Kings Research™ presents this information in its report titled, “Agarwood Essential Oil Market Share & Industry Analysis, By Nature (Organic and Conventional), By Application (Therapeutic, Cosmetic & Personal Care Industry, Food and Beverage Industry, and Others), and Regional Analysis, 2024-2031"
Agarwood Essential Oil Market was anticipated to be USD 235.9 million in 2023. It is expected to expand at a compound annual growth rate (CAGR) of 6.53% from 2024 to 2031, reaching USD 249.5 million in 2024.
The global agarwood essential oil market is experiencing significant growth driven by increasing consumer demand for natural and organic products. Renowned for its unique fragrance and therapeutic properties, agarwood essential oil is extensively used in perfumes, incense, cosmetics, and aromatherapy. The market's expansion is attributed to the rising popularity of aromatherapy, the health benefits of essential oils, and the shift towards natural ingredients in personal care products.
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List of Key Companies in Agarwood Essential Oil Market:
- Aromaaz International
- Augustus Oils Ltd.
- Binh Nghia Agarwood Co., Ltd
- Biofinest LLC
- Escentia
- Essential Oils Company
- Essentially Natural
- Hoang Giang Agarwood Ltd.
- Sai Export India
- Sva Naturals
As more people look to natural cures for their physical and mental health, there is a greater need for agarwood oil for medicinal purposes. It is a common option in aromatherapy and alternative medicine due to its well-known anti-inflammatory, anti-microbial, and soothing qualities.
The market is expanding due to the increased popularity of holistic health practices as well as the rise in wellness centers and spas that use essential oils.
Regional Insights:
China: The East Asian market, particularly China, is expected to be a significant driver of market growth. China’s long-standing cultural association with agarwood, used in religious ceremonies and traditional medicine, contributes to its prominence. The market in China is projected to grow at a CAGR of 4.8%, reaching USD 45.4 million by 2034.
Middle East: In the Middle East, the United Arab Emirates (UAE) is a lucrative market for agarwood essential oil, commonly known as Oud. The high demand for Oud fragrance products among prominent fragrance brands drives the market's growth. The cultural preference for Oud and the extensive focus on new product launches by major brands like Ajmal and Arabian Oud are key factors contributing to this growth.
Agarwood Essential Oil Segmentation:
By Nature:-
- Organic
- Conventional
By Application:-
- Therapeutic
- Cosmetic & Personal Care Industry
- Food and Beverage Industry
- Others
Challenges and Opportunities:
Counterfeit Products: The increasing availability of counterfeit agarwood essential oil products poses a significant challenge for market players. Ensuring stringent quality standards and educating consumers about the authenticity of products are crucial to mitigating this issue
Technological Advancements: Innovations in extraction techniques and the development of new formulations incorporating agarwood essential oil are expected to create new growth opportunities. Companies focusing on research and development can leverage these advancements to introduce unique and high-quality products to the market.
Future Outlook:
The future of the agarwood essential oil market appears promising, with rising demand in personal care, luxury fragrances, and wellness sectors. Industry participants are focusing on innovations in sustainable cultivation and extraction techniques to meet the growing demand while addressing environmental concerns. Furthermore, companies are likely to invest in marketing strategies that emphasize the natural, ethical, and therapeutic benefits of agarwood essential oil to capture the attention of eco-conscious consumers.
Opportunities for Growth:
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Expansion in the Skincare Industry: The skincare industry is increasingly incorporating essential oils in their formulations, with agarwood essential oil being used for its anti-aging and antioxidant properties. The trend toward incorporating natural and organic ingredients in skincare is creating new growth opportunities for agarwood oil manufacturers.
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Growing Interest in Aromatherapy: Agarwood essential oil’s therapeutic benefits are increasingly recognized in aromatherapy. Its calming and meditative properties make it ideal for use in holistic healing practices. The rising popularity of aromatherapy across the globe, particularly in wellness and spa centers, is expected to boost the demand for agarwood essential oil.
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Increased Focus on Sustainable Cultivation: As demand for agarwood continues to grow, the focus on sustainable cultivation practices has become more prominent. Investment in plantation programs and responsible sourcing initiatives are creating a more stable and environmentally conscious supply chain for agarwood oil. This shift toward sustainability is anticipated to play a crucial role in the long-term growth of the market.
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