Global Frankincense Oil Market Overview:
Frankincense is an oleogum-resin, which is also called olibanum. The resin is harvested from several Boswellia species within the Burseraceae family. Increasing demand for frankincense oil in the pharmaceutical industry is expected to act as a major driving agent in market growth. According to CBI (ministry of foreign affairs), the consistent growth in the demand of frankincense in European countries. Moreover, in the European market, frankincense extracts have great potential in health products aimed at healthy joints. However, supplies of this wild-collected ingredient are decreasing. Therefore, sustainability is key.
- Increasing Awareness among Consumers Regarding the Benefits of Frankincense Oil
- Growing Demand for Organic and Natural Beauty Products in both Developed and Developing Economies
- Adoption of Online Platform by Retailers to Offer Frankincense Oil Products to Consumers
- Huge Investment in R&D Among Global Manufacturers
- Presence of Local Players
- Limited Availability Of Raw Materials
- Frankincense Oil Helps in Reducing Itching Problems, Eradicate Arthritis Pain and Inflammation, and Promotes Sleep & Prevent Insomnia
- Increasing Disposable Income of the Consumers in Developing Economies
Some of the key players profiled in the report are AMBE PHYTOEXTRACTS PRIVATE LIMITED (India), AROMAAZ INTERNATIONAL (India), AVA PLANT CO., LTD.(Thailand), BO INTERNATIONAL (India), Cn Lab Canada, Asian Group (China), ECUADORIAN RAINFOREST, LLC. (United States), Harry Baba (India), Herblink Biotech Corporation (China), KANTA ENTERPRISES PRIVATE LIMITED (India), KARMOTECH (Bulgaria), KATYANI EXPORTS (India), KOPRULU MAKINA HIRDAVAT INSAAT TARIM GIDA BIYO ENERJI KIMYA SANAYI VE TICARET LIMITED SIRKETI (Turkey), LALA JAGDISH PRASAD & CO. (India), NGAI TIN ENTERPRISE - CHELSEA (Macau), NUVARIA INGREDIENTS (United States), Organic Herb Inc. (China) and PRAVEEN AROMA PVT LTD (India). Additionally, following companies can also be profiled that are part of our coverage like Shaanxi Orient Industrial Co., Ltd. (China), Xian Fengzu Biotechnology Co., Ltd. (China), ZEN SUPPLEMENTS LTD (United Kingdom) and Zhong Tang (Dalian) Materials Co., Ltd. (China). Analyst at AdvanceMarketAnalytics see Indian and Chinese Players to retain maximum share of Global Frankincense Oil market by 2024. Considering Market by Distribution Channel, the sub-segment i.e. Direct will boost the Frankincense Oil market.
Data related to EXIM [Export- Import], production & consumption by country or regional level break-up can be provided based on client request**
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The top-down and bottom-up approaches are used to estimate and validate the size of the Global Frankincense Oil market.
In order to reach an exhaustive list of functional and relevant players various industry classification standards are closely followed such as NAICS, ICB, SIC to penetrate deep in important geographies by players and a thorough validation test is conducted to reach most relevant players for survey in Frankincense Oil market.
In order to make priority list sorting is done based on revenue generated based on latest reporting with the help of paid databases such as Factiva, Bloomberg etc.
Finally the questionnaire is set and specifically designed to address all the necessities for primary data collection after getting prior appointment by targeting key target audience that includes Frankincense Oil Producers, Frankincense Oil Suppliers/Distributors, Wholesalers/Traders, End Users and Others.
This helps us to gather the data related to players revenue, operating cycle and expense, profit along with product or service growth etc.
Almost 70-80% of data is collected through primary medium and further validation is done through various secondary sources that includes Regulators, World Bank, Association, Company Website, SEC filings, OTC BB, USPTO, EPO, Annual reports, press releases etc.