Seattle, WA, July 09, 2018 (GLOBE NEWSWIRE) -- The global frankincense extracts market is segmented on the basis of Product Type ((Pharmaceutical Grade, Cosmetic Grade, and Others), and Application (Oral Care, Skin Care, Medicine, Perfumes, Aromatherapy, and Others).
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Key Trends and Analysis in the Frankincense Extracts Market:
Increasing use of frankincense extracts, owing to its properties such as antibacterial, anti-inflammatory, and antifungal in one of the major factors for growth of the frankincense extracts market. Growing pharmaceutical applications, owing to its aforementioned properties is another major driving factor for growth of frankincense extracts market. According to International Federation of Pharmaceutical Manufacturers & Association, the global pharmaceutical market is expected to reach around US$ 1,430 billion by 2020. Furthermore, frankincense extracts is effectively used in health products and in aromatherapy to reduce stress and anxiety, which in turn is fueling growth of the frankincense extracts market.
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Key Market Takeaways:
- The market is expected to exhibit to grow significantly during the forecast period (2018–2026). This is owing to growing prevalence of skin-related problems such as acne and eczema, due to the use of beauty products. This is in turn, propelling growth of the frankincense market, owing to its beneficial properties such as astringent, antioxidant, disinfectant and cytophylactic properties which aid in reduction of skin related problems. According to Center for Disease Control and Prevention (CDC), eczema and skin problems in the U.S. was 7.2% of adult aged 18 in 2012.
- Europe is expected to show a significant market share in global frankincense extracts market, owing to its increasing use for aromatherapy and herbal medical products, which in turn increases the growth of aromatherapy and medical industries. According to Centre for the Promotion of Imports (CBI), an agency of the Netherlands Ministry of Foreign Affairs, Europe is the largest market for essential oils and one of the key markets for aromatherapy. The aromatherapy market is expected to reach US$ 8 billion by 2026 globally.
- Some of the major player operating in global frankincense extracts market are De Monchy Aromatics Limited, AOS Products Private Limited, TriVita, Inc., Edens Garden Inc., Prime Natural Beauty, and Phyto Life Sciences P. Ltd.