Global Agarwood Essential Oil Market – Industry Trends and Forecast to 2029

Global Agarwood Essential Oil Market, By Category (Conventional and Organic), Applications (Cosmetics & Personal Care, Incense, Therapeutics, and Others) – Industry Trends and Forecast to 2029

Agarwood Essential Oil Market Analysis and Size

Grooming is a global trend that is rapidly expanding, consumers are using multiple cosmetic products at the same time for various purposes. Grooming oils for hair/beard and skin are popular among consumers. Various perfumes containing essential oils are used for a pleasant and long-lasting fragrance.

Data Bridge Market Research analyses that the agarwood essential oil market was valued at USD 0.2 billion in 2021 and is expected to reach the value of USD 0.32 billion by 2029, at a CAGR of 5.9% during the forecast period of 2022-2029. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.

Report Scope and Market Segmentation

Market Definition

The agarwood essential oil is extracted from the agarwood tree, also known as eaglewood, oud, and aloes wood, which can be found in many parts of the world. As agarwood essential oil has transcendent, warming, purifying, and balancing properties, it blends well with other essential oils such as rose, sandalwood, carnation, and jasmine. This oil is well-known for its numerous health benefits, as well as its ability to treat a variety of physical and psychological issues.

Global Agarwood Essential Oil Market Dynamics

Drivers

• Long shelf life as well as growing application in variety of skin care products

Agarwood essential oil has a long shelf life because it does not oxidise or become rancid and does not degrade when subjected to high temperatures and pressure because of this property, it is used in a variety of skin care products, including moisturisers, facial cleansers, scar and stretch mark minimizers, and anti-acne gels, as well as hair care products, including conditioners, de-tangling creams, and hair regrowth serums.

• The growing health awareness associated with agarwood essential oils

A growing number of health-conscious consumers worldwide and increased awareness of agarwood essential oil among individuals are expected to drive growth in the global agarwood essential oil market.

Furthermore, agarwood essential oil is gaining popularity in both developed and developing countries due to its numerous properties, such as maintaining psychological health, improving digestion, antimicrobial, treating acne, anti-stress, anti-asthmatic, reducing muscle and joint pain, antioxidant, and others. This is a key factor that is expected to drive the global agarwood essential oil market during the forecast period.

Opportunity

Individuals are increasingly seeking safe and natural treatments, and agarwood essential oil is becoming more popular among Ayurveda practitioners due to the emotional and spiritual benefits associated with this oil. Furthermore, agarwood essential oil is in high demand around the world due to its anti-inflammatory, analgesic, anti-rheumatic, and other properties.

Restraints

However, the limited availability of agarwood essential oil in the market and the high cost of this oil are major factors that are expected to limit the growth of the global agarwood essential oil market.

This agarwood essential oil market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the agarwood essential oil market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

COVID-19 Impact on Agarwood Essential Oil Market

Despite the fact that the COVID-19 pandemic had a negative impact on several industries, the essential oils market grew during this time. As mentioned, essential oils have antimicrobial, antioxidant, and anti-infective properties, they are used to treat a variety of health conditions such as stress, immunity disorders, sleep disorders, and depression. As a result, the importance of the essential oils market increased during the pandemic as the number of patients with mental health problems increased, propelling the market's growth.

Recent development

• In May 2020, Firmenich completed the acquisition of Les Derives Résiniques et Terpeniques, a global leader in developing and supplying high-quality, renewable, and naturally derived ingredients. This acquisition would position Firmenich as a leader in renewable ingredients for perfumery and other applications.
• In October 2020, dôTERRA announced several new essential oil products and diffusers and three new wellness programmes to help people focus on their specific health goals.
• In February 2021, Givaudan acquired Myrissi. Givaudan's long-term Fragrance & Beauty strategy would be aided by the acquisition of Myrissi. Their A.I. expertise would help Givaudan propose new organoleptic approaches to consumers.

Global Agarwood Essential Oil Market Scope

The agarwood essential oil market is segmented on the basis of category and application. The growth amongst these segments will help you analyse meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Category

• Organic
• Conventional

Application

• Cosmetics and Personal Care
• Incense
• Therapeutics
• Others

Global Agarwood Essential Oil Market Regional Analysis/Insights

The agarwood essential oil market is analysed and market size insights and trends are provided by country, category and application as referenced above.

The countries covered in the agarwood essential oil market report are U.S., Canada, Mexico in North America, Germany, Sweden, Poland, Denmark, Italy, U.K., France, Spain, Netherland, Belgium, Switzerland, Turkey, Russia, Rest of Europe in Europe, Japan, China, India, South Korea, New Zealand, Vietnam, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in Asia-Pacific (APAC), Brazil, Argentina, Rest of South America as a part of South America, UAE, Saudi Arabia, Oman, Qatar, Kuwait, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA).

Asia-Pacific (APAC) is expected to show an active increase in the essential oils business during the mentioned forecast period. The factors driving the province's trade growth are an increase in disposable income and increased investment in the application of natural resources.

The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of Global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Agarwood Essential Oil Market Share Analysis

The agarwood essential oil market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, Global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to agarwood essential oil market.

Some of the major players operating in the agarwood essential oil market are:

• GrainCorp (Australia)
• Malteurop (France)
• Rahr Corporation (U.S.)
• Boortmalt (Belgium)
• Indesso (Spain)
• Lipoid Kosmetic AG, (Germany)
• The Herbarie at Stoney Hill Farm, Inc. (U.S)
• International Flavors & Fragrances, Inc. (Netherlands)
• Bell Flavors & Fragrances (France)
• Rutland Biodynamics Ltd. (Scotland)
• Prakruti Products Pvt. Ltd (India)
• Ambe Phytoextracts Pvt. Ltd. (Austria)
• The Green Labs LLC (Netherlands)
• Berje, Inc. (Italy)
• Umalaxmi Organics Pvt. Ltd. (India)
• DSM (Netherlands)