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Agarwood Chip Market Size will Grow from 2019 to 2026 at an estimated CAGR of 6.4% | Straits Research

12-01-2021 05:39 AM CET | Industry, Real Estate & Construction

Press release from: StraitsResearch

Agarwood Chip Market

Agarwood Chip Market

Agarwood Chip Market Snapshot:

The global agarwood chip market was valued at USD 8,303.7 million in 2018, growing at a CAGR of 6.4% during the forecast period of 2019–2026.
Agarwood is an endangered species, protected by Convention on international Trade in Endangered Species of Wild Fauna and Flora. Agarwood is traded in various forms including chips, oil, logs, and dust. Agarwood chips is the largest form of agarwood traded across the globe. Agarwood chips are used in the manufacturing of incense, perfumes, traditional medicines, and agarwood oil. Agarwood cultivation is banned in Myanmar, Bhutan, and many other countries. Oil production from agarwood chips increased in last 2 decades with rising use of agarwood oil in the production of medicine and perfume for its distinct fragrance is driving the market growth.

Oil extraction is accounting for the major market share. Currently, agarwood oil is witnessing high demand in the international perfumery, incense, cosmetics, and medicine market. This has compelled the players to increase their overall production of agarwood chips to meet the growing demand from different sectors. Oil production from agarwood chips increased in last 2 decades with rising use of agarwood oil in the production of medicine and perfume for its distinct fragrance.

North America is dominating the market and accounted for the highest share in the forecast period. From the past few years, North America has been witnessing increasing demand for agarwood chips for high-value perfumes and incense prepared from agarwood. Fragrance industry in North America is well flourished and growing at an exponential rate by welcoming new niche, natural, and exquisite fragrances such as agarwood. Rise of niche brands and trend of personalized fragrances are collectively penetrating the North America fragrance market, backed by changes in the consumer preferences and increasing demand for natural perfumes. North America fragrance industry accounts for 34% of the global fragrance industry, which earned about USD 23,800.5 million in 2018 and is likely to grow further due to the newly indulging trend of personalized fragrances.

Europe is second leading region in the forecast period. Despite the decline in volume sales during 2015–2016, Europe fragrance industry experienced value growth of about 1% in 2016 as compared to 2015. Europe fragrance market was worth USD 21,349.8 million in 2018, by grossing about 30% share of the global fragrance industry.

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The Major Prominent Players Covered in this Report:
Hoang Giang Agarwood Ltd, Lao Agar International Development, Asia Plantation Capital Pte Ltd, K.A.B. Industries, Arista, Agarvina Co. Ltd, Green Agro, Sadaharitha Plantations Limited, ASSAM AROMAS, BINH NGHIA AGARWOOD CO., LTD, Myanmar Treasure Co-op., Ltd, Sai Export India, THE MJI GROUP, NHANG THIEN JOINT STOCK COMPANY, Homegrown Concept Sdn Bhd. & More.

By Application
Oil Production
Incense and Fragrance
Others

By Distribution Channel
Direct Channel
Indirect Channel

Growing Domestic Demand and Expanding Pharmaceutical Sector to Drive the Demand for Agarwood Chip in the APAC Region
Asia-Pacific region is anticipated to hold the largest market share in the global Agarwood Chip market during the forecast period 2019-2026. The growth in this region can be attributed to the presence of emerging economies like India, China, Japan, Vietnam, and Indonesia, which account for the largest share in this region. India is one of the largest producers of Agarwood Chip and a major exporter of the product to various countries across the globe. India accounts for around 80% of the world’s exports of Agarwood Chip. The favorable climatic conditions and growth of agricultural inputs and allied services like cold storage and warehousing in India are prompting higher production.

View this report with a detailed description and TOC @ 
https://straitsresearch.com/report/agarwood-chip-market/toc

Key Questions Answered in The Report:
What will the Agarwood Chip market growth rate?
What are the key factors driving the global Agarwood Chip market?
Who are the key manufacturers in the Agarwood Chip market space?
What are the market opportunities, market risk, and market overview of the Agarwood Chip market?
What are sales, revenue, and price analysis of top manufacturers of the Agarwood Chip market?
Who are the distributors, traders, and dealers of the Agarwood Chip market?
What are the market opportunities and threats faced by the vendors in the global Steerable Medical Devices Industry?
What are sales, revenue, and price analysis by types and applications of the Agarwood Chip Industry?
What are sales, revenue, and price analysis by regions of Agarwood Chip industry?
What are the driving factors contributing to market growth during the short, medium, and long term?

Key Agarwood Chip Market Trends:
- The report identifies, determines, and forecasts the Global Agarwood Chip Market segments based on their type, sub-type, technology used, applications, end-users, and regions.
- Industry to Industry Holds Largest Share in the Agarwood Chip Market
- It examines the micro-markets based on their growth trends, development patterns, future prospects, and contribution to the overall market.
- Demand from Regional / geographical is Expected to Drive the Growth
- Rising Adoption of Market Segments in this Growth
- North American, Europe is Expected to Witness Higher Growth Rate over the Forecast Period
- It studies the competitive developments such as partnerships and collaborations, mergers and acquisitions (M&A), research and development (R&D) activities, product developments, and expansions in the Global Agarwood Chip Market.

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