Agarwood Oil Market Size, Production, consumption, opportunities, main exporting countries and importing countries, key suppliers and consumption patters by region

Global Agarwood Oil Market size is expected to reach nearly USD 496.84 Mn by 2032 with the CAGR of 5.42% during the forecast period.

Agarwood Oil Market Overview:

The Agarwood or Eaglewood is a resinous wood found predominantly in the southeast region of the Asia-Pacific. Agarwood after getting infected with yeast, pest, or microbial infection releases aromatic resins called Agarwood Oil. The presence of aromatic essence has resulted in a wide-scale use of Agarwood Oil throughout the world. Agarwood Oil possesses antimicrobial and antioxidant properties that are used in manufacturing medicines for asthma, digestion, and mental health-related issues.

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The presence of Aphrodisiac properties has resulted in increased use of Agarwood Oil in manufacturing Sexual health-related products. The high price and limitation in availability have resulted in the synthetic production of Agarwood Oil on a large scale. An increase in demand for aromatic substances has resulted in increased use of Agarwood Oil throughout the world. Increased domestic and industrial consumption and rarity in nature have resulted in the growth in the Global Agarwood Oil Market.

Agarwood Oil Market Dynamics:

Agarwood Oil possesses a spiritual fragrance that is used in Aromatherapy. It is observed that more than 20% of working men and more than 32% of working women living in metropolitan cities in the US and Europe prefer Aromatherapy at least once a month. The preference for Agarwood Oil in Aromatherapy has increased its demand in the western hemisphere.

A report by WHO published in 2016 states that 4 out of 100 people suffer from mental health-related issues like stress, anxiety, and depression. This number is concentrated more in the urban regions and is expected to increase in the coming years. Agarwood Oil possesses anti-depressant and stress-relieving properties that are used on a large scale in manufacturing medicine for mental health-related issues.

Agarwood Oil possesses moisturizing and anti-aging properties that are used by the Cosmetics Industry and in manufacturing medicines by the traditional medicines manufacturing industry.

Evolva, a Switzerland-based biotechnology company announced its collaboration with the Malaysian Biotechnology Corporation and University Malaysia Pahang to produce synthetic yeast that can produce Agarwood Oil.

An increase in demand for niche perfumery and global demand are the driving factors for the growth of the Global Agarwood Oil Market.

Restraints:

The high price of Agarwood Oil products is the major restraining factor here.

Agarwood Oil Market Segment Analysis:

The Global Agarwood Oil Market is segmented on the basis of

By Nature, It is observed that more than 52% of Agarwood Oil products available in the market are in adulterated form. An increase in demand for premium products has resulted in a 0.3% increase in demand for Organic Agarwood Oil.

By End Users, It is observed that more than 70% Agarwood Oil present in either organic or processed form is consumed by the Cosmetics, Chemical, and Personal Care Products Industries. An increase in demand for high range premium products has resulted in a 2.1% increase in demand for Agarwood Oil by the Cosmetics Industry.

The presence of antioxidant and anti-inflammatory properties have resulted in a 1.7% increase in the consumption of Agarwood Oil by the Pharmaceutical Industry. An increase in preference for aromatic cleaners and solutions has resulted in a 3% increase in consumption of Agarwood Oil by the Chemical Industry. Different industries use Agarwood Oil as per need.

By Distribution Channels, It is observed that more than 40% of the Agarwood Oil and products made by it are sold through Specialty Stores that deals in plant-based products. An increase in demand for medicines and cosmetics products made by using Agarwood Oil has resulted in an increase of 3.1% in sales through Supermarkets and Convenience Stores in the US and Europe. Increased use of Online shopping portals for purchasing plant-based products has resulted in an increase of 7% in the number of people purchasing Agarwood Oil through different E-Commerce platforms.

The high price of cosmetics and personal care products made by using organic Agarwood Oil has restricted its purchase to a certain number of people. Specialty Stores dealing in high-end products contribute to more than 35% of the revenue earned by the Global Agarwood Oil Market. Availability of a wide range of products by different brands in one place has resulted in a 2.8% increase in the sales of Agarwood Oil products through Supermarkets.

Convenience Stores that come under Organized Sector have observed a growth of 2.1% in the sales of Agarwood Oil products. An increase in the preference for online shopping due to features like doorstep delivery has resulted in an increase of 4.8% in sales of Agarwood Oil through different E-Commerce platforms. Different mediums that deal in plant-based aromatic products are visited by people for purchasing Agarwood Oil.

Regional Insights

Asia-Pacific is the biggest producer of Agarwood Oil. Countries like India, Sri Lanka, Singapore, Malaysia, and Indonesia contribute to more than 60% of the global production of Agarwood Oil. An increase in preference for plant-based aromatic products and consumption for making traditional medicines has resulted in a 1.8% increase in the consumption of Agarwood Oil in this region. A growth of 1.3% has been observed in the domestic consumption of Agarwood Oil for manufacturing homemade medicine in this region.

North America and Europe are the biggest importers of Agarwood Oil. An increase in preference for aromatic cosmetics and personal care products has resulted in a 3% increase in consumption of Agarwood Oil by the European Cosmetics and Personal Care Products Manufacturing Industry. The rise in the number of people preferring traditional medicines has resulted in a 2.7% increase in the consumption of Agarwood Oil by the American Pharmaceutical Industry.

The South American market has shown a growth rate in the range of 0.6-1.5%. Relaxations in the environmental policies have resulted in a 3% increase in the use of synthetic Agarwood Oil by the Chemical Industry present in this region. The Middle East and Africa’s Market has shown a growth rate of 2% and is expected to double its growth rate in the coming 10 years. The preference for aromatic products and this region’s role as a trade intermediary between Asia and the western countries has resulted in a growth in the Agarwood Oil Market in this region.

The objective of the report is to present a comprehensive analysis of the global Agarwood Oil market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The report also helps in understanding the global Agarwood Oil market dynamics, structure by analyzing the market segments and Project the global Agarwood Oil market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the global Agarwood Oil market make the report investor’s guide.

Recent Industry Developments

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Agarwood Oil Market, by Region

Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
North America (United States, Canada and Mexico)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina Rest of South America)

Key Players / Competitors Profiles Covered in Brief in Global Agarwood Oil Market Report in Strategic Perspective:

1. BIOLANDES SAS
2. Essential Oil Wizardry
3. Biofinest USA
4. Nusaroma
5. Deve Herbs
6. HYSSES Pvt. Ltd.
7. WEFIVE Group
8. Dauper S.A.
9. Tien Phuoc Co., Ltd.
10. Gritman Essential Oils
11. Hoang Giang Agarwood Ltd.
12. The Imperial Oud Company
13. Albert Vieille SAS
14. The MJI Group
15. Eden's Garden
16. Katyani Exports
17. Asia Plantation Capital Pvt. Ltd.
18. Agarvina Co., Ltd.
19. ASSAM Aromas
20. Ji'an Zhongxiang Natural Plants Co., Ltd.
21. Maruti Natural Fragrances
22. Treedom Oud
23. Amarnath Exports
24. K.A.B. Industries
25. Oudh Al Anfar