Boswellia market is projected to grow at a CAGR of XX.XX% to reach US$XX.XX billion in 2024 from US$XX.XX billion in 2018. Boswellia, also known as Indian frankincense, is an herbal extract taken from the Boswellia serrata tree. It is a genus of trees in the order Sapindales, known for their fragrant resin. Different species are used in the production of resins, essential oils, and extracts. Boswellia is used in various herbal medicines for joint health, inflammatory bowel disease, asthma, and digestive disorders and also in cosmetics. The rising awareness regarding the benefits of organic and naturally extracted ingredients is expected to drive the market for Boswellia. Further, the growing geriatric population coupled with rising preference for natural products in health supplements is anticipated to fuel the market in the near future. In addition, the growing adoption of Boswellia for pharmaceutical purposes is estimated to boost the market during the forecast period. However, the high cost associated with the extraction of Boswellia is expected to hamper the market growth.
Increasing adoption in the pharmaceutical industry.
An increasing number of health-conscious consumers.
High cost related to Boswellia extraction.
Allergic reactions or side effects caused by Boswellia.
Major industry players profiled as part of the report are Nutra Green Biotechnology Co Ltd, Sabinsa Corporation, Alchem International Private Limited, Marven Bio Chem, PLT Health Solutions Inc, Arjuna Natural Extracts Ltd, Alpspure Lifesciences Private Limited, S.A Herbal Bioactives LLP, and Gurjar Phytochem Pvt Ltd.
The Boswellia market has been analyzed through the following segments:
Herbal medicinal products
Personal care products
Middle East and Africa