According
to the latest market report published by Transparency Market Research
titled 'Boswellia Market: Global Industry Analysis 2018-2026', the
revenue generated from boswellia has been estimated to be valued over
US$ 85.9 Mn in 2018, which is projected to increase to US$ 119.1 Mn,
at a CAGR of 4.2% during the forecast period (2018-2026).
Tough
competition and fragmentation prevail in the global boswellia market.
The food processing industry has incorporated boswellia,
predominantly due to its various functional properties. Increasing
consumption of food supplements is one of the key factors that has a
positive impact on the boswellia market, as people with joint health
conditions such as arthritis, rheumatoid arthritis, osteomalacia, and
other joint health problems typically tend to consume boswellia, as
it helps treat various types of joint health issues.
The
growing demand for natural ingredients in joint health supplements
from the geriatric population, which includes boswellia, helps in the
growth of the boswellia market. There are few other factors which
help in the growth of the boswellia market, such as boswellia
products are gaining traction in weight management supplements, due
to the increasing obesity levels across the globe. Increasing weight
and health problems are directly linked to poor dietary choices. The
rising health problems among children and adults have shifted the
preference of consumers to pay more attention towards the ingredients
used in food products and supplements, not only for sugar and
calories but also for the types of ingredients used, such as colors,
flavors, sweeteners, and other ingredients. Boswellia supplements
help in reducing obesity.
Increasing
penetration of organized players ensures a highly competitive market
scenario for boswellia, and results in the development of innovative
boswellia products, which is expected to boost the overall growth of
the boswellia
market substantially over the forecast period.
By
application, the incense segment is estimated to account for 60.9%
value share of the boswellia market in 2018, and is forecast to reach
58.9% by the end of the forecast year 2026. The incense segment is
expected to register a growth rate of 3.8% over the forecast period
2018 to 2026. On the basis of source, boswellia papyrifera is
estimated to account for a more significant growth rate in the global
boswellia market over the forecast period. On the basis of region,
the European boswellia market is estimated to account for a
significant revenue share of 37.4% in 2018, followed by North America
in the global boswellia market.
The
world population is increasing and becoming wealthier. There will be
more mouths to feed and more plates to fill. With a changing variety
of food and beverages, they tend to be consumed in different ways as
populations’ transition to the middle class, which is likely to
impact the demand for boswellia in the preparation of packaged and
processed food products.
Arable
land is decreasing as urbanization increases, and global water supply
will be an ongoing constraint, not to mention the impacts of climate
change on agricultural output. These supply constraints are also
impacting the feedstock from which boswellia is produced, and thus,
accelerating the need to find alternative ways to meet food demand.
Some
of the major companies operating in the boswellia market space 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.
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