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Kenneth Research, in its repository of market research reports, have recently added a report on Boswellia Market which emphasizes on the latest trends, key opportunities, drivers, and the challenges associated with the growth of the market during the forecast period, i.e., 2022-2031. The Boswellia Market is anticipated to grow primarily on account of the growing trade of ICT goods and services worldwide. According to the statistics by the World Bank, the exports of ICT goods globally increased from 11.164% of total goods exports in 2017 to 11.53% of total goods exports in 2019.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Boswellia Market products.
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By the end of 2050, the world's population aged 60 years and above is anticipated to reach 2 billion, states the World Health Organization (WHO), in one of its statistics. Additionally, several manufacturers are increasingly showing interest for manufacturing healthy beverages, which is also anticipated to drive the growth of the market in the coming years.
Global Boswellia Market was valued at USD $1.6 Billion in the year 2019. Global Boswellia Market is further estimated to grow at a CAGR of 33.2% from 2019 to reach USD $9.04 Billion by the year 2025. Boswellia is a active compound extricated from a wide range variety of types of frankincense. Frankincense is an oleogum-tar, also called olibanum. Boswellia is usually found in the gum belt in Central Africa, the Middle East, India, and Pakistan. Different species are used in the production of resins, fundamental oils, and concentrates. In our extent of study, the different utilizations of boswellia shrouded are its utilization in natural therapeutic items for joint health, as a anti-inflammatory, and for asthma, stomach related clutters, and different applications and employments. Boswellia is additionally transcendently utilized as a basic oil for pressure alleviation amid fragrant healing.
Consumer tendency to purchase common individual consideration items is moving altogether, because of the expanding mindfulness in regards to the advantages of characteristic and natural fixings present in them. Purchasers are progressively settling on greener items, attributable to the nearness of lethal fixings in engineered individual consideration items.
The report includes the company profiles of key producers of boswellia, and the revenue generated from companies across North America, Latin America, Europe, Asia Pacific (APAC), and the Middle East & Africa (MEA). For the estimation of revenue, regional average prices were obtained through quotes from numerous boswellia producers, exporters, and distributors. All the key application segments of boswellia have been considered, and potential applications have been estimated on the basis of secondary sources and feedback from primary respondents. Some of the key data points collected for the modeling approach include the food and beverage sector overview, regional food and beverage outlook, average usage of supplements, including boswellia in food products, and others. The market has been forecasted based on constant currency rates.
Major market players in Boswellia 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.
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Boswellia Market Overview, By Source
*Boswellia papyrifera
*Boswellia sacra
*Boswellia serrata
*Boswellia cartetii
*Others
Boswellia Market Overview, By Product Type
*Resins
*Essential Oils
*Extracts
Boswellia Market Overview, By Application
*Joint Health
*Stress/Anxiety Relief
*Anti-inflammation
*Asthma
*Digestive Disorders
*Incense
*Others
Boswellia Market Overview, By Region
North America
*USA
*Canada
Europe
*Germany
*U.K.
*France
*Italy
*Rest of Europe
APAC
*China
*India
*Japan
*Rest of Asia-Pacific
RoW
*Latin America
*Middle East & Africa
About Kenneth Research
Kenneth Research provides scheduled syndicated reports that help industry professionals and organizations decipher market trends to take significant decisions and plan strategies. We cater to a wide range of industries including healthcare & pharmaceuticals, ICT & telecom, automotive & transportation, energy & power, chemicals, FMCG & food, aerospace & defense, among others. Our research team ensures to track and analyze the industry on a regular basis to offer strategic business consultancy services on a global level. We, at Kenneth Research are adept at capturing descriptive insights on crucial topics to help our clients make their informed decisions.
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