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Global Agarwood Essential Oil Market to Reach $224.6 Million by 2034

06-19-2024 03:17 PM CET | Consumer Goods & Retail

Press release from: Fact.MR

Global Agarwood Essential Oil Market to Reach $224.6 Million

The global Agarwood Essential Oil Market is projected to reach a value of USD 140.9 million in 2024, growing at a compound annual growth rate (CAGR) of 4.7% through 2034. Europe, East Asia, and the Middle East are expected to be significant regional markets for agarwood essential oil suppliers in the coming years. Agarwood essential oil is highly aromatic and is extensively used in different industry verticals for its splendid fragrance. Growing focus on alternative medicine, rising popularity of aromatherapy, and increasing awareness regarding the health benefits associated with the use of agarwood essential oil are projected to be key prospects that are projected to drive market growth over the coming years.

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Growing use of agarwood essential oil in the formulation of different personal care products and cosmetics provides a unique fragrance and is predicted to present agarwood essential oil companies with a plethora of new opportunities across the study period and beyond. This study by Fact.MR, a market research and competitive intelligence provider, suggests that the rising popularity of aromatherapy around the world is slated to catalyze the demand for agarwood essential oil in the long run.

Key Takeaways from Market Study

The global agarwood essential oil market is estimated to be worth USD 140.9 million in 2024, with demand expected to grow at a CAGR of 4.7% from 2024 to 2034, reaching a projected valuation of USD 224.6 million by the end of the forecast period. This growth is driven by several factors, including the high demand for natural fragrances and the rising popularity of aromatherapy. Additionally, there is a growing focus on health and wellness, leading to a broader acceptance of alternative medicine. The personal care and cosmetics industries are also increasingly turning to natural ingredients, further propelling market expansion. However, market players face significant challenges, such as the increasing availability of counterfeit agarwood essential oil products, which could undermine consumer trust and market growth.

Regionally, organic agarwood essential oil is expected to account for 35.2% of the global market share in 2024, reflecting the trend toward organic and natural products. In East Asia, sales are forecasted to increase at a 5% CAGR over the next decade, highlighting the region's growing demand and market potential. Similarly, in the United States, sales are predicted to reach USD 34.1 million by 2034. These regional dynamics underscore the diverse market opportunities and the importance of strategic positioning for suppliers. As consumers become more health-conscious and environmentally aware, the agarwood essential oil market is poised for sustained growth, provided that authenticity and quality are maintained to counteract the threat of counterfeit products.

List of Key Companies Profiled in The Report

Biofinest USA
SVA Naturals
Dauper S.A.
Aromaaz International
Hoang Giang Agarwood Ltd.
Katyani Exports
Essential Oil Wizardry

Winning Strategy

Agarwood essential oil suppliers should focus on setting stringent quality standards to eliminate the threat of counterfeit products. Agarwood essential oil companies should also focus on supplying organic agarwood essential oil to meet the surging demand for clean label and organic ingredients around the world.

Global Agarwood Essential Oil Market Dynamics Amid Organic Production Challenges

The organic version of agarwood essential oil remains economically impractical for many companies due to its exceptionally high cost. Consequently, conventional agarwood essential oil takes precedence in global sales among businesses incorporating it into their products.

Surging Demand for Oud Scent Boosts Conventional Agarwood Essential Oil Sales

The increasing popularity of the Oud scent in perfumes, incense, and personal care items is anticipated to drive sustained growth in the sales of conventional agarwood essential oil. This surge in demand aligns with the global preference for the distinctive Oud fragrance.

Organic Agarwood Essential Oil on the Rise Amid Consumer Shift Toward Organic Awareness

Concurrently, there is a projected uptick in demand for organic agarwood essential oil as consumers become more conscious of organic products. This shift reflects an increasing awareness of the benefits associated with organic alternatives in the market.

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Competitive Landscape

Distributors of Agarwood essential oil are poised to capitalize on the increasing incorporation of functional ingredients in the creation of diverse personal care and cosmetic items.

In September 2023, Kayali Perfumes, a fragrance brand established in 2018 by Mona Kattan, co-founder of HUDA BEAUTY, revealed the introduction of a fresh collection of Oud perfumes. Comprising four distinct fragrances with varying intensities, this line offers consumers a diverse and luxurious olfactory experience. This strategic move by Kayali Perfumes underscores the brand's commitment to meeting the evolving preferences of consumers in the fragrance market.


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About Fact.MR:

Fact.MR is a market research and consulting agency with deep expertise in emerging market intelligence. Spanning a wide range - from automotive & industry 4.0 to healthcare, technology, chemical and materials, to even the most niche categories.

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