Global Frankincense Essential Oil Market By Type(95%), By Grade(Food Grade, Pharmaceutical Grade, Cosmetic Grade, Others), By Application(Drug Formula, Research Uses, Dietic Foods, Cosmetics, Others), By End-use(Pharmacological, Food & Beverage, Cosmetics and Personal Care, Aromatherapy, Pharmacological, Insecticide Repellents, Others), By Region and Key Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends and Forecast 2024-2033

Report Overview

The global Frankincense Essential Oil Market size is expected to be worth around USD 588 Million by 2033, from USD 280 Million in 2023, growing at a CAGR of 7.7% during the forecast period from 2023 to 2033.

The Frankincense Essential Oil Market refers to the global industry surrounding the extraction, production, distribution, and sale of frankincense essential oil. Frankincense, derived from the resin of the Boswellia tree species, has been valued for centuries for its aromatic properties and potential health benefits. This essential oil is widely used in aromatherapy, personal care products, traditional medicine, and as a fragrance in perfumery and incense.

The market encompasses a variety of products, including pure frankincense essential oil, blends containing frankincense, and products infused with the oil, such as skincare items, candles, and diffuser blends. The demand in the Frankincense Essential Oil Market is driven by consumers seeking natural and holistic health and wellness solutions, as well as by its use in religious and spiritual practices.

Factors influencing the market include the sustainable sourcing and harvesting of frankincense resin, advances in extraction techniques, and growing consumer awareness of the benefits of essential oils. Key stakeholders in this market include farmers and harvesters, essential oil producers, wholesalers, retailers, and consumers. The Frankincense Essential Oil Market is characterized by its focus on quality, purity, and sustainable practices, given the ecological concerns associated with the overharvesting of Boswellia trees.

Key Takeaways

• Market Growth: Expected market size by USD 588 million by 2033, with a CAGR of 7.7% from USD 280 million in 2023.
• Market Share by Type: <85% purity category: More than 43.3% market share in 2023
• Market Share by Grade: Food Grade: More than 36.5% market share in 2023
• Market Share by Application: Drug Formula: More than 44.6% market share in 2023
• Market Share by End-use: Pharmacological: More than 37.8% market share in 2023
• Regional Market Share: North America: Claimed the largest market share (36%) in 2023

By Type

In 2023, the <85% purity category held a dominant market position in the Frankincense Essential Oil Market, capturing more than a 43.3% share. This segment’s popularity is largely due to its affordability and versatility, making it accessible to a broad consumer base. Oils in this purity range are commonly used in everyday aromatherapy practices, DIY personal care products, and as fragrance components in home products, offering the benefits of frankincense essential oil without the higher cost associated with greater purities.

The 85%-90% purity range also commands a significant portion of the market. Oils in this category strike a balance between quality and price, appealing to consumers looking for a higher concentration of frankincense for more potent therapeutic and aromatic benefits. This range is particularly favored for its enhanced efficacy in skincare formulations and aromatherapy blends.

Meanwhile, the 90%-95% purity segment caters to a more niche market, with consumers seeking high-quality frankincense oil for specific health and wellness applications. Oils with this level of purity are often used in professional aromatherapy practices and high-end personal care products, where the strength and concentration of the essential oil can provide more pronounced benefits.

The >95% purity category, while holding a smaller market share, represents the premium segment of the Frankincense Essential Oil Market. This high-purity oil is sought after by purists and enthusiasts who demand the most potent and therapeutically effective frankincense essential oil. Products in this segment are typically used in medicinal applications, high-quality perfumery, and by individuals seeking the most profound spiritual and emotional effects from their aromatherapy practices.

Each of these segments caters to different consumer needs and preferences, with the <85% category leading due to its wider appeal and application versatility. As consumer awareness of the benefits of frankincense essential oil grows, so does the demand across all purity levels, reflecting the diverse ways in which this ancient oil continues to enrich our lives.

