Market Overview:
The global frankincense oil market is expected to grow at a CAGR of 5.5% during the forecast period from 2018 to 2030. The growth in the market can be attributed to factors such as rising demand for natural and synthetic frankincense oil in various applications, growing awareness about the benefits of frankincense oil, and increasing use of frankincense oil in aromatherapy. However, high cost of natural frankincense oil may restrain the growth of this market during the forecast period. On the basis of type, natural Frankincense Oil is expected to account for a larger share than synthetic Frankincense Oil in terms revenue generated by 2030 end owing to its numerous health benefits over synthetic counterparts which are often mixed with other chemicals that might not be good for human health.
Product Definition:
Frankincense oil is a type of essential oil that's extracted from the resin of the frankincense tree. It has a woodsy, earthy aroma and is often used in aromatherapy or perfumery. Frankincense oil has been used for centuries for its therapeutic properties and is said to have anti-inflammatory, antidepressant, and immune-boosting effects.
Natural Frankincense Oil:
Natural frankincense oil is extracted from the Boswellia Carteri tree, which is native to Somalia and Ethiopia. The oil has been used for thousands of years in traditional medicines as well as in religious practices across the Muslim, Christian and Jewish faiths.
The modern medical industry has also extensively utilized natural frankincense oils for various therapeutic purposes owing to their exceptional healing properties.
Synthetic Frankincense Oil:
Synthetic frankincense oil is a product that has the same healing properties as natural frankincense oil, but it is manufactured. Synthetic frankincense oil does not contain any harmful chemicals such as solvents, pesticides or fertilizers. It also contains no artificial flavors or colors and hence can be used by all age groups for various skin problems like acne, scars removal etc.
Application Insights:
The medicine segment accounted for the largest share of the global market in 2017. The product is used as an alternative therapy to manage various health conditions, such as colds and flu, skin diseases, heart disease and diabetes. It is also employed in aromatherapy to treat anxiety and depression. Increasing research on the benefits of frankincense oil in improving human health is expected to drive demand over the forecast period.
The oral care segment was valued at USD 120 million in 2017 owing to increasing utilization of natural products with no or minimal side effects when compared with synthetic counterparts. Natural incenses are gaining popularity among consumers due largely to their ability provide dental benefits without any adverse effects on teeth enamel or gums while providing better cleaning power than that offered by conventional toothpaste ingredients like baking soda and fluoride additives present within it.
Regional Analysis:
The demand for the product in Asia Pacific is expected to grow at a significant rate over the forecast period. This can be attributed to increasing consumer awareness regarding health and well-being, rising disposable income levels, and growing cosmetics industry in this region. The market players are also investing heavily in this region due to high growth potential as compared to other regions. For instance, Himalaya herbal group has entered into partnership with L’Or©al SA for R&D of natural ingredients used in cosmetic products along with its raw material frankincense oil.
North America accounted for 24% of global frankincense oil market share by revenue owing to high consumption level of cosmetic products coupled with increasing adoption of aromatherapy practices across U.S.
Growth Factors:
- Increasing demand for natural and organic products
- Rising awareness about the benefits of frankincense oil
- Growing popularity of aromatherapy and essential oils
- Rapid expansion of the global wellness industry
- Proliferation of online retail platforms
Scope Of The Report
Report Attributes
Report Details
Report Title
Frankincense Oil Market Research Report
By Type
Natural Frankincense Oil, Synthetic Frankincense Oil
By Application
Medicine, Skin Care, Oral Care, Others
By Companies
AMEO, De Monchy Aromatics, DoTERRA, AOS Products Private Limited, Nature's Sunshine Products, TriVita
Regions Covered
North America, Europe, APAC, Latin America, MEA
Base Year
2021
Historical Year
2019 to 2020 (Data from 2010 can be provided as per availability)
Forecast Year
2030
Number of Pages
125
Number of Tables & Figures
88
Customization Available
Yes, the report can be customized as per your need.
