- Techniques to improve stimulation of agarwood production for enhanced quality of the oil will favor market growth and expansion.
- The increasing demand for agarwood essential oil as an ingredient in the production process of varied industry verticals will fuel market growth.
- The Asia Pacific region accounts for the largest share of the market size and revenue.
Agarwood essential oil, also, has high medicinal value and is extensively used by Ayurvedic practitioners which is one of the key drivers of agarwood essential oil market growth and expansion. Among all the other species, aquilaria species is the most popular one with a significant contribution towards accelerated revenue generation. As the raw materials are rare to find, technological advancements have been witnessed to augment the cultivation of agarwood. The plantation of agarwood has been introduced and re-introduced in countries such as Sri Lanka, Malaysia, etc. which will catalyze the revenue created from the Global Agarwood Essential Oil Market. Techniques have also been implemented to improve stimulation of agarwood production for enhanced quality of the oil produced which will favor the market growth and expansion.
The application base of agarwood essential oil is expanding fast. The manufacturers are leveraging the rarity of the raw materials for expensively pricing the oil without affecting the demand adversely. The agarwood, also known as aloeswood, is mostly used to produce incense and perfumes. Agarwood essential oil is also used by the end user industries for producing soaps, cosmetics, personal care items, therapeutics, etc. The increasing demand for agarwood essential oil as an ingredient in the production process of varied industry verticals will fuel the market growth of agarwood essential oil over the assessment period.
Major Key Players Demand:
The key players profiled by MRFR in its latest report for an accurate market forecast include Shaanxi Guanjie Technology Co., Ltd., Ji’an Zhongxiang Natural Plants Co., Ltd, Dauper SA, Xi’an Natural Field Bio-Technique Co., Ltd., Hoang Giang Agarwood Company Limited, Amarnath Exports, and, Maruti Natural Fragrances among others. The top-notch players strengthen their footholds in the market by strategizing initiatives such as scientific methods of cultivation, adoption of technology to enhance quality, product developments, etc.
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In February 2018, Thoub Chankrassna Khmer Co (TCK), Cambodian agarwood plantations and an incense company, has partnered with Thai investment firm First Capital Group (FCG), for spending $100 million in improving the quality of Cambodia’s agarwood trees.
Detailed Regional Analysis:
By region, the Agarwood Essential Oil has been segmented into Europe, North America, Asia Pacific, and the Rest of the World (ROW). Asia Pacific accounts for the largest share of the market size and revenue, and the trend is likely to continue over the assessment period. The region is the highest producer of agarwood owing to the presence of countries such as China, India, and Malaysia which will drive the agarwood essential market oil across the review period.
The widening range of application of agarwood essential oil will proliferate North America market by generating demand. The presence of countries such as Germany which accounts for a significant share in agarwood imports will favor Europe market expansion. Developed countries in North America and Europe are importing agarwood essential oil for use across different industry verticals which will encourage market growth in the regions. The Rest of the World market will exhibit a sluggish growth during the projection period.