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.
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