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The demand for frankincense is forecasted to increase at 8.44% CAGR by the year 2030. This rate is higher than most of the growing industries and profit margins make it an even more attractive market. It is mainly used in skin care, medicine, and fragrance industry as a raw material. Even though there are several big names that supply wholesale frankincense, most companies still struggle with finding a frankincense supplier with consistent supply capabilities. To sell frankincense, you need to focus more on having a proper business plan and certifications for your goods.
If you have proper certification and the capability to maintain quality standards, especially in the longer run, finding frankincense importers should not be a big challenge. Following are the top 3 sites that you can use to find credible buyers with different budgets and requirements:
When it comes to finding global buyers, Tradewheel.com is one of the ranked B2B sites online. They have got an endless directory of bulk frankincense buyers from different parts of the world who have different budgets and specification requirements. By creating your store here, you get access to their buyers’ directory and can contact relevant importers for free.
Tradewheel.com also stands out in the competition because its product pages also get shown on Google search results. It gives you an extra opportunity to get more leads. As they also receive numerous new buying leads on a daily basis, you are surely never going to run out of leads here. Tradewheel.com is not restricted to a certain brand, but it can help you find buyers for pallets, cosmetics, used clothes, and even garden furniture. Now it is up to you to understand the buyer’s needs and send them a quotation of their interest.
To differentiate itself from most third-party e-commerce sites, Tradewheel.com focuses on making suppliers’ selling journey simpler. Therefore, they have got a relatively easier signing up and product posting procedure. Within a few minutes, you can get your products live here and they will reach your potential customers at the right time.
Even if you are new to selling online, Alibaba might still be a great option for you. Try searching for the type of frankincense you want to sell and you will find hundreds of sellers with multiple orders. As Alibaba already has one of the biggest customer bases, almost all of them have multiple and good-sized orders. The website allows you to sell almost everything. Whether your core products are gate valves or beautiful vases, it has separate categories to accommodate them all. All you need to do is optimize your products so that they can rank better on search results.
The majority of buyers on Alibaba are price-conscious buyers. Therefore, giving out some discounts early can help you get your first few orders a lot quicker, but in the long run it all comes down to the quality you provide. You should also consider hiring an experienced virtual assistant to help you out with product posting and other procedures.
Frankincense importers on Alibaba prefer sellers with a verified badge on their profile. Paying for their paid membership would not only increase your product’s ranking, it will also boost the conversion rate by a lot. In short, it would be a small investment towards a bigger goal and also a must-have one (especially in highly competitive markets like Alibaba).
Volza is a diverse B2B platform that deals in a wide range of product categories including frankincense. You can use its search bar to get a massive list of your potential customers looking for frankincense. Due to its rich history, Volza has got a positive reputation in this industry, and purchase managers also trust it. This might also be the reason why they receive numerous new buying leads on a regular basis. Like several businesses out there, you can also start your business
It only helps you get in direct contact with relevant importers. After that, it is up to you to keep converting their leads to sales. Also, this platform does not provide any escrow or any other payment option. Therefore, you would have to rely on your research to decide if the other party is reliable or not.
To target a specific region to sell frankincense, you can also use their filter options. It will help you view buying leads from a specific country. If you want to use Volza at its full potential, you should check out their premium membership plan to unlock their contact information and send your quotation directly to relevant importers. The contact information includes an e-mail address, phone number, and Linkedin profile.
The market for frankincense is divided into three segments. Each one has an entirely different audience of buyers and requirements to enter the market. Here, we will go through each of them to help you decide which one would be the most suitable for you.
Due to frankincense’s health benefits, its demand has started increasing as an alternative to complementary medicine. Not only that, but most companies have also started using frankincense as an ingredient for their skin care products, like anti-aging creams, facial creams, and more. As frankincense is also appealing to end-consumers as an ingredient, this trend will likely stay longer.
This is already quite a saturated market segment for wholesale frankincenses. You should only enter it if you can supply better quality than your competitors. Its buyers are not usually price-conscious. To stand out among hundreds of suppliers, you need to differentiate yourself in your services and delivery.
Challenges:
Frankincense grows at a very slow pace and it also has limited growth abilities. Therefore, sustaining it for the long term would be the biggest challenge.
Most of the frankincense exporting countries are from the African region. Most of them do not have a proper infrastructure for it and you may even have to rely on a small number of frankincense suppliers.
Requirements:
To start a frankincense-selling business, you should have proper documentation for it especially if you want to export it. Following are the documents that you would need to export in the European region:
The covid pandemic made people more conscious about their health than ever before. It also includes the demand for organic products, especially those made with essential oil. This market also has further segments you can go in, like targeting only natural food stores, aromatherapy product manufacturers, or spa centers.
These days many companies are also expanding their product lines and taping from medical products to it. You can start selling frankincense in this industry with slightly fewer requirements compared to the medical industry. Still, you would have to maintain a certain level of purity, aroma, and potency.
Challenges:
The frankincense oil buyers in this segment have expectations for purity levels and it being free from any type of contaminants.
Mostly due to external factors, its prices are likely to fluctuate a lot and this is a very sensitive to market segment for price.
Requirements:
There are not many documentation requirements to operate in this industry, but having the following can still help as some businesses may ask for it:
Among all of its market segments, this has the most opportunities as people are slowly adapting to it, and has not reached its full potential yet. You can also divide this market into further segments based on the supplement’s forms like powder, capsules, and tablets. Currently, capsules are the top selling among all.
If you want to make a good entry in this niche, you should consider having your own website or presence on third-party e-commerce to expand your reach.
Challenges:
You should never make any medical claims that your product can not deliver or else it will result in penalties and heavy fines.
Almost every country has different laws when it comes to selling food supplements made with frankincense. Therefore, you need to do proper research and check with local consultants to make sure you are on the right track.
Requirements:
Following are a few legal requirements to export frankincense to food supplement manufacturers (It may vary based on your country).
You can consider finding relevant frankincense buyers as one of the easiest parts of the entire cycle of selling them. Having them approved with proper documentation is a much longer process. Even though there are many companies already in this industry, many businesses are still looking for frankincense suppliers who can maintain their quality standards specially in a longer run. Once you get command over your operations to provide high-quality frankincense, then you can always use B2B E-Commerce sites to list your frankincense and get orders.
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