By Grade

In 2023, Food Grade frankincense essential oil held a dominant market position, capturing more than a 36.5% share. This category’s leading position is attributed to the growing trend of incorporating natural and organic ingredients into food and beverage products. Consumers seeking holistic health benefits have driven the demand for food-grade frankincense, known for its potential digestive and general wellness properties, to be used in various culinary applications, including health supplements and specialty foods.

Pharmaceutical Grade follows closely, reflecting frankincense’s longstanding reputation in traditional and alternative medicine. This grade is sought after for its high purity and efficacy in healthcare formulations, particularly in products aimed at reducing inflammation, pain relief, and boosting immunity. The trust in frankincense’s therapeutic benefits maintains its significance in the pharmaceutical sector.

Cosmetic Grade occupies a substantial segment of the market as well. The inclusion of frankincense in skincare and beauty products capitalizes on its anti-inflammatory and anti-aging properties. This grade of frankincense essential oil is especially valued in premium beauty formulations for its ability to promote healthy skin, making it a staple in natural cosmetic lines.

Each of these segments showcases the versatility and broad application spectrum of frankincense essential oil, with Food Grade leading due to the rising preference for natural ingredients across the food industry. As awareness of frankincense’s benefits continues to expand, demand across all grades is expected to grow, highlighting the essential oil’s enduring appeal and versatility.

By Application

In 2023, Drug Formula held a dominant market position in the Frankincense Essential Oil Market, capturing more than a 44.6% share. This leading status is due to the increasing incorporation of frankincense essential oil in medical and therapeutic products, driven by its reputed anti-inflammatory, analgesic, and antiseptic properties. Pharmaceutical companies are leveraging frankincense in formulations aimed at managing pain, reducing inflammation, and supporting immune function, aligning with the growing consumer demand for natural and holistic treatment options.

Research Uses form another significant segment, reflecting the scientific community’s interest in exploring the potential health benefits and mechanisms of action of frankincense essential oil. This segment’s growth is fueled by ongoing studies into its efficacy in various medical conditions, including its potential role in cancer research and chronic disease management.

Dietic Foods also represent a notable application of frankincense essential oil, catering to the wellness industry’s shift towards functional foods. Frankincense is being incorporated into dietary supplements and health foods for its potential digestive benefits and overall contribution to wellness, appealing to consumers seeking to enhance their diet with health-supportive ingredients.

Cosmetics is another important segment, where frankincense essential oil is valued for its skin health-promoting properties. Its inclusion in skincare products taps into the consumer trend towards natural beauty solutions, with frankincense touted for its ability to improve skin tone, elasticity, and overall appearance.

Each of these segments highlights the diverse applications of frankincense essential oil, with Drug Formula leading due to its critical role in natural and alternative medicine. As research continues to unveil new benefits and applications of frankincense essential oil, demand across all applications is expected to rise, reflecting the oil’s multifaceted value and growing consumer interest in natural health solutions.

By End-use

In 2023, Pharmacological uses of frankincense essential oil held a dominant market position, capturing more than a 37.8% share. This segment’s prominence is attributed to the increasing recognition of frankincense’s therapeutic properties in the medical and healthcare industries. Known for its anti-inflammatory, analgesic, and antiseptic qualities, frankincense essential oil is being incorporated into a variety of drug formulas and treatments, addressing conditions such as arthritis, digestive issues, and respiratory infections. Its growing use in pharmacological applications underscores the shift towards natural remedies and holistic health approaches.

Food & Beverage follows as another key end-use segment. In this category, frankincense essential oil is valued for its potential health benefits and is used in the formulation of dietetic foods, health supplements, and specialty beverages. While its share is smaller compared to pharmacological applications, the demand within food & beverage highlights a growing consumer interest in functional foods that support overall well-being.

Cosmetics & Personal Care is a significant segment where frankincense essential oil is celebrated for its skin-enhancing properties. Leveraging its potential to promote a healthy complexion, reduce signs of aging, and soothe skin irritation, the cosmetics industry incorporates frankincense into a range of products, from creams and serums to lotions and balms.

