Global Agarwood Essential Oil Market Size, Share, and COVID-19 Impact Analysis, By Nature (Conventional and Organic), By End Use (Food and Beverage Industry, Personal Care & Cosmetic Industry, and Pharmaceutical Industry), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 - 2033

Industry: Chemicals & Materials

RELEASE DATE Jan 2025
REPORT ID SI7962
PAGES 244
REPORT FORMAT PathSoft

Global Agarwood Essential Oil Market Insights Forecasts to 2033

  • The Global Agarwood Essential Oil Market Size was estimated at USD 195.50 Million in 2023
  • The Market Size is Expected to Grow at a CAGR of around 4.47% from 2023 to 2033
  • The Worldwide Agarwood Essential Oil Market Size is Expected to Reach USD 302.60 Million by 2033
  • Asia Pacific is expected to Grow the fastest during the Forecast Period.

Global Agarwood Essential Oil Market

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The Global Agarwood Essential Oil Market Size is expected to cross USD 302.60 Million by 2033, growing at a CAGR of 4.47% from 2023 to 2033. Emerging innovations in extraction methods are also improving the yield and quality of agarwood oil, lessening its negative effects on the environment, and providing opportunities for the agarwood essential oil market 

 

Market Overview  

The vital oil is derived from the agarwood tree Aquilaria species something that is a subject of international trade and economic activity it is also known as the "agarwood essential oil market." This oil is in demand for its fragrant smell and is highly priced in the fragrance, perfume, and aromatherapy industries, among others. Agarwood essential oil market is produced, distributed, and sold for fragrance and fragrance products, aromatherapy, incense, and religious purposes. The market here includes agarwood tree cultivation, extraction techniques, and worldwide demand from producers, distributors, and retailers. The market growth for agarwood essential oil is also being driven by the rising acceptance of aromatherapy. The growing consumer preference for sustainable and natural products is a major driving cause of the spike in demand for agarwood oil in the personal care and cosmetics sectors. One significant factor driving the demand for agarwood essential oil is the growing customer preference for natural and organic products.   

 

Report Coverage

This research report categorizes the agarwood essential oil market based on various segments and regions forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the agarwood essential oil market. Recent market developments and competitive strategies such as expansion, type launch, development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the agarwood essential oil market.

 

Global Agarwood Essential Oil Market Report Coverage

Report CoverageDetails
Base Year:2023
Market Size in 2023:USD 195.50 Million
Forecast Period:2023 - 2033
Forecast Period CAGR 2023 - 2033 :4.47%
2033 Value Projection:USD 302.60 Million
Historical Data for:2019 - 2022
No. of Pages:244
Tables, Charts & Figures:110
Segments covered:By Nature, By End Use and By Region
Companies covered::SVA Naturals, BIOLANDES SAS, Hoang Giang Agarwood Ltd., Kush Aroma Exports, Gritman Essential Oils, Katyani Exports, Essential Oil Wizardry, Dauper S.A., Tien Phuoc Co., Ltd, Nusaroma, Biofinest USA, Aromaaz International, Others, and
Pitfalls & Challenges:COVID-19 Empact, Challenge, Future, Growth, & Analysis

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Driving Factors

Growing awareness of the medicinal benefits, the growing appeal of natural and organic products, and the growing use of agarwood oil across a range of industries are the main factors driving the agarwood essential oil market. Agarwood oil's growing uses in a variety of industries and growing knowledge of the medicinal advantages of essential oils are two of the factors driving the growth of the agarwood essential oil market. One of the main factors driving the market growth is the increasing number of producers adding agarwood oil products to their lineup. Essential oils are becoming a growing trend among health-conscious customers due to their medicinal properties, which are driving market growth.  

 

Restraining Factors

The expensive cost of high-quality agarwood products is another factor restricting the market. Agarwood's scarcity and the time-consuming extraction methods lead to high prices, which can turn off prospective purchasers, especially in developing nations. This high price restricts market expansion by limiting accessibility for a wide range of consumers.   

 

Market Segmentation

The agarwood essential oil market share is classified into nature and end-use.        

 

  • The organic segment held the largest share in 2023 and is expected to grow at a significant CAGR during the forecast period.

Based on the nature, the agarwood essential oil market is divided into conventional and organic. Among these, the organic segment held the largest share in 2023 and is expected to grow at a significant CAGR during the forecast period. A noticeable movement in customer tastes toward natural and chemical-free products is driving the organic market. Growing consumer awareness of the advantages of organic ingredients has led to a growing preference for pure and sustainably derived essential oils.   

