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.
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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
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