Aromatherapy represents another important area of application. Here, frankincense essential oil is prized for its calming and grounding scent, making it a popular choice for stress relief, meditation, and enhancing mental well-being. Its use in aromatherapy diffuser blends and personal care products caters to the growing consumer demand for natural wellness solutions.

Insecticide Repellents constitute a niche but growing segment, exploring frankincense essential oil’s potential as a natural alternative to chemical repellents. Its efficacy in repelling certain insects adds to the versatile applications of frankincense, aligning with the trend toward eco-friendly and health-conscious lifestyle choices.

Each of these end-use segments illustrates the wide-ranging appeal and functionality of frankincense essential oil, with Pharmacological uses leading due to the significant interest in its health-promoting properties. As research continues to uncover new benefits and applications, the demand for frankincense essential oil across all segments is poised for growth, reflecting its enduring value in both traditional and contemporary contexts.

Key Market Segments

By Type

• <85%
• 85%-90%
• 90%-95%
• >95%

By Grade

• Food Grade
• Pharmaceutical Grade
• Cosmetic Grade
• Others

By Application

• Drug Formula
• Research Uses
• Dietic Foods, Cosmetics
• Others

By End-use

• Pharmacological
• Food & Beverage
• Cosmetics & Personal Care
• Aromatherapy
• Pharmacological
• Insecticide Repellents
• Others

Drivers

Increasing Popularity in Aromatherapy and Holistic Health Practices Fuels the Frankincense Essential Oil Market

A significant driver propelling the growth of the Frankincense Essential Oil Market is its increasing popularity in aromatherapy and holistic health practices. As global awareness and acceptance of alternative and complementary health modalities rise, so does the demand for natural products that support physical, emotional, and spiritual well-being. Frankincense essential oil, with its rich history and extensive use in traditional medicine, spiritual rituals, and aromatherapy, is at the forefront of this trend.

Frankincense essential oil is renowned for its calming, grounding, and uplifting properties. It is widely used in aromatherapy to reduce stress, anxiety, and negative emotions, and to promote a sense of peace and relaxation. This is particularly appealing in today’s fast-paced world, where stress and mental health issues are increasingly prevalent. The oil’s potential to enhance mindfulness practices, meditation, and yoga further consolidates its position within the wellness sector.

Moreover, the growing body of scientific research supporting the therapeutic benefits of frankincense essential oil, including its anti-inflammatory, analgesic, and antimicrobial effects, has bolstered its adoption in holistic health practices. These studies validate traditional uses of the oil and encourage its integration into modern healthcare as a complementary approach to managing various health conditions.

The trend towards natural and non-invasive treatments has led consumers to seek out holistic health products, with frankincense essential oil being a preferred choice due to its versatility and wide range of health benefits. This shift is reflected in the expanding range of products incorporating frankincense oil, from skincare and personal care items to dietary supplements and natural remedies, catering to a broad spectrum of health and wellness needs.

Furthermore, the emotional and spiritual aspects of wellness are increasingly recognized as integral to overall health. Frankincense essential oil’s historical significance and use in spiritual and religious contexts add to its appeal, offering a sense of connection to ancient wisdom and practices that promote well-being beyond the physical body.

Restraints

Sustainability Concerns: A Major Restraint in the Frankincense Essential Oil Market

A significant restraint facing the Frankincense Essential Oil Market is sustainability concerns related to the overharvesting and management of Boswellia trees, which produce the resin from which frankincense oil is derived. The increasing demand for frankincense essential oil, driven by its growing popularity in aromatherapy, cosmetics, and holistic health practices, has led to unsustainable harvesting practices in some regions. These practices threaten the long-term viability of Boswellia tree populations and, by extension, the sustainability of the frankincense market itself.

