Serrata Extract Market Size - By Form (Powder, Liquid), By Application (Herbal Medicine, Food Supplements, Aromatherapy, Others), Regional Insights, Market Share & Forecast, 2022-2030

Serrata Extract Market Size

Serrata Extract Market size was worth more than USD 85 million in 2021 and is expected to grow at a CAGR of 10.5% through 2030. Implementation of new technology for innovative product launches to augment industry outlook.
 

The increasing penetration of herbal medicines is estimated to be the primary driver for the serrata extract market expansion. Herbal medicine is considered to be a safe alternative treatment for several ailments, particularly lifestyle conditions that require lifelong prescription medication and hence create health hazards. The World Health Organization (WHO) cites that 70-95% population in emerging nations still relies on medicinal plants for primary healthcare. Likewise, herbal treatments are also widely used in many developed nations, with complementary and alternative medicines (CAMs) becoming more common in the United Kingdom and the rest of Europe, as well as in North America and Australia.
 

Increasing cognizance regarding the benefits of ayurvedic remedies, in consort with wider availability of the product in raw and powdered forms are making it easier for people to improve their health conditions. Citing an instance, Boswellia serrata is known to possess anti-inflammatory properties and is proven to be efficacious for the treatment of inflammatory disorders such as arthritis, osteoarthritis, rheumatoid arthritis, and ulcerative colitis. Hence, the exceptional properties of the product are impelling the industry share.
 

Lack of research efforts to hamper industry expansion

The most significant impediment to herbal medicine research is a lack of resources for this branch of scientific investigation. Not enough efforts are being directed toward developing the production process for serrata extract, which is stifling the industry growth. However, given the current popularity of herbal therapies using serrata extract, it is vital to overcome investment barriers to thoroughly study and determine which herbal treatments are more beneficial than harmful for certain ailments.
 

Serrata Extract Market Analysis

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Global serrata extract market is divided into powder and liquid segments based on product form. The powder form category is expected to grow at a CAGR of more than 10% through 2030. Powdered products are considered to be less expensive and easier to administer, resulting in higher patient compliance. Through powdered form, small dosage is needed and can be consumed entirely without any wastage. The cost benefit of producing serrata extract powder will complement segment growth.
 

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In terms of application, the serrata extract market is divided into four categories – herbal medicines, food supplements, aromatherapy, and others. The herbal medicine segment held notable industry share in the recent past and is estimated to account for more than USD 65 million by 2030. Ancient societies in nations such as India, China, South America, and Egypt continue to rely on plant-based therapies to manage serious health conditions. Furthermore, there is a burgeoning scientific and economic interest in medicinal plants as raw materials among herbal pharmaceutical firms. The increased acceptance of herbal treatments is bolstering the demand for serrata extract, aiding the industry expansion.
 

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Regionally, the APAC segment is predicted to grow unprecedently due to the prevalence of leading pharma companies in the region. The regulatory relaxations associated with the product use will also foster the demand for serrata extract. Notably, Southeast Asia and South Asia are green grounds for medicinal plants used in traditional medicine. Boswellia serrata, the plant which is native to much of India and the Punjab area that stretches into Pakistan, has been utilized for numerous ayurvedic compositions since ancient times. To that effect, the Asia Pacific serrata extract market is anticipated to be worth more than USD 58 million by 2030.
 

Serrata Extract Market Share

The competitive landscape of the market includes enterprises such as

• Manus Aktteva biopharma LLP
• Arjuna Natural
• Alchem International
• Marven Bio Chem
• Hernal BioActives LLP
• Sanat
• S.A
• Jayshree Nath Herbals
• Alps Pure
• IFF Health (Frutarom Health)
• Now Food
• Bioprex Labs
• Himalayan Herbaria

Companies operating in the serrata extract industry are undertaking research to launch new products and expand their revenue scope.
 

Impact of COVID-19 Pandemic

The COVID-19 outbreak, with the subsequent lockdown measures and social distancing mandates, had a severe impact on the global economy. With travel restrictions and temporary shutdown of production plants, there was shortage of labor and supply chain dwindled, which hampered the industry growth. However, due to the rapid infection spread, the pharma companies and the individuals themselves started exploring various health supplements to ensure well-being. This factor, along with the recovering economy with fading coronavirus cases will likely aid the serrata extract market to strive in the coming years.
 

The Serrata Extract Market research report includes in-depth coverage of the industry with estimates & forecast in terms of volume in Tons and revenue in USD thousand from 2018 to 2030, for the following segments:

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By Form

• Powder
• Liquid

By Application

• Herbal Medicine
• Food Supplements
• Aromatherapy
• Others

The above information is provided on a regional and country basis for the following:

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
• Asia Pacific
  • China
  • India
  • Japan
• Latin America
  • Brazil
  • Mexico
• Middle East & Africa
  • South Africa
  • GCC