Boswellia serrate Market – Overview of Vital Industry Drivers
Boswellia serrate refers to a moderate to large sized branching tree grown in the dry mountainous regions of North Africa, Middle East, and India. Oleo gum resin extract obtained from the boswellia serrate is in high demand owing to its high medicinal value. The oleo gum-resins comprises 30-60% resin, 5-10% essential oils, and the remaining comprises polysaccharides. Traditionally, the oleo gum resin extract is used to treat various chronic inflammatory diseases. Being an anti-inflammatory agent, boswellia is used to treat cancer, osteoarthritis, and inflammation of the intestine. Other than medicinal purposes, high content of essential oils in oleo gum resin also enables it to be widely used in aromatherapy, paints and varnishes.
Market Dynamics of Boswellia Serrate:
Boswellia serrate market is expected to witness high demand due to increasing emphasis on the use of plant based materials as a source of medicine for treating various human ailments. Companies in the boswellia serrate extract market are keen to introduce ingredients that support high health and wellness functionality. This is expected to contribute significantly in the growth of boswellia serrate market. Rapid urbanization along with the consumers becoming highly health conscious, is expected to contribute significantly to the revenue growth of boswellia serrate market. Some other factors escalating the demand for boswellia serrate includes continuous new product developments and improved supply chain that ensures wide availability of boswellia serrate in the industry. Food technologist and companies in the boswellia serrate market also focus upon the research & development activities to increase the utility of boswellia serrate in various application.
Market Segmentation of Boswellia Serrate:
Boswellia serrate market is segmented on the basis of application, form, and geography. Based upon application, boswellia serrate market is segmented into food, pharmaceuticals, cosmeceuticals, and others. Pharmaceutical application of boswellia serrate market is expected to attain relatively higher market share during the forecast period. High revenue share of pharmaceutical application in the boswellia serrate market can be attributed to its medicinal properties. Cosmeceuticals application of boswellia serrate market is expected to grow at relatively high CAGR over the forecast period. High growth of cosmeceuticals segment is expected to be driven by its increasing contribution in effectively treating skin diseases. It also plays a vital role in treating photo aging, a chronic skin damage caused due to excessive exposure of sun. On the basis of form, boswellia serrate market is segmented into dry and liquid form. Dry form of boswellia serrate is expected to contribute significantly to the revenue growth of global boswellia market during the forecast period.
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Regional Outlook of Boswellia Serrate:
Based on geography, boswellia serrate market is segmented into seven different regions namely Asia-Pacific, Middle East and Africa, Latin America, Western Europe, Eastern Europe, North America, and Japan. Asia-Pacific region is expected to attain relatively higher revenue share in the global boswellia serrate market. Higher revenue share of the region can be attributed to the wide availability along with the rising awareness regarding the health benefits of boswellia serrate in the region. Countries such as China and India witness high demand for boswellia serrate for various applications such as food, pharmaceuticals etc., hence expected to contribute significantly in increasing the market revenue of the region. The Western Europe region is expected to offer high growth opportunities, owing to shift in the focus from synthetic to natural ingredients in food and pharmaceutical industry.
Key Market Players in Boswellia Serrate:
Some of the key players in the boswellia serrate market include Sabinsa Corporation, Inc., Alchem International Pvt. Ltd., Herbal Creations, The Good Scents Company, The Himalaya Drug Company, and Indo Nacop Chemicals Ltd. among others. Boswellia serrate market is dominated by large number of organized and unorganized players competing to develop an edge over others. Leading manufacturers in the boswellia serrate market are focusing upon expansion of the product portfolio to strength their position in the market.