Global Frankincense Oil Market Report Segments:
The global Frankincense Oil market is segmented on the basis of:
Types
Natural Frankincense Oil, Synthetic Frankincense Oil
The product segment provides information about the market share of each product and the respective CAGR during the forecast period. It lays out information about the product pricing parameters, trends, and profits that provides in-depth insights of the market. Furthermore, it discusses latest product developments & innovation in the market.
Applications
Medicine, Skin Care, Oral Care, Others
The application segment fragments various applications of the product and provides information on the market share and growth rate of each application segment. It discusses the potential future applications of the products and driving and restraining factors of each application segment.
Some of the companies that are profiled in this report are:
- AMEO
- De Monchy Aromatics
- DoTERRA
- AOS Products Private Limited
- Nature's Sunshine Products
- TriVita
Highlights of The Frankincense Oil Market Report:
- The market structure and projections for the coming years.
- Drivers, restraints, opportunities, and current trends of market.
- Historical data and forecast.
- Estimations for the forecast period 2030.
- Developments and trends in the market.
- By Type:
- Natural Frankincense Oil
- Synthetic Frankincense Oil
- By Application:
- Medicine
- Skin Care
- Oral Care
- Others
- Market scenario by region, sub-region, and country.
- Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
- Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
- Government Policies, Macro & Micro economic factors are also included in the report.
We have studied the Frankincense Oil Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2030.
Regional Analysis
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
Note: A country of choice can be added in the report at no extra cost. If more than one country needs to be added, the research quote will vary accordingly.
The geographical analysis part of the report provides information about the product sales in terms of volume and revenue in regions. It lays out potential opportunities for the new entrants, emerging players, and major players in the region. The regional analysis is done after considering the socio-economic factors and government regulations of the countries in the regions.
How you may use our products:
- Correctly Positioning New Products
- Market Entry Strategies
- Business Expansion Strategies
- Consumer Insights
- Understanding Competition Scenario
- Product & Brand Management
- Channel & Customer Management
- Identifying Appropriate Advertising Appeals
8 Reasons to Buy This Report
- Includes a Chapter on the Impact of COVID-19 Pandemic On the Market
- Report Prepared After Conducting Interviews with Industry Experts & Top Designates of the Companies in the Market
- Implemented Robust Methodology to Prepare the Report
- Includes Graphs, Statistics, Flowcharts, and Infographics to Save Time
- Industry Growth Insights Provides 24/5 Assistance Regarding the Doubts in the Report
- Provides Information About the Top-winning Strategies Implemented by Industry Players.
- In-depth Insights On the Market Drivers, Restraints, Opportunities, and Threats
- Customization of the Report Available
Frequently Asked Questions?
Frankincense oil is a natural oil obtained from the resin of the Boswellia carteri tree. It has been used for centuries in traditional medicine to treat a variety of ailments, including skin conditions, respiratory problems, and inflammation.
Some of the key players operating in the frankincense oil market are AMEO, De Monchy Aromatics, DoTERRA, AOS Products Private Limited, Nature's Sunshine Products, TriVita.
The frankincense oil market is expected to register a CAGR of 5.5%.
