Here is a very plain solution :

Fig. 1 : case $N=20$.
The blue curve represents
$$f_N(x)=\frac{\sin(x)}{\sin(x/N)}$$
The red curve represents what you call its envelope, which has the following equation :
$$g(x)=\frac{1}{\sin(x/N)}$$
Up to you for the very simple explanation...

Fig. 2 : Zooming on Fig. 1. The dotted curve represents the absolute value of $g$ which is also tangent to the curve of $f_N$.
Remarks :
Changing $f_N(x)$ into $f_N(Nx)=\frac{\sin(Nx)}{\sin(x)}$, one gets an "avatar" of the so-called Dirichlet kernel.
The complete envelope is in fact given by $\pm g(x)$.
See this article available on ResearchGate entitled
"Multi-Frequency Phase Synchronization" by Tingran Gao, in particular its Fig. 7.