Frankincense is also known as olibanum, which is an oleogum-resin which comes from the tree known as Boswellia sacara, which is native to the India and Pakistan are also found in few parts of Oman and Yemen. The term frankincense comes from an old French word known as “franc encens,” which means quality incense. Frankincense oil has a spicy and woody aroma which is perfect for spiritual connectedness. The frankincense oil helps in the maintenance of radiant skin. The frankincense oil market is growing at a meteoric growth as the product has great potential in the pharmaceutical industry. The frankincense oil has a tremendous demand from the European market owing to the health benefit it offers and the ease of availability of the product in the market.
The demand for frankincense market has experienced a steady growth in the past couple of decades. The global frankincense market is expected to be driven by increasing awareness regarding the benefits of frankincense oil, such as the promotion of healthy cell regeneration, lowering joint pain, lowering blood pressure and stress among the consumers. However, the benefits are not just limited to cardiovascular health. Research shows that frankincense oil helps in reducing itching problems, eradicate arthritis pain and inflammation, and promotes sleep & prevent insomnia. Moreover, online retailers are offering frankincense oil products to consumers through detailed catalogues. Moreover, online stores offer frankincense oil at competitive pricing along with other lucrative offers or coupons as well as easy instalment schemes. All these benefits combined are expected to act as positive factors driving the growth of the global frankincense oil market over the forecast period. In addition, convenience associated with easy access and payment options for online purchases, free home delivery and return or exchange policy are other factors expected to drive the growth of the frankincense oil market to a significant extent. Furthermore, spending on R&D has been increasing, as global manufacturers are now facing competition from the regional players. The pace at which new technologies are impacting the food sector is high, and it has become necessary for manufacturers to increase the speed and scale of their R&D efforts, hence boosting the sale of frankincense oil in the global market.
The regional segment for the market of frankincense oil is divided into seven different regions: Western Europe, North America, Eastern Europe, Latin America, APEJ, Middle East & Africa and Japan. Western Europe, being a mature market, is expected to lead in the global frankincense oil market. While APEJ region is estimated to account the highest CAGR, owing to a larger consumer base, combined with a higher number of retail outlets than any other region. Moreover, North America estimated to closely follow Western Europe in terms of market share, but is expected to register lower CAGR than most of the developing regions, owing to a mature market and consumer base. The Latin America and Japan markets are expected to grow significantly over the forecast period, but are anticipated to account for a lower growth rate than the APEJ region, owing to a greater number of emerging economies in APEJ.
The key player in the frankincense oil market only includes NOW Health Group, Inc., Edens Garden Oil Company, Young Living Essential Oils LC, Khadi Natural HealthCare, Plant Therapy Inc., Nature’s Sunshine Products Inc. and Syscom Consumer Products Pvt. Ltd among others.