Frankincense extracts are resinous extracts derived from Boswellia trees and are known to have several medicinal and aromatic properties. The extracts contain boswellic acids that provide anti-inflammatory benefits and are used in cosmetics, fragrances, and traditional Ayurvedic medicines.
The Global Frankincense Extracts Market is estimated to be valued at US$ 377.4 Mn in 2024 and is expected to exhibit a CAGR of 7.4% over the forecast period from 2024 to 2031.
Key Takeaways
Key players operating in the Frankincense Extracts are Caterpillar, Inc., Deere & Company, Komatsu Ltd., Mahindra Construction Equipment, Volvo Construction Equipment, J C Bamford Excavators Ltd., Terex Corporation, CNH Industrial NV, Manitou Group, Action Construction Equipment Ltd., and Hitachi Construction Machinery Co., Ltd. These players are focusing on strategic expansion plans and new product launches to gain market share.
The growing awareness regarding the health benefits of Frankincense Extracts Market Demand such as relief from arthritis, asthma, and digestive issues has led to increased demand from pharmaceutical and cosmetics industries. Several clinical studies validating the anti-inflammatory and anti-oxidant properties are further fueling consumption.
The market has been witnessing high growth in the Asia Pacific region led by traditional medicine markets in India and China where frankincense extracts have been used for centuries. Other regions such as North America and Europe are also displaying significant demand and the market players are focusing on these regions for global expansion.
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