Agarwood Essential Oil Market Overview:
Agarwood is one of the essential oils in the department, with multi-functions that have medicinal values. It is one of the most precious oils derived from the core of medicinal trees. Most commonly, it is also referred to as the Aloes wood. They have so many applications to begin with and are used for treating infections that are hard to treat any other way. There are several ways of producing the oil, but Aquilaria Malaccans and Aquilaria agalloch are used to manufacture and process the same with several processes involved. With technological advancements by the day, AI is used to manufacture the same. This provides a convenient method of cultivation and production of essential oil.
The Agarwood Essential Oil Market Size was estimated at a global share of $0.25 million in the year 2022 and is further estimated to reach a market share of $0.4350 Billion by 2032. This constant growth is seen with a healthy and substantial CAGR rate of 6.35%. The impeccable demand for Agarwood in the market is due to the growing demand for personal care among consumers. With the adaption of a luxurious life by the day, grooming oils and perfumes have become an important part of the lifestyle. The usage of Agarwood in the daily essentials like such have made it a major part of people’s life, enhancing the market. It soothes the skin and gives instant pain relief to the skin in aromatherapy. The same consumption also has a certain medicinal value that helps maintain a healthy metabolism. This includes the properties where the oil can be used to treat menstrual cramps and other problems. However, there can be a few market restraints in the Agarwood Essential Oil Market. Due to its rare availability around the globe, the demand for the agarwood oil has increased to a point where it is out of the cost-effective budget. Being a non-renewable source of energy, the fear of depletion is always on the top. Eradicating factors like such a healthy growth for the Agarwood Essential Oil Market is predicted in the forecast period.
The consumption of Agarwood in countries like the UK, the US, and developing countries like India has increased the same requirement globally. This means that the Agarwood Essential Oil Market is globally spread over the areas of the North America parts of Asia-Pacific like China and Japan, and Europe.
The Agarwood Essential Oil Market Overview is segmented into the type, the raw material, application, and the sales channel.
Depending upon the Agarwood Essential Oil Market type, the market is again divided into pure essential and compound essential oil. Again, the market is divided into the bark, resins, wood, and flowers depending upon the raw materials it uses. Segmentation of the market is also done according to the application depending on the cosmetics and personal care type and the pharmaceutical industry.
Major players in the agarwood essential oil market attempting to increase market demand by investing in research and development operations include Agro Products, ASSAM AROMAS, Grandawood, Biolandes, Deve Herbes, Essential Oil Wizardry, Katyani Exports, Jiâ an Zhongxiang Natural Plants Co., Ltd., Biofinest USA, Nusaroma, Dauper SA, Hoang Giang Agarwood Ltd., HYSSES Pte Ltd., Living Libations, Agarwood Oil Inc., Gritman Essential Oils, Pachara Innovation CO., LTD, The Imperial Oud Co, Edens Garden, and Essential Oils Company.
February 2021: Myrissi was purchased by Givaudan. The purchase of Myrissi would benefit Givaudan's long-term Fragrance Beauty strategy. Their A.I. knowledge would assist Givaudan in recommending novel organoleptic strategies to customers.
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