Frankincense oil is a valuable essential oil derived from the resin of the Boswellia tree. It has been used for centuries in traditional medicine and in religious and spiritual ceremonies. The frankincense oil market refers to the industry surrounding the production, processing, and sale of this oil.
The global market for frankincense oil is primarily driven by its wide range of applications in the pharmaceutical and fragrance industries. Frankincense oil is believed to have anti-inflammatory, antiseptic, and calming properties, which make it useful in a variety of medical and cosmetic products. It is also a popular ingredient in perfumes and aromatherapy products due to its distinctive, woody scent.
Other factors that contribute to the growth of the frankincense oil market include the increasing demand for natural and organic products, as well as the rising awareness of the health benefits associated with essential oils. However, the market is also subject to challenges such as the high cost of production, limited availability of raw materials, and competition from synthetic fragrances and other natural oils.
Frankincense oil market is broadly segmented into product type, application, source, and method of extraction. The station product type segment is further categorized into peppermint, orange, lime, lemon, lavender, geranium, rosemary, cornmint, spearmint, rose, clove leaf, citronella, coriander, tea tree, eucalyptus, jasmin, and other product type (chamomile, ylang-ylang, cedar, grape seed, sage, saffron, cinnamon, anise, ginger, thyme, sandalwood, and basil oils). The application segment is further subdivided into aromatherapy, cosmetics, health care, home care, food & beverages, and other applications (feed, insecticides, and paints). The source segment is further categorized into herbs & spices, fruits & vegetables, and flowers. The method of extraction segment is further sub-segmented into Carbon dioxide extraction, Cold press extraction, Distillation, and other extraction methods (resin tapping and maceration).
Some of the key players operating in the market include Cargill, Incorporated, DSM, Givaudan, International Flavors & Fragrances Inc., Sensient Technologies Corporation, Symrise, Robertet SA, MANE, doTERRA, NOW Foods, Lebermuth, Inc., BIOLANDES, Norex Flavours Private Limited, India Essential Oils, Falcon, FAROTTI S.r.l., Rocky Mountains Oils, LCC, Young Living Essential Oils, LC., Essential Oils of New Zealand Ltd., VedaOils, HCP Wellness, Vital Herbs, CV Rasayana Wangi, and Alchemy Chemicals. Renowned market players are constantly focusing on business expansion activities through collaboration and partnership across the entire value chain. For instance, in February 2023, Givaudan Group has announced the acquisition of a cosmetic ingredients portfolio from Amyris a biotechnology company in America. This acquisition will be completed by end of June 2023.
Overall, the frankincense oil market is expected to continue growing, driven by the increasing demand for natural and organic products and the growing awareness of the health benefits of frankincense oil.
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