Boswellia Market

Global Boswellia Market Size (2024 to 2029)

As per our analysis report, the global Boswellia market is expected to reach USD 86.93 million by 2029 from USD 72.49 million in 2024, growing at a compound annual growth rate (CAGR) of 3.7 % during the forecast timeline. The extract product type has a large market share, and essential oils are expected to be the fastest-growing segment in the market. North America has the highest share of the market, and the Asia-Pacific region holds the fastest growth in the Boswellia market.

Global Boswellia Market Drivers:

The wide application in the pharmaceutical industry is expected to drive the Boswellia market growth. In India, the extract has been used for centuries to treat inflammatory conditions such as osteoarthritis and asthma. Boswellia acids are the beneficial compound present in the Boswellia extract, which helps to combat the inflammation and decrease the oxidation stress. An enzyme called Boswellia bars 5-lipoxygenase is engaged in the inflammation, and inflammatory proteins are termed cytokines. Generally, Boswellia supplements are taken in the form of capsules or tablets. Additionally, it is also available in the form of Boswellia serrata oil or Boswellia tea. One of the most used applications of Boswellia is for joint pain and stiffness, which are the common symptoms faced by individuals suffering from osteoarthritis of the joints. For a healthy inflammatory response, people generally use Boswellia and curcumin. However, there is no proper suggested standard dosage of the Boswellia. Scientists started using the distinct dosages of the Boswellia to find its health benefits. The increase in awareness about the Boswellia extract will fuel the growth of the market.

The surge in Boswellia's innovations by various companies boosted Boswellia's market growth and expansion during the forecast period. EuroPharma’s CuraMed Acute Pain Relief is an integration of the BCM-95 curcumin and BOS-10 Boswellia, which was proved to give output up to 10 times greater acetyl-11-keto-B-boswellic acid rather than the unstandardized form. The product has the emulsified matrix of black sesame extract oil in the form of a tiny and swallowable liquid gel. The black sesame seed oil has an anti-inflammatory property and has been used traditionally for ages in Ayurvedic medicine. Boswellia extract has been used for centuries to keep a healthy inflammation response without stomach irritation and assist in keeping a healthy body. The purest form of the Boswellia is obtained by the organic supercritical Co2 extraction technique and is the most powerful organic Boswellia. Such innovation of the Boswellia will fuel the growth of the Boswellia market in the coming years.

Global Boswellia Market Restraints:

Despite the projected growth of the Boswellia market, certain factors restrain its growth. One such factor is the side effects associated with the usage of the Boswellia on the Liver, which will hinder the adoption of the Boswellia extract in its various medical applications. The dosage of the Boswellia is decided based on the percentage of the Boswellia acids, and its standard dosage includes 30-40 % Boswellia acid. A dose of 300-500 mg is recommended two to three times a day. It has been popularized as a pain reliever, so when it is integrated with additional compounds such as ibuprofen, aspirin results in harmful effects on the Liver. So, it is suggested that Boswellia not be integrated with other compounds. Certain studies suggest that Boswellia may help in the stabilization of sugar levels, which benefits people with endocrine ailments. Due to its ill effects on the organs of the body due to integration, it is not suggested to use medicine to control sugar levels. This hampers the sale and adoption of the product in various applications, thereby reducing the size of the market.

Impact of COVID-19 on the Boswellia Market:

The pandemic has had a significant impact on the Boswellia market. The imposition of the lockdown across the nations resulted in the non-availability of the products. The entire supply chain is disrupted, leading to fluctuations in price and shortages in some markets. The economic slowdown impacted people's purchasing capacity, leading to a decrease in sales. People started to focus on natural, healthy products, and demand for such products has increased as they have anti-inflammatory properties and maintain respiratory health.

REPORT COVERAGE:

This research report on the global Boswellia market has been segmented and sub-segmented based on source, product type, application, and region.

