Serrata Extract Market Share, Size, Trends, Industry Analysis Report, By Form (Powder, Liquid); By Application (Herbal Medicine, Food Supplements, Aromatherapy); By Region; Segment Forecast, 2023 - 2032
- Published Date:Jun-2023
- Pages: 115
- Format: PDF
- Report ID: PM3405
- Base Year: 2022
- Historical Data: 2019-2021
Report Outlook
The global serrata extract market was valued at USD 90.17 million in 2022 and is expected to grow at a CAGR of 10.3% during the forecast period. The rise in cardiovascular diseases is likely to positively impact the growth of the serrata extract market. Serrata extract is extracted from Boswellia serrata, a native tree in India, and has been used for centuries in traditional medicine to treat various ailments, including cardiovascular diseases. According to the Global Burden of Diseases (GBD) 2019, The prevalence of all CVD cases virtually doubled from 271 million cases in 1990 to 523 million cases in 2019 (95% UI: 497 to 550 million cases), while the number of CVD deaths progressively rose from 12.1 million cases in 1990 to 18.6 million cases (95% UI: 17.1 to 19.7 million cases) in 2019. The increasing incidence of cardiovascular diseases and the growing demand for natural and plant-based products are expected to fuel the growth of the serrata extract market in the coming years.
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As the population continues to grow, there is an increasing demand for food and healthcare products, which is expected to fuel the growth of the serrata extract market. Boswellia serrata, also known as Indian frankincense, is a tree commonly found in India, Northern Africa, and the Middle East. The resin from the tree is used to make serrata extract, which has been traditionally used in Ayurvedic medicine for its anti-inflammatory and pain-relieving properties. Alarming rates of exponential population growth are being experienced worldwide. India currently has 1.35 billion people, and by 2050, that figure is projected to rise, making it the most populous nation on earth. This will create further demand for the market throughout the forecast period.
With the increase in population, there is a corresponding increase in the incidence of chronic diseases such as arthritis and other inflammatory conditions. This is expected to drive the demand for serrata extract as it effectively manages these conditions. Additionally, as the aging population grows, there is an increasing demand for natural and effective remedies to manage joint pain and other age-related health issues, which is expected further to fuel the growth of the serrata extract market.
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Industry Dynamics
Growth Drivers
With the increasing demand for natural supplements, serrata extract is gaining popularity as a natural and safe alternative to traditional medications. The health benefits of serrata extract, such as reducing inflammation and joint pain, promoting heart health, and improving respiratory function, are becoming more widely recognized. This has led to an increased demand for serrata extract supplements. The growing research and development activities in the serrata extract market also drive its growth. Researchers are conducting studies to understand better the mechanisms of action of serrata extract and its potential applications in various health conditions.
As the global population ages, the incidence of age-related health issues such as arthritis, cardiovascular disease, and respiratory disorders is rising. Serrata extract's potential to alleviate these conditions makes it an attractive supplement option for older adults. According to the World Health Organization, one in six individuals worldwide will be 60 or older by the year 2030. From 1 billion in 2020 to 1.4 billion at this period, people over 60 will represent a larger percentage of the total population. This will further fuel the growth of the market in the upcoming years.
Serrata extract is also used in the food industry as a natural preservative and flavoring agent. The rising demand for natural food additives is driving the growth of the serrata extract market in this sector. Serrata extract is also used in cosmetic products due to its antioxidant and anti-inflammatory properties. The growing demand for natural and organic cosmetic products is driving the growth of the serrata extract market in the cosmetic industry.
Report Segmentation
The market is primarily segmented based on form, application and region.
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By Form |
By Application |
By Region |
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Powder segment is expected to witness fastest growth over the forecast period
Powder form segment is projected to experience higher growth in upcoming years. One of the key drivers of growth in this segment is the ease of use and convenience of serrata extract in powder form. This can be easily mixed with food and beverages or taken in capsule form, making it a popular choice among consumers who prefer dietary supplements that are easy to use and convenient. Additionally, the powder form of serrata extract is often more concentrated than other forms, such as oils or capsules. This means that a smaller amount of powder may be needed to achieve the desired effect, which can be more cost-effective for consumers and may also reduce the overall environmental impact of the product.
