Rockville, April 18, 2023 (GLOBE NEWSWIRE) -- Fact.MR, a market research and competitive intelligence provider, reveals that the global agarwood oil market is set to reach US$ 450 million by the end of 2033, expanding at 6% CAGR from 2023 to 2033.
The agarwood tree releases aromatic oil, often known as agarwood oil. This essential oil has a wide range of applications in cosmetics, pharmaceuticals, perfumes, and aromatherapy.
Growing number of people, particularly millennials, are witnessing a rise in purchasing power, heightening their interest in premium personal care items using agarwood oil. Furthermore, the global increase in employment is giving rise to many illnesses, such as sleep difficulties, stress, depression, and immune system disorders.
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| Agarwood Oil Market Scope | |
| Report Coverage | Details |
| Base year | 2022 |
| Historic period | 2017-2021 |
| Forecast period | 2023-2033 |
| Growth momentum & CAGR | Accelerate at a CAGR of 6 % |
| Market growth 2023-2033 | US$ 450 Million |
| Market structure | Fragmented |
| Regional analysis | North America, Europe, APAC, South America, and Middle East and Africa |
| Key countries | US, Canada, UK, France, and Germany |
| Competitive landscape | Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
| Key companies profiled | 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 |
| Market dynamics | Parent market analysis, market growth inducers and obstacles, fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and market condition analysis for the forecast period. |
| Customization purview | If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
This is influencing consumers' preferences for high-quality and high-performance food and beverages, cosmetics and hygiene, home care, health care, aromatherapy, and feed products containing natural components such as agarwood oil.
The global agarwood oil market is expected to gain from increased knowledge of the product's diverse applications in aromatherapy, air care, personal care, food & beverage, and other areas. A wide range of essential oils is in high demand worldwide, owing to their rising application scope in various medicinal treatments, as well as the growing number of people interested in yoga and meditation.
Many perfume manufacturers incorporate agarwood essential oil into their products for a pleasant and long-lasting aroma. This essential oil is also beneficial for healing and spiritual purposes. It relieves allergies, aids digestion, treats acne, sleeplessness, restores damaged skin, relieves joint pain, and much more.
Key Takeaways from Market Study
- The global agarwood oil market amounted to US$ 250 million in 2023.
- Worldwide demand for agarwood oil is estimated to swell at a CAGR of 6% during the forecast period (2023 to 2033).
- The market is forecasted to touch US$ 450 million by the end of 2033.
- Asia Pacific captured 33.7% share of the worldwide market in 2022.
- Demand for organic agarwood oil is projected to increase significantly over the next ten years.
“Global agarwood essential oil market to profit from an increase in health-conscious customers and a greater understanding of agarwood essential oil among individuals. Furthermore, agarwood oil is increasing in popularity due to its many properties, such as reducing muscle & joint pain, maintaining psychological health, boosting digestion, treating acne, anti-stress, antioxidant, anti-asthmatic, etc.,” says a Fact.MR analyst.
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Competitive Landscape
Key players in the agarwood oil market are actively exploring strategies such as investments, partnerships, R&D activities, and acquisitions to strengthen their market position and gain market share. Moreover, many start-ups are sprouting up in the global market.
DAdvance Agarwood Solutions, one of Malaysia's leading Biotech companies, raised a whopping US$ 1.9 million through an equity crowdfunding (ECF) effort conducted by Fundnel in June 2022. The funds raised will be used to speed up the research and development of its in-house inoculation technology, as well as to meet working capital requirements and support marketing activities to boost the general economic expansion of Malaysia's agarwood industry. The company is working with several Malaysian universities to enhance the agarwood oil distillation process and conduct research and development on agarwood skin care products.
Recently, the company solidified its position as the dominant player in the cultivated agarwood industry through the breakthrough of its pure oil quality by accomplishing exceptional results with a 94.76% reading of sesquiterpenoid and sesquiterpene, and free of diethyl phthalate, Dioctyl phthalate, and other contaminants, which adheres to the stringent standards of the European and United States fragrance industries. This had put the company's agarwood oil in a class of grade A plus by Bio Aromatik Research Centre, a research center that collaborates with big agarwood oil producers worldwide.
Regional Analysis
Asia Pacific is leading the global agarwood oil market. South Korea, Japan, and India are substantially supporting regional market expansion due to rising agarwood oil demand in these nations. Furthermore, due to a major emphasis on producing cosmetic goods that incorporate agarwood oil, Germany and the United Kingdom are witnessing development in the global market. Moreover, the United States is seeing an increase in demand for organic agarwood oil, which is strengthening the North American market.
Key Segments in Agarwood Oil Industry Research
- 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
- By Region:
- North America
- Latin America
- Europe
- Asia Pacific & China
- Middle East & Africa
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global agarwood oil market, presenting historical demand data (2018 to 2022) and forecast statistics for the period (2023 to 2033).
The study divulges essential insights on the market based on nature (organic, conventional), application (cosmetics & personal care, pharmaceuticals, food & beverages), distribution channel (specialty drug stores, supermarkets/hypermarkets, e-Commerce, convenience stores) across five major regions of the world (North America, Europe, Asia Pacific, Latin America, and MEA).
Key Questions Covered in the Agarwood Oil Market Report
- What will be the estimated size of the Market in 2023?
- At what rate will the global Agarwood Oil sales grow until 2033?
- Which are the factors hampering the Agarwood Oil demand?
- Which region will spearhead the growth in the global industry during 2023-2033?
- Which are the factors driving sales in the Agarwood Oil Market during the forecast period?
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