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.
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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.
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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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