Herbal Medicine is expected to hold the significant revenue share in 2022
Herbal Medicine is projected to hold significant revenue share throughout the forecast period. The increasing prevalence of chronic diseases, such as arthritis, cardiovascular disease, and respiratory disorders, is driving the demand for natural supplements and alternative treatments. Serrata extract has been shown to have anti-inflammatory and antioxidant properties, which may help alleviate symptoms of these conditions. As a result, the use of serrata extract in herbal medicine is likely to increase, particularly for the treatment of chronic diseases.
Asia Pacific is accounted to dominate the market in 2022
Asia Pacific accounted to dominated the market in 2022 and will likely to continue its dominance over the forecast period. In recent years, there has been an increasing demand for serrata extract products in India due to the growing interest in natural and traditional medicine. China is also a major producer of serrata extract and has a large population that is increasingly interested in natural supplements and alternative treatments. As a result, the demand for serrata extract products in these countries is expected to increase, driving the growth of the serrata extract market. India's population increased from 450.55 million in 1960 to 1.41 billion in 2021.This represents an increase of 212.4% in 61 years. As the middle class grows in Asia Pacific, consumers have more disposable income to spend on health supplements and remedies, which is expected to contribute to the growth of the market.
North America is expected to witness a higher growth rate throughout the forecast period. In this region consumers are increasingly interested in natural and herbal supplements as an alternative to synthetic drugs. Serrata extract is considered a natural supplement with potential health benefits, which makes it attractive to this market. Sales of dietary supplements climbed by 5% ($345 million) in the United States in 2019 compared to the previous year, before the epidemic. However, compared to the same six-week period in 2019, revenues increased by 44% ($435 million) during the first wave of the pandemic on April 5, 2020. This will further fuel the growth of the market in upcoming years.
Competitive Insight
Key players in the market include Manus Aktteva biopharma, Arjuna Natural, Now Food, Marven Bio Chem, Herbal BioActives, Sanat, Alchem International, Jayshree Nath Herbals, Alps Pure, IFF Health, Bioprex Labs, & Himalayan Herbaria.
Recent Developments
- In October 2022, IFF Health & GenM, the menopausal partner for brands, announced a partnership to provide menopausal women with individualized supplement options.
- In June 2021, Arjuna Natural launched Rhuleave as a ground-breaking pain management option. This formula developed to provide immediate pain relief and reduce inflammation. It was made using natural bioactives from turmeric, boswellia, and other sources.
Serrata Extract Market Report Scope
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Report Attributes |
Details |
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Market size value in 2023 |
USD 99.29 million |
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Revenue forecast in 2032 |
USD 240.13 million |
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CAGR |
10.3% from 2023- 2032 |
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Base year |
2022 |
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Historical data |
2019- 2021 |
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Forecast period |
2023– 2032 |
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Quantitative units |
Revenue in USD million and CAGR from 2023 to 2032 |
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Segments covered |
By Form, By Application, By Region |
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Regional scope |
North America, Europe, Asia Pacific, Latin America; Middle East & Africa |
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Key companies |
Manus Aktteva biopharma LLP, Arjuna Natural, Alchem International, Marven Bio Chem, Herbal BioActives LLP, Sanat, S.A, Jayshree Nath Herbals, Alps Pure, IFF Health (Frutarom Health), Now Food, Bioprex Labs and Himalayan Herbaria. |
FAQ's
The global serrata extract market size is expected to reach USD 240.13 million by 2032.
Key players in the serrata extract market are Manus Aktteva biopharma, Arjuna Natural, Now Food, Marven Bio Chem, Herbal BioActives, Sanat, Alchem International, Jayshree Nath Herbals, Alps Pure.
Asia Pacific contribute notably towards the global serrata extract market.
The global serrata extract market is expected to grow at a CAGR of 10.3% during the forecast period.
The serrata extract market report covering key segments are form, application and region.
