Global Agarwood Essential Oil Market: Information by Category (Conventional and Organic), Application (Personal Care, Aromatherapy, Pharmaceuticals and Air Care) and Region (North America, Europe, Asia-Pacific and Rest of the World) - Forecast till 2025
The Global Agarwood Essential Oil Market is likely to register a CAGR of 5.92% to achieve USD 201.03 Million by the year 2025. Agarwood essential oil is an fragrant oil obtained from the agarwood tree. It has been extensively used for centuries for divine and therapeutic purposes. Its therapeutic properties boost proper digestion, lessen allergies, heal insomnia and acne, fix impaired skin, and relieve joint pain, among others. Presently, it is utilized in perfumes, cosmetics, pharmaceuticals, and aromatherapy. The growth of the global agarwood essential oil market is motivated by the cultural, religious, and traditional significance of the product. Additionally, the rising application of agarwood essential oil in industries for instance personal care and aromatherapy is expected to improve the expansion of the market. Also, the rising demand for organic and natural cosmetics is anticipated to cover the way for commercial opportunities for the processors of agarwood oil in the global market. The global agarwood essential oil market is anticipated to reach substantial development during the forecast period. Owing to the lovely aroma of agar oil, its use is rising in various industries, especially personal care and pharmaceuticals. The oil mined from agarwood is used in perfumes, soaps, incense sticks, cosmetics, and various modern and traditional medicines. Therefore, the increasing industrial product of agarwood essential oil is powering the evolution of the market. Though, the wide supply-demand divergence of agarwood essential oil is a main factor obstructing the development of the global agarwood essential oil market. The personal care segment is projected to be major, reaching a significant CAGR to attain USD 103.30 million by the end of the year 2025. The development of the personal care application segment can be recognized to the increasing demand for agarwood oil across the globe as a key ingredient in fragrant soaps and perfumes. Though, the aromatherapy segment is estimated to be the rapidly- rising during the forecast period.
Global Agarwood Essential Oil Market has segmented into different segments. It has been divided by category, by application and by region. Based on category the market has been segmented into Conventional and Organic. Based on application the market has been segmented into Personal Care, Aromatherapy, Pharmaceuticals and Air Care. Based on region the market is segmented into regions like North America, Europe, Asia-Pacific and rest of the world. North America covers US, Canada, and Mexico. Europe covers Germany, UK, France, Spain, Italy and Rest of Europe. Asia-Pacific covers China, India, Japan, Australia & New Zealand, Singapore, Malaysia and Rest of Asia-Pacific. The market is also segmented into Middle East, South America and Africa.
Geographically, Agarwood Essential Oil Market is split in regions like North America, Europe, Asia-Pacific and rest of the world. The global Agarwood Essential Oil Market, by region, has been segmented into Asia-Pacific covering China, India, Japan, Australia & New Zealand, Singapore, Malaysia , North America covering US, Canada, and Mexico , Europe Germany, UK, France, Spain, Italy and Rest of Europe, and the Middle East & Africa, and South America. The largest agarwood essential oil market is expected to be held by Asia-Pacific during the forecast period. The region is responsible for 33.75% of the total market share in the year 2018. The region which is supposed to be the primary country-level market in the region and is anticipated to account for the major market share during the review period is held by China. The supremacy of the regional market can be established to the region-specific plantation and readiness of agarwood trees. Europe accounted for a significant market share in 2018 and the regional market is expected to offer lucrative opportunities to processors in the coming years owing to the rising demand for luxury perfumes and cosmetics. The North American market also holds a prominent share of the global agarwood essential oil market and is estimated to show a substantial CAGR during the forecast period of 2019 to 2025. The US is projected to hold the bulk market share during the forecast period.
The major companies functioning in the Agarwood Essential Oil Market are concentrating on firming their global ways by entering into untouched markets. Maruti Natural Fragrances (India), MJI Group (India), Treedom Oud (Thailand), K.A.B. Industries (India), Assam Aromas (India), and Janvi Herbs (India), Amarnath Exports (India), Shiv Sales Corporation (India), Eden Botanicals (US), Hoang.Giang Agarwood Company (Vietnam) are some of the major players in the Agarwood Essential Oil Market. The projected onlookers in the Agarwood Essential Oil Market are Agarwood essential oil manufacturers, wholesalers, Traders, and distributors, Investors and trade experts, Governments, associations, and industrial bodies.