Global Boswellia Market – By Source:

• Boswellia papyrifera
• Boswellia Serrata
• Boswellia sacra
• Boswellia cartetti

Boswellia papyrifera is a deciduous tree with multipurpose use. It is grown in the savanna belt from northern Nigeria eastwards to the highlands of Eritrea and Ethiopia. Mostly used in frankincense production extracted from the wounding bark of the tree.

Boswellia sacra’s essential oil is used as a base fragrance and has a medium-strength balsamic, rich, slightly spicy, and sweet aroma. It contains chemicals that reduce swelling and increase the immune response of the body.

Boswellia Garcetti resin has been utilized for spiritual and medicinal purposes over the decades, and the resin has pharmacological properties.

Global Boswellia Market – By Product Type:

• Resins
• Essential Oils
• Extracts

The Extract category is expected to have a large market share in the Boswellia market during the forecast timeline. The pharmaceutical industry is a major driver for the market growth in this segment due to its extensive use of the Boswellia extract in the pharma industry. The Boswellia extracts are further used in applications in the cosmetic industry and will propel segmental growth.

The essential oils segment is anticipated to be the fastest growing segment in the Boswellia market due to its broader application of essential oils in the series of conventional, substitute, or complementary therapies under the aromatherapy alleviating stress and anxiety with the use of the Boswellia extract. This makes it also called frankincense. It is also used in other applications, such as in food, cosmetics, and drinks.

Global Boswellia Market – By Application:

• Joint health
• Stress/Anxiety Relief
• Anti-inflammation
• Asthma
• Digestive Disorders
• Incense
• Others

The joint health segment holds a large market share in the Boswellia market owing to its extensive application in managing joint health as a dietary supplement, which includes Boswellia. The population of elderly persons is increasing at a higher rate, increasing the demand for joint health management as these people are more susceptible to joint ailments. They also have some other health issues, such as loss of appetite, weakening of the bones, and pain in the joints. The adulterated environment is also a factor in the growth of the segment.

The fastest-growing segment in the Boswellia market is the anti-inflammation category. The Boswellia extracts have anti-inflammatory characteristics that can be used as an effective pain killer for people suffering from arthritis.

Global Boswellia Market -By Region:

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East and Africa

North America has the largest share in the Boswellia market during the forecast timeline across the globe. The health advantages associated with the Boswellia supplements surged its application mostly in countries like the U.S. in this region. Boswellia extract is an herbal extract from the gum resins of the Boswellia tree, which is typically known as Indian frankincense. The growth of the market is further propelled by the wide application of Boswellia to treat asthma, cancer, inflammation, and many other health ailments in the North American region.

The Asia-Pacific region is one of the fastest growing regions in the Boswellia market owing to the wide availability of Boswellia in the Asia-Pacific region. Boswellia has a rising application in the pharmaceutical sector, which further drives market growth in the Asia-Pacific region.

KEY MARKET PLAYERS:

Companies playing a significant role in the global boswellia market include Sabinsa Corporation; S.A. Herbal Bioactives LLP; NOW Foods; Herbal Creations; Alpspure Lifesciences Private Limited; Venkatesh Naturals Extract Private Ltd; Alchem International Private Limited; PLT Helath Solutions Inc; Gurjar Phytochem Pvt Ltd; Arjuna Natural Extracts Ltd.

RECENT HAPPENINGS IN THE MARKET:

• In 2022, PLT Health Solutions, Inc. and Botanical Liaisons, LLC together engaged in the sustainability audit of the harvesting and collection activities of India Boswellia serrata gum resins as they are associated with several series of health applications. The sustainability audit includes in-country interviews of the field workers, resin consolidators, ingredient manufacturers, and other government officials.
• In 2022, PLT Health Solutions, Inc. disclosed that Earthlight Whole Food Vitamin D has accepted authorization from the Brazilian Health Regulatory Agency, which is paving the way for the rare dietary constituent that can be used in food, beverages, and supplements. These are generated and markets in Brazil.