Serrata Extract Market Size By Form (Powder, Liquid), By Application (Herbal Medicine, Food Supplements, Aromatherapy, Others), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2022-2030

Serrata Extract Market Size By Form (Powder, Liquid), By Application (Herbal Medicine, Food Supplements, Aromatherapy, Others), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2022-2030

The global serrata extract market is anticipated to expand significantly through 2030, on account of product usage in herbal medicines and government support for its cultivation. The serrata extract is widely utilized in ayurvedic herbal formulations for treating numerous ailments including osteoarthritis, asthma, inflammatory bowel conditions, and as anti-cancer drug.

Furthermore, investments by leading manufacturers in R&D for the product, in consort with increased government assistance are projected to boost market expansion. For example, the Indian government keeps track of the critical natural resource – Boswellia Serrata, through its Forestry Service. They conduct field inventories on a regular basis to measure plant numbers, train field associates, and determine pricing in order to assure the abundance of Boswellia forests spread over the country's sixteen states.

The serrata extract is available in two forms, i.e., liquid and powder. The liquid serrata extract market share is predicted to grow with strong CAGR during the forecast period, due to rising use of the product as an ingredient in essential oils for aromatherapy and production of perfumes. Widespread popularity of aromatherapy, in tandem with consumer preference for smelling nice are fostering the demand for serrata extract.

Moving on, the numerous applications of serrata extract include herbal medicine, dietary supplements, and aromatherapy. The other application of the product is in the pharmaceutical industry and is slated to generate moderate revenues for the market in the coming years. The Boswellic acid present in serrata extract is widely used in medicine due to its potential to decrease inflammation, regulate immunological function, combat cancer, and cure chronic diseases including asthma and arthritis.

For example, in December 2021, Hyderabad-based Lee Health Domain launched an oral tablet Actokin, a nutraceutical containing collagen, curcumin complex, and Boswellia serrata extract. The tablet is to be used as an adjuvant therapy to treat joint problems, exhaustion, and neuropathic pain connected with post-viral infections such as coronavirus. It may also be used in place of pain killers without any adverse effects.

Regionally, the Europe is likely to emerge as a lucrative destination for the manufacturers and enterprises in the Serrata extract market in the coming years, owing to the growing number of health-conscious consumers in the region. Due to the increasing awareness of health benefits of serrata extract, the Europe market is expected to record a CAGR of 10.5% to be valued over USD 64.5s million by 2030.

Speaking of the competitive landscape, the participants are putting efforts to enhance their present medical technology, consequently improving the overall market scenario for the next years. Citing an instance, in April 2021, Cosmax Bio Inc., a South Korean manufacturer of dietary supplement, has produced a novel ingredient based on Hydrangea serrata leaf extract that is claimed to improve skin health and help weight management. It is a 100% plant-derived ingestible beauty product that meets the demands of customers, particularly during the COVID-19 era.