Boswellia trees, primarily found in the Horn of Africa and the Arabian Peninsula, require a number of years to produce resin that can be harvested for oil extraction. Overharvesting, coupled with inadequate time allowed for the trees to recover, can lead to decreased resin production and potentially harm the trees’ health and reproduction rates. Moreover, the environmental impact of unsustainable harvesting, including soil erosion and habitat loss, further exacerbates the problem, threatening the ecological balance of regions where these trees grow.

Another aspect of this sustainability challenge is the impact on local communities that depend on frankincen

se harvesting for their livelihoods. Unsustainable practices and the potential depletion of Boswellia resources jeopardize the economic stability of these communities, which have traditionally relied on frankincense as a source of income.

The global market’s growing awareness of environmental issues and ethical sourcing is leading consumers to seek out sustainably sourced frankincense essential oils. This consumer preference puts pressure on producers and suppliers to demonstrate their commitment to sustainable harvesting practices and traceability in their supply chains. However, implementing these practices and ensuring compliance across all levels of production and distribution can be challenging and costly, posing a significant restraint to market growth.

Addressing these sustainability concerns requires a collaborative effort among harvesters, suppliers, conservationists, and governing bodies to develop and enforce sustainable harvesting guidelines, promote the reforestation of Boswellia trees, and support community-based management practices. Investment in research to improve resin yield and tree health, alongside initiatives to diversify income sources for communities reliant on frankincense, are also vital steps towards a more sustainable Frankincense Essential Oil Market.

Opportunity

Expanding Applications in Personal Care and Cosmetic Industries: A Promising Opportunity for the Frankincense Essential Oil Market

A significant opportunity for the Frankincense Essential Oil Market lies in its expanding applications within the personal care and cosmetic industries. As consumers globally continue to shift towards natural and organic beauty products, the demand for ingredients with proven therapeutic benefits, like frankincense essential oil, is on the rise. Known for its anti-inflammatory, antibacterial, and antioxidant properties, frankincense essential oil offers a myriad of benefits for skin health, including reducing the appearance of wrinkles, scars, and acne, making it an invaluable component in natural skincare formulations.

The growing awareness and concern over the harmful effects of synthetic additives in beauty products have propelled the demand for cleaner, more natural alternatives. Frankincense essential oil, with its soothing aroma and skin rejuvenating properties, aligns perfectly with this trend. Its incorporation into products such as creams, serums, lotions, and facial oils caters to the growing consumer desire for products that not only enhance beauty but also contribute to overall skin health.

Moreover, the wellness movement, which emphasizes holistic health, including the health of the skin, has further amplified the demand for frankincense-infused personal care products. Consumers are increasingly looking for products that offer a therapeutic experience, combining the benefits of aromatherapy with skincare, and frankincense essential oil fits this niche perfectly.

Additionally, the luxury cosmetic sector represents a lucrative avenue for the incorporation of frankincense essential oil. Its exotic and rich aroma, coupled with its skin-enhancing benefits, positions it as a premium ingredient in high-end beauty formulations. This not only allows brands to differentiate their products but also to tap into the market segment willing to pay a premium for exotic and natural ingredients.

To capitalize on this opportunity, producers and suppliers of frankincense essential oil can collaborate with personal care and cosmetic brands to develop new products that leverage the oil’s benefits. Investing in marketing and consumer education to highlight the unique properties and advantages of frankincense essential oil can further drive its adoption in the beauty industry.

Trends

The Integration of Frankincense Essential Oil into Holistic Wellness Routines: A Trend Shaping the Market

A major trend shaping the Frankincense Essential Oil Market is its increasing integration into holistic wellness routines. As consumers globally become more attuned to the principles of holistic health, which emphasizes the interconnectedness of physical, mental, and spiritual well-being, there’s a growing appreciation for natural remedies known to benefit all these aspects. Frankincense essential oil, with its rich history in traditional medicine and spiritual practices, is experiencing a resurgence in popularity as a versatile tool for wellness.

