The agarwood tree has aromatic oil that is called agarwood essential oil. The essential oils are vastly used in cosmetics, pharmaceuticals, perfumes, and aromatherapy. Nowadays, grooming is spreading across the world; the more demand for cosmetics products for various purposes is increasing. The grooming oils are more useful for skin, beard, and hair. Many industries understand the benefits of essential agarwood oil and require this oil in their products. Besides, most perfume industries require imperative oil in their various perfumes for a long-lasting and pleasant fragrance. For many years, the essential oil has been used for healing and spiritual purposes. It helps promote relief of allergies, proper digestion, treat insomnia and acne, relieve joint pain, repair damaged skin, and many other benefits.
The agarwood essential oil market analysis explains that this market's various products have religious, cultural, and traditional significance, promoting global market growth. Moreover, the aromatherapy and personal care industries have a massive application of these products to encourage worldwide market development. The increasing demand for natural and organic cosmetics has brought more opportunities for key drivers in the global market. The agarwood essential oil market has predicted to generate more market value of 6.35% CAGR to meet the target of USD 345.5 Million by the end of the year 2030.
The report has given more focus on the agarwood essential oil market's overall growth and overcoming global market challenges and opportunities. It has also thrown light on the market segmentation, market dynamics, COVID-19 analysis, and others by focusing on various geographical locations.
The COVID-19 outbreak has affected the global market, and the agarwood essential oil market is one of these. The pandemic has stopped all the country's supply chains, export, and import to all the industries of various countries. It has brought transformation and reform in the sectors related to the agarwood essential oil market.
In 2020, the COVID-19 slowed down all the countries' economic growth, and the agarwood essential oil market has experienced a halt. The global market has adopted many strategies and planning to develop market demand and sales. However, in the present scenario, the global market has taken up its speed to achieve the agarwood essential oil market revenue by the forecast year of 2030.
Major Market Drivers
The major market drivers are the agarwood essential oil profile right hand, as they handle the global market production and sales. The major global drivers are agarwood essential oil manufacturers, governments, associations, industrial bodies, traders, wholesalers, distributors, trade experts and investors.
The report mentions that the key drivers follow various strategies to meet the customer's demand and increase the sales of the products. By the end of the year 2025, the global market has expectations of increasing their productions and sales to boost the agarwood essential oil market's growth.
Growth Opportunities for the Market
The agarwood essential oil market has adopted various techniques and methods to develop its network service worldwide. In the new cosmetic and personal care product formulation, the industry requires more raw materials from the global market and raises the demand for agarwood essential oil market. The global market has more opportunities, as many industries like cosmetics, pharmaceuticals, perfumes, and aromatherapy require more materials from the agarwood essential oil market.
As a result, the report explains that the global market supports the key drivers and its glooming day by day. The global market employs more key drivers to increase the growth of its sales and production.
The agarwood essential oil is increasing its popularity all over the world as it offers many benefits. There are specific facts about agarwood essential oil, which is beneficial as it is anti-stress, anti-rheumatic, antimicrobial, anti-asthmatic, carminative, analgesic, antioxidant, digestive, aphrodisiac and more healthy properties. Besides, these multiple health benefits, the global market have certain few restraints like the rare availability of the material. The global product has more demand in the global market, and the infrequent availability can be a problem for the global market. The agarwood essential oil is employing more key drivers to reach all the expectations of the customers.
The report also explains that another restraint can be the fluctuation of the cost. The agarwood world market price needs more concentration of the key drivers to grow the global business.
Challenges Faced by The Agarwood Essential Oil Market
The global agarwood essential oil market has faced massive loss at COVID-19 in 2020, which was a big challenge for the global market. The key drivers have given their all efforts and strengths to overcome the pandemic situation. The report explains that the agarwood essential oil market has taken up its speed in the global market to achieve its strategic goal by the end of the year 2025.
The agarwood essential oil is growing its application in various industries, which shows the global market's upcoming growth.
In the agarwood essential oil segment, the organic segment has aimed to dominate the global market by increasing 6.46% of the forecast period's growth rate.
The personal care application segment has aimed to gain a high market share of 03% growth rate for the forecast period.
Many major key drivers have adopted the agarwood essential oil market's services, as it is trendy globally. The intended key audiences are manufacturers, wholesalers, traders, distributors, investors, trade experts, etc.
The report mentions that the global market has a proper understanding of the worldwide networks, and according to that, it is operating its functions in various regions. The global market values the production and growth of the industries.
The agarwood essential oil has a segmental classification the product. It has two types, such as compound essential oil and pure essential oil. Both types are having more demands in the global market.
The report explains that these types have their functionality and benefits. The key drivers use these types according to their product demands.
By Raw Material:
According to the raw material's segmental classification, the agarwood essential oil market requires varieties of woods, resin, bark, and flowers. All these raw materials have more demand in the global market as it has more health benefits.
The report explains that the global market uses these raw materials with the agarwood essential oil color to give a delicate appearance.
The global market has segmentation by application such as cosmetics and personal care industry, pharmaceutical industry and food and beverage industry. These industries use various strategies to improve product quality and try to raise the agarwood market's growth.
As a result, the agarwood essential oil market is growing day by day to achieve its goal of dominating the market value by the end of the year 2025.
By Sales Channel:
According to the sales channel's segmental division, its distributions include supermarkets or hypermarkets, speciality drug stores, E-commerce, and convenience stores. The report mentions that the global market has more demand for agarwood perfume essential oil to develop its sales channels.
According to the regions' segmentation, the global market has spread all the countries like North America, Europe, Asia Pacific, The Middle East, and Latin America.
Out of all the regions, the Asia-Pacific has taken the lead of the agarwood essential oil market by giving 33.75% market growth in the year 2018. The global market is expecting the largest during the forecast period.
The agarwood market has top key players list, who are contributing more to the marketing field. Let’s have a glance at it.
In the global agarwood essential oil market, the major key players are Hoang Giang Eden Botanicals (US), Maruti Natural Fragrances (India), MJI Group (India), Treedom Oud (Thailand), Amarnath Exports (India), K.A.B. Industries (India), Agarwood Company (Vietnam), Shiv Sales Corporation (India), Assam Aromas (India), and Janvi Herbs (India).
Certain steps follow the report overview:
By Raw Material
By Sales Channel:
|Market Size||$345.5 Million|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Type, Raw Material, Application, and Region|
|Geographies Covered||North America, Europe, Asia-Pacific, Rest of the World|
|Key Vendors||Hoang Giang Eden Botanicals (US), Maruti Natural Fragrances (India), MJI Group (India), Treedom Oud (Thailand), Amarnath Exports (India), K.A.B. Industries (India), Agarwood Company (Vietnam), Shiv Sales Corporation (India), Assam Aromas (India), Janvi Herbs (India)|
|Key Market Opportunities||Market has adopted various techniques and methods to develop its network service worldwide.|
|Key Market Drivers||Increasing use in the personal care and pharmaceuticals industries|
Frequently Asked Questions (FAQ) :
The global market is classified into different segments that include type, application, sales channels, and raw material.
The global market has aimed to achieve a 6.35% CAGR market growth in the present forecast years.