Rockville , Dec. 14, 2023 (GLOBE NEWSWIRE) -- According to a new study published by Fact.MR, a market research and competitive intelligence provider, the global Agarwood Essential Oil Market is estimated to account for a value of US$ 140.9 million in 2024 and expand at 4.7% CAGR through 2034. Europe, East Asia, and the Middle East are projected to be prominent regional markets for agarwood essential oil suppliers over 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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Key Segments of Agarwood Essential Oil Industry Research Report
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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 agarwood essential oil market is estimated at US$ 140.9 million in 2024.
- Demand for agarwood essential oil is projected to rise at a CAGR of 4.7% from 2024 to 2034.
- The global market is forecasted to reach a valuation of US$ 224.6 million by 2034-end.
- High demand for natural fragrances, rising popularity of aromatherapy, growing focus on health, widespread acceptance of alternative medicine, and high demand for natural ingredients in personal care products and cosmetics are key market drivers.
- Increasing availability of counterfeit agarwood essential oil products is projected to be a major challenge for market players in the future.
- Organic agarwood essential oil is estimated to account for 35.2% share of the global market in 2024.
- Sales of agarwood essential oil in East Asia are forecasted to increase at 5% CAGR over the next 10 years.
- Sales of agarwood essential oil in the United States are predicted to reach US$ 34.1 million by the end of 2034.
“Capitalizing on the rising popularity of aromatherapy will be essential for agarwood essential oil companies to grow in the future,” says a Fact.MR analyst.
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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| Report Attribute | Details |
| Value Projection (2034) | USD 224.6 Million |
| Growth Rate (2024-2034) | 4.7% CAGR |
| No. of pages | 170 Pages |
| No. of Tables | 84 Tables |
| No. of Figures | 112 Figures |
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global agarwood essential oil market, presenting historical demand data for 2018 to 2023 and forecast statistics for 2024 to 2034.
The study divulges essential insights on the market based on nature (organic, conventional), application (cosmetics & personal care, incense, therapeutics, food & beverages, pharmaceuticals, others), and distribution channel (business-to-business, business-to-consumer), across six major regions of the world (North America, Europe, Latin America, East Asia, South Asia & Oceania, and the Middle East & Africa).
Checkout More Related Studies Published by Fact.MR Research:
Agarwood Oil Market: Currently, the global agarwood oil market is valued at US$ 250 million and is this expected to hit a valuation of US$ 450 million by the end of 2033.
Beauty Oils Market: The global beauty oils market is valued at US$ 5.74 billion in 2023 and is forecasted to reach US$ 10.28 billion by the end of 2033, advancing at a CAGR of 6% over the next ten years.
Sandalwood Oil Market: The global sandalwood oil market stands at US$ 115 million in 2023 and is forecasted to reach a market valuation of US$ 188 million by the end of 2033, expanding at a CAGR of 5% from 2023 to 2033.
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Fact.MR is a distinguished market research company renowned for its comprehensive market reports and invaluable business insights. As a prominent player in business intelligence, we deliver deep analysis, uncovering market trends, growth paths, and competitive landscapes. Renowned for its commitment to accuracy and reliability, we empower businesses with crucial data and strategic recommendations, facilitating informed decision-making and enhancing market positioning. With its unwavering dedication to providing reliable market intelligence, FACT.MR continues to assist companies in navigating dynamic market challenges with confidence and achieving long-term success. With a global presence and a team of experienced analysts, FACT.MR ensures its clients receive actionable insights to capitalize on emerging opportunities and stay ahead in the competitive landscape.
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