23-Mar-2021 | Market Research Store
Findings from Market Research Store report “Agarwood Essential Oil Market – By Category (Organic, and Conventional), By Application (Pharmaceuticals, Personal Care, Air Care, and Aromatherapy), and By Sales Channel (B2C, and B2B): Global Industry Outlook, Market Size, Business Intelligence, Consumer Preferences, Statistical Surveys, Comprehensive Analysis, Historical Developments, Current Trends, and Forecasts, 2020–2026” states that the global demand for agarwood essential oil market in 2019 was approximately USD 135 Million. The market is anticipated to grow at a CAGR of 6% and is anticipated to reach around USD 200 Million by 2026.
Agarwood essential oil is derived from the heartwood of the agarwood tree. Agarwood or resin is produced by Aquilaria species, which can be used for incense, perfumery, and traditional medicine. It is a valuable non-timber forest product derived from the Aquilaria genus of the Thymelaeaceae family. The trees from which the oil is obtained are cultivated through sequenced farming techniques, and the resin is currently produced through artificial infection methods and the essential oil is extracted by water distillation, despite the high cost and extreme scarcity in the wild. It is indigenous to India and other Southeast Asian nations, including the Philippines, Vietnam, and Indonesia.
The rapid increase in disposable income is estimated to fuel the expenses on personal care products. Agarwood essential oil is prominently used in cosmetics and personal care products related to acne care, and UV protection. Washing the entire body with agarwood essential oil extracts in a foaming cleanser, soap, hand wash, or body wash helps to avoid skin problems. In addition to this stress, cases have increased across the globe. Aromatherapy is a prominent method used for stress reduction. According to the Global Organization for Stress, 75% of Americans have moderate to high-stress levels, stress is the number one health problem among high school students, and 80% of people encounter stress at work. Owing to an increase in the number of stress cases, people are estimated to opt for aromatherapy which is estimated to propel the market growth of the agarwood essential oil market.
Based on category, the market is bifurcated into categories such as organic, and conventional. The organic category is estimated to grow at the highest CAGR. Harmful effects of chemical cosmetics are estimated to consumers towards organic agarwood essential oil. Further based on application, global agarwood essential oil is split into categories such as pharmaceuticals, personal care, air care, and aromatherapy. The personal care category is estimated to hold the largest market share of the market. The growing aging population across the globe is expected to propel the demand for agarwood essential oil-based personal care products. In addition to this, by sales channel, the B2B channel is estimated to hold a significant share of the agarwood essential oil market.
Based on region global agarwood essential oil market is bifurcated into regions such as North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. It is estimated that the Asia Pacific market is estimated to have a momentous demand in the forthcoming years. The cultural, traditional, and religious prominence of agarwood oil is estimated to create a significant demand for agarwood essential oil. In addition to this medical tourism has created a sustainable demand for aromatherapy in the region. Agarwood essential oil is predominantly used in aromatherapy which is anticipated to propel the demand for agarwood essential oil.
Some of the key players in the agarwood essential oil market are Dauper S.A., BIOLANDES SAS, ASSAM AROMAS, Nusaroma, Tien Phuoc Co., Ltd (Grandawood), Edens Garden, Agarvina Co., LTD, Katyani Exports, THE MJI GROUP, Albert Vieille SAS, Essential Oil Wizardry, Asia Plantation Capital Pte. Ltd., Biofinest USA, WEFIVE group, Hoang Giang Agarwood Ltd., HYSSES Pte Ltd., Deve Herbes, Ji'an Zhongxiang Natural Plants Co., Ltd., The Imperial Oud Co, and Gritman Essential Oils, among others.
Browse the full “Agarwood Essential Oil Market - “By Category(Organic and Conventional), By Application (Pharmaceuticals, Personal Care, Air Care, and Aromatherapy), By Sales Channel (B2C and B2B): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2020 – 2026.” Report at https://www.marketresearchstore.com/market-insights/agarwood-essential-oil-market-828555
This report segments the agarwood essential oil market as follows:
Global Agarwood Essential Oil Market: By Category Segmentation Analysis:
Global Agarwood Essential Oil Market: By Application Segmentation Analysis
Global Agarwood Essential Oil Market: By Sales Channel Segmentation Analysis
Global Agarwood Essential Oil Market: Regional Segmentation Analysis
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