This trend is characterized by the use of frankincense essential oil in various applications beyond its traditional roles, including in modern aromatherapy practices, meditation, yoga, and skincare regimes. Its calming and grounding aroma is prized for enhancing meditation and yoga practices, promoting mental clarity, emotional balance, and spiritual upliftment. This has led to an increased demand for frankincense in products designed for mindfulness practices, such as diffuser blends, meditation balms, and aromatherapy sprays.

In skincare, the anti-inflammatory and antioxidant properties of frankincense essential oil are being harnessed in products aimed at promoting a healthy complexion, reducing signs of aging, and soothing skin irritations. The trend towards clean beauty and natural skincare products has further fueled the inclusion of frankincense in formulations that promise not only aesthetic improvements but also therapeutic benefits.

Moreover, the holistic wellness trend has led to the innovation of frankincense-infused products aimed at overall well-being, such as dietary supplements, teas, and wellness shots, showcasing the versatility of frankincense essential oil in supporting health from the inside out.

The proliferation of digital platforms and social media has played a crucial role in spreading awareness of the benefits of frankincense essential oil, with influencers, wellness bloggers, and holistic health practitioners sharing their experiences and incorporating frankincense into their wellness routines. This digital endorsement has contributed significantly to the trend, making frankincense more accessible to a broader audience and encouraging its adoption in daily wellness practices.

Regional Analysis

North America is poised to be a highly lucrative region in the global Frankincense Essential Oil Market.

In 2023, North America claimed the largest market share, accounting for 36% in the frankincense essential oil sector. This region, especially the United States and Canada, has seen an increasing embrace of essential oils as part of holistic wellness and self-care practices, with frankincense being a standout due to its diverse health benefits. The familiarity with and growing interest in aromatherapy and natural health remedies have fostered a solid consumer base, leading to sustained demand and high levels of engagement with the product.

The market for frankincense essential oil in North America is marked by a significant degree of innovation and variety. Producers are continuously expanding their offerings with new extraction techniques, blends, and product applications to meet the shifting preferences of consumers who are increasingly leaning towards natural and organic wellness solutions. Robust marketing strategies and educational campaigns by leading brands have played a crucial role in popularizing frankincense essential oil, highlighting its therapeutic properties and versatility in use.

Efforts to reach consumers include online content, workshops, and partnerships with wellness influencers, focusing on the oil’s application in stress reduction, skincare, meditation, and even household cleaning. Despite the traditional appeal of frankincense, there is a noticeable trend in North America towards products that support mental, physical, and spiritual well-being, aligning with a broader consumer shift towards healthier and more mindful living.

Manufacturers are responding to this trend by offering frankincense essential oil products that cater to health-conscious individuals, including those looking for organic, sustainably sourced, and additive-free options.

Key Regions and Countries

• North America
  • The US
  • Canada
• Europe
  • Germany
  • France
  • The UK
  • Spain
  • Italy
  • Russia & CIS
  • Rest of Europe
• APAC
  • China
  • Japan
  • South Korea
  • India
  • ASEAN
  • Rest of APAC
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of MEA

Key Players Analysis

The Frankincense Essential Oil Market features a dynamic and competitive landscape, with several key players contributing to its growth through innovative extraction methods, sustainable sourcing practices, and broadening product portfolios. Here’s an analysis of some notable companies shaping the market:

Market Key Players

• Albert Vieille
• AMARNATH EXPORTS
• Ambe Ns Agro Product Pvt. Ltd.
• Ambe Phytoextracts Private Limited
• Aromaaz International
• Avi Naturals
• BO International
• doTERRA International
• Edens Garden
• HERBO NUTRA
• Indian Spice Oil Industries
• Kanta Enterprises Private Limited
• Katyani Exports
• Lala Jagdish Prasad & Company
• Scents of Earth LLC.De Monchy Aromatics
• Shaanxi Orient Industrial Co.Ltd

Recent Development

In 2024, Albert Vieille further solidified its position by investing in research and development, focusing on innovative extraction techniques to enhance the purity and potency of its essential oil offerings. Its commitment to eco-friendly practices and ethical sourcing resonated well with consumers, driving significant growth in sales and market share

Report Scope