Global Agarwood Essential Oil Market
According to a recent report by Market Research Future (MRFR), the global Agarwood Essential Oil Market is anticipated to register a 5.92% CAGR to reach USD 201.03 Million by 2025.
The growth of the global market for agarwood essential oil is fuelled by the cultural, religious, and traditional importance of the essential oil. furthermore, the rising application of agarwood essential oil in industries such as aromatherapy and personal care is likely to fuel the growth of the market. Also, the increasing demand for organic and natural cosmetics is estimated to create a vast scope of profitable opportunities for the manufacturers of agarwood oil over the review period.
The global Agarwood Essential Oil Market is probable to register significant growth during the forecast period. Owing to the pleasing aroma of agar oil, the use of agar oil is growing in various industries, especially cosmetic, personal care, and pharmaceuticals. Agarwood oil is used in the manufacturing of cosmetics, incense sticks, perfumes, soaps, and a variety of modern and traditional medicines. Thus, the rising industrial application of essential agarwood oil is driving the growth of the market. on the other hand, the widening supply-demand gap of essential agarwood oil is a major factor hindering the growth of the global Agarwood Essential Oil Market.
Key Players
The major market players identified in the global Agarwood Essential Oil Market are Amarnath Exports (India), Assam Aromas (India),Eden Botanicals (US), Hoang Giang Agarwood Company (Vietnam), Janvi Herbs (India), K.A.B. Industries (India), Maruti Natural Fragrances (India), MJI Group (India), Shiv Sales Corporation (India), and Treedom Oud (Thailand).
Segmental Analysis
The market is segmented on the basis of category, and application.
The categories of agarwood essential oils analysis are conventional and organic. The organic segment of agarwood essential oils market is accounted for the larger market share owing to the growing consumer preference and popularity of organic products leading to augmented demand for organic essential oils over the review period.
The applications of agarwood essential oils are aromatherapy, air care, personal care, and pharmaceuticals. The personal care segment is anticipated to have the largest growth, registering a considerable CAGR to reach a valuation of USD 103.30 million by the end of the review period. The dominant market share of the personal care segment is attributed to the increasing demand for agarwood oil globally as a major ingredient in fragrant soaps and perfumes. Moreover, the aromatherapy segment is assessed as the fastest-growing segment during the forecast period.
Regional Analysis
Based on the region, the global Agarwood Essential Oil Market is segmented into Europe, North America, Asia Pacific, and the rest of the world.
The Asia Pacific accounts for the largest market share of the global agarwood essential oils market. This can be attributed to the plantation and availability of agarwood trees in the region, especially in Southeast Asian countries. The region is expected to attract foreign investment and partnerships in order to enhance international trade and consequently fuel the market growth over the review period.
Europe is a significant region in the global Agarwood Essential Oil Market and accounts for a significant market share over the review period. The region is also expected to offer a vast scope of lucrative opportunities to manufacturers over the review period, owing to the rising demand for luxury perfumes and cosmetics.
North America is one of the major regions in the global agarwood essential oils market and is expected to acquire a substantial market valuation over the review period at a striking CAGR. This is attributed o the higher demand of aromatherapy in the region, owing to the rising prevalence of mental health disorders such as stress, anxiety, and depression among the working and younger population. Moreover, the high per capita income of consumers has increased the demand for luxury personal care and cosmetic products. The US is expected to grow as the most signifant contributor in North America during the forecast period.
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