Global Agarwood Essential Oil Market Size To Worth USD 302.60 Million by 2033 | CAGR of 4.47%
Category: Chemicals & MaterialsGlobal Agarwood Essential Oil Market Size To Worth USD 302.60 Million by 2033
According to a research report published by Spherical Insights & Consulting, 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.
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Browse key industry insights spread across 244 pages with 110 Market data tables and figures & charts from the report on the "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." Get Detailed Report Description Here: https://www.sphericalinsights.com/reports/agarwood-essential-oil-market
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 referred to as the "agarwood essential oil market." This oil is so much in demand for its fragrant smell and is highly priced in the fragrance, perfume, and aromatherapy industries, among others. Manufacturers in the agarwood essential oil market are actively investing in sustainable sourcing and advanced extraction technologies to meet the growing consumer demand for high-quality, natural products. The agarwood essential oil market is predominantly influenced by the increasing consumer demand for natural and organic products. Essential oils are becoming increasingly popular among health-conscious customers due to their medicinal properties, which is driving market growth. One of the main factors driving the market expansion is the growing consumer inclination for natural and organic products. Customers are actively looking for synthetic product substitutes as they get more health concerns. Growing awareness of the therapeutic benefits of essential oils and the expanding applications of agarwood oil across many industries are two of the factors driving the market. The growing number of manufacturers expanding their product lines to include agarwood oil is one of the primary factors driving the market's growth. However, due to high production costs, the agarwood essential oil market is restricted in its ability to grow.
The organic segment held the highest share in 2023 and is anticipated to grow at a significant CAGR during the projected timeframe.
Based on the type, the agarwood essential oil market is classified into conventional and organic. Among these, the organic segment held the highest share in 2023 and is anticipated to grow at a significant CAGR during the projected timeframe. Consumer preferences are shifting toward natural and chemical-free products, which is driving the organic market.
The personal care & cosmetic industry segment held the highest share in 2023 and is anticipated to grow at a significant CAGR during the projected timeframe.
Based on the application, the agarwood essential oil market is divided into the food and beverage industry, the personal care & cosmetic industry, and pharmaceutical industry. Among these, the personal care & cosmetic industry segment held the highest share in 2023 and is anticipated to grow at a significant CAGR during the projected timeframe. Agarwood essential oil is used in cosmetics and personal hygiene products because of its distinctive scent and healing qualities.
North America is estimated to hold the largest share of the agarwood essential oil market over the forecast period.
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North America is estimated to hold the largest share of the agarwood essential oil market over the forecast period. The main driver of this quick growth is the region's growing consumer preference for natural and organic products, as well as rising knowledge of the medicinal uses of agarwood oil, including aromatherapy and alternative medicine.
Asia Pacific is predicted to have the highest CAGR growth in the agarwood essential oil market over the forecast period. The main supplies of agarwood are found in this region, especially in nations where Aquilaria trees are indigenous, such as Thailand, Vietnam, and India. This geographic advantage makes it simple to obtain raw materials, which lowers expenses and guarantees a consistent supply of agarwood.
Major key players in the agarwood essential oil market include 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, and 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, agarwood is the main component of Sweet Oud, an opulent scent that was initially launched by Kayali Perfumes. A stunning olfactory experience is produced by this magnificent smell, which blends sweet and flowery undertones with the deep, resinous notes of agarwood. Sweet Oud appeals to fragrance lovers who value the depth of traditional components and is perfect for both daytime and evening wear.
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
About the Spherical Insights & Consulting
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Which is catering to different industry such as financial sectors, industrial sectors, government organizations, universities, non-profits and corporations. The company's mission is to work with businesses to achieve business objectives and maintain strategic improvements.
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