Agarwood Essential Oil Market Worth USD 345.5 Million by 2030 at 6.35% CAGR - Report by Market Research Future (MRFR)
Agarwood Essential Oil Market: Information by Type (Compound Essential Oil, Pure Essential Oil), Raw Material (Woods, Resin, Bark, and Flowers) Application(Cosmetics And Personal Care Industry, Pharmaceutical Industry And Food And Beverage Industry) Region (North America, Europe, Asia-Pacific and Rest of the World) - Competitive Market Growth, Size, Share and Forecast to 2030
New York, US, Jan. 30, 2023 (GLOBE NEWSWIRE) -- Agarwood Essential Oil Market Overview:
Market Research Future (MRFR)’s new extensive study reveals details of Agarwood Essential Oil Market Information by Type, Raw Material, Application, and Region - Forecast till 2030”, the worldwide market shall grab a growth rate of 6.35% to touch USD 345.5 Million by the end of 2030.
The agarwood tree produces aromatic oil, also called agarwood essential oil. This essential oil is extensively used in pharmaceuticals, cosmetics, aromatherapy, and perfumes. In today’s world, grooming has become a prevalent aspect of daily life, with a higher demand for cosmetic products. Grooming oils are largely used in beard, hair, and skin. Several industries realize the series of benefits of agarwood essential oil and therefore, infuse it into their products.
Furthermore, the majority of perfume manufacturers are infusing agarwood essential oil into their products for a pleasant and long-lasting fragrance. This essential oil also helps in healing as well as spiritual purposes. It offers relief from allergies, facilitates proper digestion, and treats acne, insomnia, repairs damaged skin, alleviates joint pain, and more.
Market Competitive Landscape:
The important vendors in the agarwood essential oil market include
Essential Oil Wizardry
Jiâ an Zhongxiang Natural Plants Co., Ltd.
Hoang Giang Agarwood Ltd.
HYSSES Pte Ltd.
Agarwood Oil Inc.
Gritman Essential Oils
Pachara Innovation CO., LTD
The Imperial Oud Co
Essential Oils Company
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Market Size in 2030
USD 345.5 Million
Value (USD Million)
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
By Type, Raw Material, Application, and Region
North America, Europe, Asia-Pacific, and Rest of the World (RoW)
Key Market Drivers
Increasing use in the personal care and pharmaceuticals industries
Market USP Covered:
The agarwood essential oil market stands to benefit from the soaring awareness about the various uses of the product in aromatherapy, air care, food & beverage, personal care, and more. A variety of essential oils experience a huge demand worldwide, given the expanding application scope in several therapeutic procedures along with the mounting number of people taking interest in meditation and yoga. This would be highly favorable for the global industry in the following years. Besides, the latest trend of integrating essential oils in candles for the fragrance that re-energizes the spirit can expect to be a huge hit in the following years.
A rising number of people, especially millennials worldwide are witnessing a rise in their purchasing capacity, augmenting their interest in luxury personal care items that include agarwood essential oil. Also, the rising employment rate across the globe is giving way to several conditions including stress, sleep disorders, immunity disorders, and depression. This is driving consumers towards high-quality and high-performance food & beverages, home care, cosmetics & toiletries, health care, aromatherapy, and feed products with natural ingredients such as agarwood essential oil.
The limited availability of agarwood essential oil can be a major restraint for the worldwide market. The demand for the product is a lot higher than the supply in the global market, which is a challenging aspect for the players.
Browse In-depth Market Research Report (110 Pages) on Agarwood Essential Oil:
COVID 19 Analysis
The agarwood essential oil market can continue to progress rapidly despite the COVID-19 outbreak, considering the significant focus on innovations as well as research and development/R&D activities. Following the SARS-CoV-2 onset, there has been a substantial increase in the number of tie-ups between companies, with the common aim to mitigate the financial loss brought on by the pandemic. Although the lockdown has weakened supply chains to a large extent, the demand for agarwood essential oil will remain high in the coming time.
The agarwood essential oil market, with respect to type, has been considered for compound essential oil as well as pure essential oil. Both these types enjoy significant demand in the worldwide market.
By Raw material:
Some of the key raw materials from which agarwood essential oil is sourced include resin, woods, flowers, and bark.
Major applications of agarwood essential oil include the pharmaceutical industry, food and beverage industry, and cosmetics and personal care industry.
By Sales Channel:
The primary sales channels covered in the MRFR study are supermarkets and hypermarkets, E-commerce, convenience stores, and specialty drug stores.
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Asia Pacific occupies the highest stake in the worldwide market, thanks to the soaring number of manufacturers of agarwood essential oils catering to the constantly escalating demand. The demand is significantly high among the exploding urban population with rising disposable incomes. The growth in millennial consumers and surging demand for aromatherapy should also foster sales in the ensuing years. Consumers in India and Japan are increasingly adopting luxury lifestyles and are, therefore, opting for aesthetic products that improve mental conditions, as well as personal care items.
Europe is another important market for agarwood essential oil, as the region houses several highly reputed manufacturers that offer high-quality essential oils. Robust seasonal demand owing to Halloween and the high awareness level about the use of agarwood essential oil in massages as well as aromatherapies have added considerably to the market value in the region. Essential oils are seen as crucial items during therapeutic procedures as they help create a relaxing atmosphere, and are, therefore, generating demand among people interested in meditation and similar activities. Other major end-users in the region are food & beverage, cosmetics, and personal care, and more.
New personal care and cosmetic product formulations boost the agarwood essential oil market in North America. The preference for organic agarwood essential oil is surging in mature markets such as North America. Companies with huge production capacity as well as research and development capabilities are gathering momentum as well as profitability in the agarwood essential oil market. Renowned players are working on bolstering their regional presence and enhancing their production facilities, resulting in a higher market revenue share.
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