Chapter 1 Executive Summary
Chapter 2 Assumptions and Acronyms Used
Chapter 3 Research Methodology
Chapter 4 Frankincense Oil Market Overview
4.1 Introduction
4.1.1 Market Taxonomy
4.1.2 Market Definition
4.1.3 Macro-Economic Factors Impacting the Market Growth
4.2 Frankincense Oil Market Dynamics
4.2.1 Market Drivers
4.2.2 Market Restraints
4.2.3 Market Opportunity
4.3 Frankincense Oil Market - Supply Chain Analysis
4.3.1 List of Key Suppliers
4.3.2 List of Key Distributors
4.3.3 List of Key Consumers
4.4 Key Forces Shaping the Frankincense Oil Market
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of Substitution
4.4.4 Threat of New Entrants
4.4.5 Competitive Rivalry
4.5 Global Frankincense Oil Market Size & Forecast, 2020-2028
4.5.1 Frankincense Oil Market Size and Y-o-Y Growth
4.5.2 Frankincense Oil Market Absolute $ Opportunity
Chapter 5 Global Market Analysis and Forecast by Type
5.1 Introduction
5.1.1 Key Market Trends & Growth Opportunities by Type
5.1.2 Basis Point Share (BPS) Analysis by Type
5.1.3 Absolute $ Opportunity Assessment by Type
5.2 Market Size Forecast by Type
5.2.1 Natural Frankincense Oil
5.2.2 Synthetic Frankincense Oil
5.3 Market Attractiveness Analysis by Type
Chapter 6 Global Market Analysis and Forecast by Applications
6.1 Introduction
6.1.1 Key Market Trends & Growth Opportunities by Applications
6.1.2 Basis Point Share (BPS) Analysis by Applications
6.1.3 Absolute $ Opportunity Assessment by Applications
6.2 Market Size Forecast by Applications
6.2.1 Medicine
6.2.2 Skin Care
6.2.3 Oral Care
6.2.4 Others
6.3 Market Attractiveness Analysis by Applications
Chapter 7 Global Frankincense Oil Market Analysis and Forecast by Region
7.1 Introduction
7.1.1 Key Market Trends & Growth Opportunities by Region
7.1.2 Basis Point Share (BPS) Analysis by Region
7.1.3 Absolute $ Opportunity Assessment by Region
7.2 Frankincense Oil Market Size Forecast by Region
7.2.1 North America
7.2.2 Europe
7.2.3 Asia Pacific
7.2.4 Latin America
7.2.5 Middle East & Africa (MEA)
7.3 Market Attractiveness Analysis by Region
Chapter 8 Coronavirus Disease (COVID-19) Impact
8.1 Introduction
8.2 Current & Future Impact Analysis
8.3 Economic Impact Analysis
8.4 Government Policies
8.5 Investment Scenario
Chapter 9 North America Analysis and Forecast
9.1 Introduction
9.2 North America Market Size Forecast by Country
9.2.1 U.S.
9.2.2 Canada
9.3 Basis Point Share (BPS) Analysis by Country
9.4 Absolute $ Opportunity Assessment by Country
9.5 Market Attractiveness Analysis by Country
9.6 North America Market Size Forecast by Type
9.6.1 Natural Frankincense Oil
9.6.2 Synthetic Frankincense Oil
9.7 Basis Point Share (BPS) Analysis by Type
9.8 Absolute $ Opportunity Assessment by Type
9.9 Market Attractiveness Analysis by Type
9.10 North America Market Size Forecast by Applications
9.10.1 Medicine
9.10.2 Skin Care
9.10.3 Oral Care
9.10.4 Others
9.11 Basis Point Share (BPS) Analysis by Applications
9.12 Absolute $ Opportunity Assessment by Applications
9.13 Market Attractiveness Analysis by Applications
Chapter 10 Europe Analysis and Forecast
10.1 Introduction
10.2 Europe Market Size Forecast by Country
10.2.1 Germany
10.2.2 France
10.2.3 Italy
10.2.4 U.K.
10.2.5 Spain
10.2.6 Russia
10.2.7 Rest of Europe
10.3 Basis Point Share (BPS) Analysis by Country
10.4 Absolute $ Opportunity Assessment by Country
10.5 Market Attractiveness Analysis by Country
10.6 Europe Market Size Forecast by Type
10.6.1 Natural Frankincense Oil
10.6.2 Synthetic Frankincense Oil
