Chemical Research Report Frankincense Extracts Market | Page 3

REPORT DESCRIPTION
Frankincense may cause gastrointestinal distress such as stomach pain, nausea, and hyperacidity. This in turn,
poses as a major factor hampering growth of the frankincense extracts market.
Asia Pacific holds the fastest-growing market for frankincense extracts owing to growing pharmaceutical
industry. According to Indian Brand Equity Foundation (IBEF), pharmaceutical industry is the third-largest
industry in India in terms of volume and accounted for 20% of the global pharmaceutical industry in 2017. The
pharmaceutical market is expected to increase to US$ 55 billion by 2020. Also, the government is involved in
various initiatives to promote the pharmaceutical sector in India. For instance, the Department of
Biotechnology received US$ 333.3 million in the Union Budget 2017-18, to implement the department’s
national biotech strategy. Furthermore, in India, 30.8 tons and 49.3 tons of frankincense were exported and
imported respectively during 2014-15.
Europe is expected to hold the dominant market for frankincense extracts, in terms of revenue, over the
forecast period. This growth is primarily driven by increasing demand for aromatherapy, as it is used to relieve
stress and anxiety.
Request Sample Copy of this Report:https://www.coherentmarketinsights.com/insight/request-sample/1889
© Coherent market Insights. All Rights Reserved