Agarwood Essential Oil Market Size, Share, Growth, and Industry Analysis, By Type (Natural Agarwood Essential Oil, Organic Agarwood Essential Oil), By Application (Cosmetics & Personal Care, Incense, Therapeutics, Others), Regional Insights, and Forecast from 2023 to 2030

Updated On: 13 November 2023

Agarwood Essential Oil Market Report Overview

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Agarwood Essential Oil Market Size is expected to grow from 140.9 million in 2022 to USD 172.2 million by 2028 at a Compound Annual Growth (CAGR) of 3.4% from 2022 to 2028.

The agarwood tree, sometimes referred to as eaglewood, orange blossom, and aloes wood, is a worldwide plant from which the essential oil of agarwood is derived. Agarwood essential oil pairs perfectly with other essential oils like rosewood, sandal, carnation, and jasmine because of its transcendent, warm, purifying, and balancing qualities. This oil is widely recognized for its multiple therapeutic properties that help with both physical and mental problems.

COVID-19 Impact: Mental Health Issues to Advance Market Growth

Even though the COVID-19 outbreak had a detrimental effect on a number of sectors, the agarwood essential oil market growth expanded during this time. Due to their antibacterial, antioxidant, and anti-infective characteristics, essential oils are used to treat a range of medical ailments, including stress, immune system abnormalities, sleep disorders, and depression. As a consequence, the essential oil became more significant during the outbreak as more people sought treatment for mental health issues, which fueled the sector's expansion.

Latest Trends

"Utilization Among Ayurveda Therapists to Intensify Market Magnification"

People are looking for safe and all-natural remedies in increasing numbers. The oil is gaining popularity among Ayurveda therapists due to its emotional and spiritual advantages. Also, because of its anti-inflammatory, analgesics, anti-rheumatic, and other characteristics, essential oil is highly sought after globally.

Agarwood Essential Oil Market Segmentation

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• By Type Analysis

According to type, the market can be segmented into natural agarwood essential oil, organic agarwood essential oil

Natural agarwood essential oil is the leading part of the type segment

• By Application Analysis

According to application, the market can be segmented into cosmetics & personal care, incense, therapeutics, others

Cosmetics & personal care is the leading part of the application segment

Driving Factors

"Associated Health Benefits to Boost Market Share "

Due to widespread knowledge about the health benefits of essential oils and oils used for aromatherapy, the global agarwood essential oil market share is anticipated to expand at a faster rate. The use of essential oils is expanding in the field of medicine, which is driving up demand for them globally. The market for essential oils is expanding as more consumers explore with alternative treatments for health issues. Due to its reputation as a potent treatment for ailments like asthma and other illnesses, agarwood oil has grown more commonly used in aromatherapy. The oil is presently a well-liked product among customers due to its effectiveness in treating a number of medical issues. Throughout time, consumption of the oil is anticipated to rise as a result of this popularity.

"Therapeutic Properties of the Oil to Expand Market Forwarding "

Because more people are becoming aware of the advantages of natural, organic essential oils for the skin and hair, expenditure for the oil is increased. People in developing countries are increasingly able to afford price-sensitive goods like the oil because to rising consumer disposable income. The oil has many wonderful super therapeutic properties beyond just being a fragrant, sweet oil used within perfumery. They include providing both physical and mental relief for conditions including migraine, sleeplessness, burns, bug bites, skin issues, infections, anxiety, and nervous strain. These qualities have led to an upsurge in the interest of essential oil in the market.

Restraining Factors

"Fluctuating Price to Deplete Market Advancement "

However, the market's restricted supply for the essential oil and its high price are two important factors that are anticipated to restrain the market's expansion. Due to the oil high price most of the low developed areas cannot afford the purchasing of this essential oil. The agarwood essential oil market is being constrained by the above-mentioned factors from expanding.

In addition to the numerous health advantages, there are a few market limitations, such as the material's infrequent availability. The worldwide market has a higher demand for the global goods, and the market may have issues due to its sporadic availability. The oil employs additional important drivers to meet all client demands. The research also adds that price fluctuation may act as additional constraint. To expand the worldwide business, there needs to be a greater concentration of the major drivers inside the agarwood essential oil market price.

Agarwood Essential Oil Market Regional Insights

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"Rise in Disposable Earnings to Uplift Market Growth in Asia Pacific "

With a world largest agarwood essential oil market share in the global industry in 2021, market in the Asia Pacific region is expected to develop at the greatest rate of growth over the projection period. In the given forecast period, Asia Pacific is anticipated to actively increase its essential oil business. A rise in disposable earnings and increasing investment in the use of natural resources are the main drivers of the province's trade expansion.

Key Industry Players

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

The analyst provides a comprehensive picture of the market through the study, synthesis, and summarization of data from various sources, as well as an examination of important variables such as financial gain, sales prices, competition, and promotions. It identifies the key industry influencers and presents various market facets. The information provided is thorough, reliable, and the result of extensive primary and secondary research. The market report provides a comprehensive competitive landscape as well as an in-depth vendor evaluation methodology and analysis based on both qualitative and quantitative studies to accurately forecast market growth.

The reports cover important advances with in market, as well as inorganic and organic growth strategies. Various companies are concentrating on organic business expansion such as product announcements, product approvals, and other things like patents and events. Acquisitions, partnerships, and collaborations were among the inorganic growth strategies observed in the market. The above activities have paved the way for market participants to expand their business and customer base. With the growing demands for filter products in the international market, market participants in the market are expected to benefit from substantial growth opportunities in the near future.

List of Market Players Profiled

• Ji’an Zhongxiang Natural Plants (China)
• Maruti Natural Fragrances (India)
• Xi’an Natural Field Bio-Technique (China)
• Hoang Giang Agarwood Company Limited (China)

Report Coverage

The industry's growth was significantly influenced by the tactics employed by market participants in recent years, such as extensions. The report provides details and information on the companies and their interactions with the market. The data is gathered and published through appropriate research, technological advancements, expansions, and expanding machinery and equipment. Other criteria considered for this market are the firms that develop and provide new products, the areas in which they operate, mechanisation, innovative techniques, making the most money, and using their products to have a large social impact. This analysis examines the global and regional effects of the outbreak mostly on the market. The study describes the market share features, and market growth by type, industry, and customer sector.

This research profiles a report with extensive studies that take into description the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, etc. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.