10.7 Basis Point Share (BPS) Analysis by Type
10.8 Absolute $ Opportunity Assessment by Type
10.9 Market Attractiveness Analysis by Type
10.10 Europe Market Size Forecast by Applications
10.10.1 Medicine
10.10.2 Skin Care
10.10.3 Oral Care
10.10.4 Others
10.11 Basis Point Share (BPS) Analysis by Applications
10.12 Absolute $ Opportunity Assessment by Applications
10.13 Market Attractiveness Analysis by Applications
Chapter 11 Asia Pacific Analysis and Forecast
11.1 Introduction
11.2 Asia Pacific Market Size Forecast by Country
11.2.1 China
11.2.2 Japan
11.2.3 South Korea
11.2.4 India
11.2.5 Australia
11.2.6 South East Asia (SEA)
11.2.7 Rest of Asia Pacific (APAC)
11.3 Basis Point Share (BPS) Analysis by Country
11.4 Absolute $ Opportunity Assessment by Country
11.5 Market Attractiveness Analysis by Country
11.6 Asia Pacific Market Size Forecast by Type
11.6.1 Natural Frankincense Oil
11.6.2 Synthetic Frankincense Oil
11.7 Basis Point Share (BPS) Analysis by Type
11.8 Absolute $ Opportunity Assessment by Type
11.9 Market Attractiveness Analysis by Type
11.10 Asia Pacific Market Size Forecast by Applications
11.10.1 Medicine
11.10.2 Skin Care
11.10.3 Oral Care
11.10.4 Others
11.11 Basis Point Share (BPS) Analysis by Applications
11.12 Absolute $ Opportunity Assessment by Applications
11.13 Market Attractiveness Analysis by Applications
Chapter 12 Latin America Analysis and Forecast
12.1 Introduction
12.2 Latin America Market Size Forecast by Country
12.2.1 Brazil
12.2.2 Mexico
12.2.3 Rest of Latin America (LATAM)
12.3 Basis Point Share (BPS) Analysis by Country
12.4 Absolute $ Opportunity Assessment by Country
12.5 Market Attractiveness Analysis by Country
12.6 Latin America Market Size Forecast by Type
12.6.1 Natural Frankincense Oil
12.6.2 Synthetic Frankincense Oil
12.7 Basis Point Share (BPS) Analysis by Type
12.8 Absolute $ Opportunity Assessment by Type
12.9 Market Attractiveness Analysis by Type
12.10 Latin America Market Size Forecast by Applications
12.10.1 Medicine
12.10.2 Skin Care
12.10.3 Oral Care
12.10.4 Others
12.11 Basis Point Share (BPS) Analysis by Applications
12.12 Absolute $ Opportunity Assessment by Applications
12.13 Market Attractiveness Analysis by Applications
Chapter 13 Middle East & Africa (MEA) Analysis and Forecast
13.1 Introduction
13.2 Middle East & Africa (MEA) Market Size Forecast by Country
13.2.1 Saudi Arabia
13.2.2 South Africa
13.2.3 UAE
13.2.4 Rest of Middle East & Africa (MEA)
13.3 Basis Point Share (BPS) Analysis by Country
13.4 Absolute $ Opportunity Assessment by Country
13.5 Market Attractiveness Analysis by Country
13.6 Middle East & Africa (MEA) Market Size Forecast by Type
13.6.1 Natural Frankincense Oil
13.6.2 Synthetic Frankincense Oil
13.7 Basis Point Share (BPS) Analysis by Type
13.8 Absolute $ Opportunity Assessment by Type
13.9 Market Attractiveness Analysis by Type
13.10 Middle East & Africa (MEA) Market Size Forecast by Applications
13.10.1 Medicine
13.10.2 Skin Care
13.10.3 Oral Care
13.10.4 Others
13.11 Basis Point Share (BPS) Analysis by Applications
13.12 Absolute $ Opportunity Assessment by Applications
13.13 Market Attractiveness Analysis by Applications
Chapter 14 Competition Landscape
14.1 Frankincense Oil Market: Competitive Dashboard
14.2 Global Frankincense Oil Market: Market Share Analysis, 2019
14.3 Company Profiles (Details – Overview, Financials, Developments, Strategy)
14.3.1 AMEO
14.3.2 De Monchy Aromatics
14.3.3 DoTERRA
14.3.4 AOS Products Private Limited
14.3.5 Nature's Sunshine Products
14.3.6 TriVita
