Frankincense is an oleo-gum-resin collected from wild Boswellia spp. trees, and widely used in perfumery, cosmetics, aromatherapy, incense, and other industries. Boswellia rivae, growing in Ethiopia, Somalia, and Kenya, is one source of frankincense, but is little-commercialized compared to species such as B. sacra, B. frereana, and B. papyrifera. In this study, we examine the resin essential oil chemistry and harvesting systems of B. rivae in order to evaluate its potential for increased trade and potential positive livelihood benefits. Boswellia rivae produces an essential oil rich in α-thujene (0.1–12.4%), α-pinene (5.5–56.4%), β-pinene (0.3–13.0%), δ-3-carene (0.1–31.5%), p-cymene (1.4–31.2%), limonene (1.8–37.3%), β-phellandrene (tr-5.6%), trans-pinocarveol (0.1–5.0%), trans-verbenol (0.1–11.2%), and trans-β-elemene (0–5.7%), similar to major commercial species, although it is difficult to detect mixing of B. rivae and Commiphora africana resins from chemistry alone. The B. rivae trees are not actively tapped, so resin collection has a neutral impact on the health of the trees, and resin production is unaffected by drought. Consequently, collecting resins acts as a key income supplementing livestock herding, as well as a safety net protecting pastoral communities from the severe negative effects of climate change-exacerbated drought on livestock. Therefore, Boswellia rivae is well positioned chemically, ecologically, and socially to support expanded trade.