Balsam is an oily, resinous, and odorous substance, which flows spontaneously or by incision from certain plants, and which the Church mixes with olive oil for use as chrism. The term balsam, however, is also applied to many pharmaceutical preparations and resinous substances which possess a balsamic odour. The balsam aroma is a popular fragrance worldwide, particularly in the perfume and fragrance industries. The U.S. market for the product has been estimated to be about 18,000 to 36,000 kg annually, valued at about US$325,000 to $650,000.
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