 

  • The personal care & cosmetic industry segment held the largest share in 2023 and is expected to grow at a significant CAGR during the forecast period.  

Based on the end-use, the agarwood essential oil market is divided into the food and beverage industry, personal care & cosmetic industry, and pharmaceutical industry. Among these, the personal care & cosmetic industry segment held the largest share in 2023 and is expected to grow at a significant CAGR during the forecast period. The need for agarwood essential oil is predicted to increase as customers look for more natural and high-quality components in their cosmetics and personal care products, solidifying its position as a vital component of this flourishing sector.

 

Regional Segment Analysis of the Agarwood Essential Oil Market

  • North America (U.S., Canada, Mexico) 
  • Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
  • Asia-Pacific (China, Japan, India, Rest of APAC)
  • South America (Brazil and the Rest of South America) 
  • The Middle East and Africa (UAE, South Africa, Rest of MEA)

 

North America is anticipated to hold the largest share of the agarwood essential oil market over the predicted timeframe.

Global Agarwood Essential Oil Market

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North America is anticipated to hold the largest share of the agarwood essential oil market over the predicted timeframe. The demand for organic agarwood essential oil is rapidly increasing in developed regions such as North America. The agarwood essential oil market is expanding and becoming more profitable for businesses with significant production and research and development capabilities. Reputable companies want to boost their market revenue share by improving their production capabilities and geographical awareness.  

 

Asia Pacific is expected to grow at the fastest CAGR growth of the agarwood essential oil market during the forecast period. Agarwood essential oils are being produced in greater quantities throughout Asia-Pacific to satisfy the constantly rising demand. The agarwood essential oil market in India was the one with the quickest rate of growth in the Asia-Pacific region, while the agarwood essential oil business in China held the greatest market share.  

 

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the agarwood essential oil market along with a comparative evaluation primarily based on their type of offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes type development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

 

List of Key Companies

  • SVA Naturals
  • BIOLANDES SAS
  • Hoang Giang Agarwood Ltd.
  • Kush Aroma Exports
  • Gritman Essential Oils
  • Katyani Exports
  • Essential Oil Wizardry
  • Dauper S.A.
  • Tien Phuoc Co., Ltd
  • Nusaroma
  • Biofinest USA
  • Aromaaz International
  • Others  

 

Key Target Audience

  • Market Players
  • Investors
  • End-users
  • Government Authorities 
  • Consulting And Research Firm
  • Venture capitalists
  • Value-Added Resellers (VARs)

 

Recent Development

  • In April 2023, Sweet Oud, a high-end scent with agarwood as its main component, was launched by Kayali Perfumes. This wonderful fragrance creates an enthralling olfactory experience by fusing the sweet and flowery undertones with the deep, resinous notes of agarwood. Sweet Oud is perfect for both daytime and nighttime wear, and it appeals to scent lovers who value the depth of classic components.   

 

Market Segment

This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the agarwood essential oil market based on the below-mentioned segments: 

 

Global Agarwood Essential Oil Market, By Nature  

  • Conventional
  • Organic

 

Global Agarwood Essential Oil Market, By End Use  

  • Food and Beverage Industry
  • Personal Care & Cosmetic Industry
  • Pharmaceutical Industry

 

Global Agarwood Essential Oil Market, By Regional Analysis

  • North America
    • US
    • Canada
    • Mexico
  • Europe
    • Germany
    • UK
    • France
    • Italy
    • Spain
    • Russia
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Australia
    • Rest of Asia Pacific
  • South America
    • Brazil
    • Argentina
    • Rest of South America
  • Middle East & Africa
    • UAE
    • Saudi Arabia
    • Qatar
    • South Africa
    • Rest of the Middle East & Africa

Frequently Asked Questions (FAQ)

  • 1. What is the CAGR of the agarwood essential oil market over the forecast period?
    The agarwood essential oil market is projected to expand at a CAGR of 4.47% during the forecast period.
  • 2. What is the market size of the agarwood essential oil market?
    The Global Agarwood Essential Oil Market Size is Expected to Grow from USD 195.50 Million in 2023 to USD 302.60 Million by 2033, at a CAGR of 4.47% during the forecast period 2023-2033.
  • 3. Which region holds the largest share of the agarwood essential oil market?
    North America is anticipated to hold the largest share of the agarwood essential oil market over the predicted timeframe.

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