Boswellia Market: Global Industry Analysis 2018-2026
Boswellia is an active compound extracted from a variety of different species of frankincense. Frankincense is an oleogum-resin, also known as olibanum. Boswellia is commonly found in the gum belt in Central Africa, the Middle East, India, and Pakistan. Different species are used in the production of resins, essential oils, and extracts. In our scope of study, the various applications of boswellia covered are its use in herbal medicinal products for joint health, as an anti-inflammatory, and for asthma, digestive disorders, and other applications and uses. Boswellia is also predominantly used as an essential oil for stress relief during aromatherapy.
The different types of boswellia analyzed in the scope of this report include:
- Resin: Resins are made from boswellia extract, which have been used for centuries in Asian and African folk medicine in order to treat various conditions.
- Extract: Boswellia extract is a herbal extract taken from the boswellia tree. It is also called Indian frankincense.
- Essential Oil: Boswellia essential oils are mainly used in aromatherapy, which helps relieve stress and anxiety.
Some of the different varieties of boswellia considered in the scope of this report include:
- Boswellia papyrifera: Boswellia papyrifera, also known as Sudanese frankincense, is a species of flowering plant and frankincense that is native to Ethiopia, Eritrea, and Sudan.
- Boswellia sacra: This is the primary tree in the genus boswellia, from which frankincense, a resinous dried sap, is harvested.
- Boswellia serrate: Boswellia serrata is a plant that produces Indian frankincense, Salai, referred to in Sanskrit as shallaki.
- Boswellia cartetii: Traditional herbal formulas used to treat inflammatory arthritis in China and India include Boswellia carterii.
Productive Growth for Boswellia papyrifera
Among the source segments, boswellia derived from boswellia papyrifera is anticipated to register a high growth rate of 4.5% in terms of revenue in the global boswellia market, owing to increasing awareness of plant-sourced products and their associated quality by consumers across the globe.
Increasing Demand for Natural Ingredients in Personal Care Products
Consumer inclination to buy natural personal care products is shifting significantly, due to the increasing awareness regarding the benefits of natural and organic ingredients present in them. Consumers are increasingly opting for greener products, owing to the presence of toxic ingredients in synthetic personal care products.
- Consumers are currently more informed regarding the benefits of using natural ingredients through various social media platforms. The application of natural skincare products improves skin texture, tone, and appearance, owing to the presence of nutrients required to enrich skin health.
Growing Demand for Natural Ingredients in Joint Health Supplements from the Geriatric Population
A deficiency of fatty acids in the body leads to the attraction of various diseases, owing to which, senior citizens are more prone to diseases because of loss of appetite, weakening of the bones, joint pain, and the polluted environment. This can be addressed by consuming additional dietary supplements for joint health. Boswellia extracts possess anti-inflammatory properties that can be used as an effective painkiller in case of arthritis. This helps in the growth of the boswellia market.
- According to the United Nations Department of Economic and Social Affairs (UN-DESA) Population Division, in 2013, around 841 million people were aged 60 years and above as compared to 205 million people in 1950. The global population aged 60 and above is projected to go to over 2 billion by 2050.
Essential Oil Consumption in Aromatherapy Gaining Traction Due to the Demand for Natural Ingredients
Aromatherapy, is otherwise known as essential oil therapy, and refers to a range of traditional, alternative, or complementary therapies that use essential oils and other aromatic plant compounds.
- The primary active ingredients of boswellia are two boswellic acids, which have been found to block the chemical reactions involved in inflammation. People with ulcerative colitis, rheumatoid arthritis, and other inflammatory conditions use it. The results of clinical research indicate that, boswellia acids can rival the anti-inflammatory actions of NSAIDs, without their side effects.
Report Description for the Boswellia Market
This report provides forecast and analysis of the global boswellia market. The report provides the estimated data for 2018, and forecast data up to 2026 in terms of revenue (US$ Mn) and volume (kgs). The report also includes macroeconomic indicators, along with an outlook on boswellia for the global market. It includes the drivers and restraints of the global boswellia market, and their impact on each region during the forecast period. The report also comprises the study of current industry trends and opportunities for boswellia. The boswellia market also covers an analysis on value chain analysis which covers margins at each node. In order to provide the users of this report with a comprehensive view of the market, we have included detailed competitiveness analysis, market key players, and strategic overview. The dashboard provides a detailed comparison of boswellia manufacturers on parameters such as government certifications, product offerings, key strategies & focus areas of the company. The study encompasses market attractiveness analysis by source, product type, application, end use, and region.
Through a detailed study of the market, our analysts have observed that, there is a tendency amongst the end users of boswellia to shift from resin type boswellia to extract type boswellia, which is likely to result in an increase in market demand over the forecast period. Also, the high prices of products sourced through boswellia papyrifera, boswellia sacra, boswellia serrate, and boswellia cartetii are deemed to cause a concern in raw material procurement. The report further states that, the use of boswellia in the food industry as a supplement is likely to result in a lucrative market opportunity for the producers of boswellia targeting this segment. On the basis of region, the European boswellia market is expected to hold the highest market share throughout the forecast period, owing to more consumption of boswellia as food supplements in the region. Following Europe, the North American boswellia market is expected to hold the second-largest market share throughout the forecast period.
The report includes the company profiles of key producers of boswellia, and the revenue generated from companies across North America, Latin America, Europe, Asia Pacific (APAC), and the Middle East & Africa (MEA). For the estimation of revenue, regional average prices were obtained through quotes from numerous boswellia producers, exporters, and distributors. All the key application segments of boswellia have been considered, and potential applications have been estimated on the basis of secondary sources and feedback from primary respondents. Some of the key data points collected for the modeling approach include the food and beverage sector overview, regional food and beverage outlook, average usage of supplements, including boswellia in food products, and others. The market has been forecasted based on constant currency rates.
A number of primary and secondary sources were consulted during the course of the study. Secondary sources include Factiva, and Hoovers, and company annual reports and publications. This report covers market dynamics related to boswellia that include the drivers, restraints, and trends driving each segment and opportunities in boswellia market. The report also includes analysis and insights into the potential of the boswellia market in specific regions. Detailed profiles of the providers are also included in the scope of the report to evaluate their long-term and short-term strategies, product portfolio of boswellia producers, and recent developments in the boswellia market space. Some of the key players analyzed are Sabinsa Corporation, Arjuna Natural Extracts Ltd., PLT Health Solutions, Inc., Alchem International Private Limited, Nutra Green Biotechnology Co., Ltd., Gurjar Phytochem Pvt. Ltd., S.A. Herbal Bioactives LLP, and Alpspure Lifesciences Private Limited, among other boswellia producers.
Global Boswellia Market – By Product Type
- Essential Oils
Global Boswellia Market – By Source
- Boswellia papyrifera
- Boswellia sacra
- Boswellia serrata
- Boswellia cartetii
Global Boswellia Market – By Application
- Joint Health
- Stress/Anxiety Relief
- Digestive Disorders
Global Boswellia Market – By End Use
- Food Supplements
- Herbal Medicinal Products
- Personal Care Products
Global Boswellia Market – By Region
- North America
- Latin America
- Asia Pacific
- Middle East & Africa