincense arises from the French word “franc-encens” – meaning – quality incense. It is used for its various applications like medicinal, spiritual and cosmetics. Frankincense essential oil is used for fragrance applications, as well as for perfumery applications. It is obtained by a steam distillation process where the tree resin is used. Frankincense oil smells fresher as well as sweeter, which also finds applications in air fresheners. It is also used in pharmaceuticals industries in large scale. However, it is harmful to when consumed without proper dilution.
The global frankincense essential oil market is projected to be US$ 193.4 Mn in 2018 to reach US$ 406.1 Mn by 2028 at a CAGR of 7.7%.
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Frankincense comes in several grades, and its quality is based on colour, purity, aroma, and age. Silver and Hojari are the uppermost grades of frankincense. Frankincense resin is eatable and frequently used in many traditional medicines in Asia for healthy skin and digestion. For internal consumption, edible frankincense must be pure, and it should be translucent without any black or brown impurities. It is light yellow with a (very) slight greenish tint. It is often chewed like gum, but it is stickier because it is a resin. Indian frankincense (Boswellia serrata), commonly referred to as dhoop in ayurvedic medicine, is used to treat arthritis, heal wounds, strengthen the female hormone system, and to purify the atmosphere from unwanted germs. Frankincense oil fumes repel the mosquitos to help the people and animals from mosquito-borne illnesses, such as malaria, Dengue Fever, and West Nile Virus can be Increasing geriatric population with joint and high blood pressure ailments is estimated to propel the growth of the global market, owing to medicinal properties of frankincense for treating these ailments.
Frankincense helps treat itching, insomnia, and a few respiratory ailments. Rapidly increasing prevalence of skin, sleep, and respiratory disorders amongst the population are also expected to fuel the growth of the target market.
However, the side effects of frankincense oil such as irritation, allergies, abdominal pain when consumed undiluted are factors likely to restrain the growth of the target market. Nonetheless, emerging applications of frankincense oil for treatment of pancreatic cancer such as its capability of suppressing viability and inducing apoptosis of a panel of human pancreatic cancer cell lines is expected to boost the demand for frankincense oil.
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Global frankincense essential oil market is segmented on the basis of grade type, application and region. On the basis of grade type, the market is segmented into 85%, 85%-90%, 90%-95%, 95%. The 95% accounts for the majority share in the global frankincense essential oil market. Also, 95% is expected to register the highest growth rate over the forecast period. On the basis of application, the market is segmented into research uses, Drug formula, Dietic foods, Cosmetics and Other. Cosmetics account for a majority share in the global frankincense essential oil market.
On the basis of region, the market is segmented into North America, China, Europe, Japan, Southeast Asia and Rest of the World. North America accounts for the majority share in the global frankincense essential oil market, followed by Europe. Southeast Asia is expected to register the highest growth rate over the forecast period followed by China due to increasing demand for fragrances and perfumes.
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The research report on the global frankincense essential oil market includes profiles of some of the major companies such as Ambe Phytoextracts Private Limited, Aromaaz International, Katyani Exports, Lala Jagdish Prasad and Company, Kanta Enterprises Private Limited, BO International, Shaanxi Orient Industrial Co., Ltd and doTERRA International.