Agarwood, also known as Aloeswood is one of the most precious, rare and most expensive essential oil in existence today. The production of resin can take many years in the wild, like a good wine.
Due to its huge cost and extreme rarity in the wild, trees are now cultivated and the resin is actually created artificially and then extracted by water distillation. Agarwood plantations have been developed in a number of countries, such as Sri Lanka and Malyasia as commercial crops specially to produce agar wood essential oils.
Agarwood essential oil has a religious, traditional as well as cultural uses in many parts of the world. Superior quality agar wood is one of the most costly raw material in the world which makes agar wood essential oils among the expensive essential oil available commercially.
Agarwood Essential Oil market can be segmented on the basis of, nature, distribution channel, application and region. On the basis of nature, Agarwood Essential Oil market can be segmented into natural and organic Agarwood essential oil.
On the basis of distribution channel, Agarwood essential oil market can be segmented into direct and retail sales. Direct sales refers to direct selling of Agarwood essential oil as an ingredient to industries such as cosmetic and pharmaceutical industries.
Retail sales is further segmented into departmental stores, specialized drug stores, online retailers and other retailing formats. On the basis of application, Agarwood essential oil can be used in cosmetics & personal care, incense, therapeutics and others.
On the basis of region, Agarwood essential oil market can be segmented into seven key regions: North America, Latin America, Eastern Europe, Western Europe, Asia Pacific excluding Japan, Middle East and Africa and Japan.
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Drivers, Restraints, and Trends:
Key demand of Agarwood Essential Oil is driven by innovative application in personal use and pharmaceutical industry. Increasing consumer preference for natural cosmetic products & high quality aromatic fragrances is driving the market growth.
The rising popularity of agarwood essential oil in aromatherapy for therapeutic effects, is creating a huge demand worldwide.
The agar wood essential oils market is highly demandable, since the consumer are more inclined towards usage of safe ingredients. Scarcity of natural supply and the availability of chemical and synthetic substitutes can prove to be a threat for the agar wood essential oils market.
Also the lack of proper regulatory support from government can further restrain agar wood essential oils market over the forecast period.
Globally, consumer products industry is dynamic in nature where manufacturers and suppliers are evolving and working closely to meets the wide variety of consumer demands. The South Asian countries such as India, Indonesia, Singapore, Malaysia and others are lead manufacturers and exporters of Agarwood essential oil, followed by North America and Europe.
The agar wood essential oil market in APEJ is at its growth phase. The consumers’ trends are changing in the region which is driven by the growing number of retailers stocking the product and increasing innovative sale formats.
Increasing demand for agarwood essential oil as a natural ingredient in the cosmetic industries is exected to support he agarwood essential oil market during the forecast period. The APEJ agarwood essential oil market has the potential to grow at significant CAGR during the forecast period, due to the growing end-use industries such as health and personal-care and the growth in the standard of living.
Asia Pacific is expected to remain dominant in terms of the potential market attributing to the growing economies of India and China.
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Some of the prominent players of Agarwood Essential Oil are Dauper SA, Ji’an Zhongxiang Natural Plants Co., Ltd, Maruti Natural Fragrances, Xi’an Natural Field Bio-Technique Co., Ltd., Hoang Giang Agarwood Company Limited are some to name a few among essential oil manufacturers.
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