Frankincense Extracts Market is driven by growing demand in personal care and cosmetics industry
Key Takeaways
Key players operating in the Frankincense Extracts market 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.
The growing demand for personal care and cosmetic products containing natural ingredients is expected to drive the Frankincense Extract Market Demand. Frankincense extracts are increasingly being included in anti-aging creams, moisturizers, toners and serums due to their therapeutic properties. The rising health and wellness trend has also contributed to the increasing consumption of herbal supplements, which use frankincense extracts.
Key players in the frankincense extracts market are focusing on global expansion initiatives to capitalize on the demand emerging from developing regions of Asia Pacific and Latin America. Companies are investing in developing sustainable sourcing partnerships with local farmer groups in African countries for secure raw material supply and support rural livelihoods.
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