Agarwood Oil Market Is Anticipated To Rise At A CAGR Of 6% From 2023 To 2033

The global demand for agarwood oil is predicted to rise at a CAGR of 6%. The present market value of agarwood oil is $250 million USD, and it is expected to reach 450 million USD by the end of 2033.

The Convention on International Trade in Endangered Species of Wild Fauna and Flora protects agarwood as an endangered species. Agarwood products such as oil, chips, logs, and dust are traded. Agarwood oil, also known as eaglewood oil and oud oil, is a resinous, aromatic, and exceedingly valuable essential oil extracted from the diseased agarwood tree's heartwood. In common parlance, aloeswood oil is another name for agarwood oil.

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Why is Agarwood Oil Exhibiting Steady Demand Growth?

Consumption of agarwood oil has grown as people become more aware of the advantages of organic essential oils for the skin and hair. People in growing Asian Pacific nations such as India, China, and South Korea, among others, may now purchase price-sensitive items such as agarwood oil due to rising consumer disposable income.

Agarwood oil, in addition to being a fragrant, sweet oil used in perfumery, has other exceptional medicinal advantages. These include physical and mental relief from insomnia, migraines, stress, burns, skin diseases, insect stings, infections, and psychological tension. Because of these properties, the demand for agarwood oil has increased.

Customers are increasingly seeking real oil items. As a result, demand for real oil products has skyrocketed. In response to customer demand and industry knowledge, manufacturers and suppliers of fragrance and incense goods are expanding their product offers.

Competitive Landscape:

DAdvance Agarwood Solutions, one of Malaysia's leading biotech companies, collected an astounding US$ 1.9 million in June 2022 through an equity crowdfunding (ECF) campaign sponsored by Fundnel. The funds will be used to meet working capital requirements, expedite research and development of the company's patented inoculation technology, and support marketing activities targeted at advancing Malaysia's overall economic growth in the agarwood business. The company works with numerous Malaysian institutions to enhance agarwood oil distillation and conduct research & development on agarwood skin care products.

Key Players:

Agro Products
ASSAM AROMAS
Grandawood
Biolandes
Deve Herbes
Biofinest
Nusaroma
Dauper SA
Hoang Giang Agarwood Ltd
HYSSES Pte Ltd
Pachara Innovation CO., LTD
The Imperial Oud Co

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Regional Analysis:

 Why are Agarwood Oil Sales Booming in India, Japan, and South Korea?

Asia Pacific leads the worldwide market due to the existence of multiple important manufacturers of agarwood oil fulfilling the continually expanding demand. Agarwood oil is in extremely high demand, because to increased disposable income and a constantly expanding metropolitan population. Furthermore, the regional market is developing as millennial customers become more prevalent and agarwood essential oil is being used in aromatherapy diffusers.

 What Makes Germany and the United Kingdom Europe's Top Markets for Agarwood Oil?

Agarwood essential oil is in great demand in Europe because to its various health benefits and diverse applications in industries such as personal care, cosmetics, and treatments. Germany and the United Kingdom are two of the largest European markets for agarwood oil. These countries' cosmetic manufacturers are developing cutting-edge cosmetics with agarwood oil. The European market is developing due to increased demand for massage oils and aromatherapy products.

Key Segments of Industry:

By Nature :
Organic
Conventional
By Application :
Cosmetics And Personal Care
Pharmaceuticals
Food and Beverages
By Distribution Channel :
Specialty Drug Stores
Supermarkets/Hypermarkets
e-Commerce
Convenience Stores

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This release was published on openPR.