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.
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Major Key Players
The key players profiled by MRFR in its latest report for an accurate market forecast include
By raw material, Agarwood Essential Oil Market has been segmented into wood, resin, flowers, bark and others and others.
By application, the agarwood essential oil market has been segmented into perfume, cosmetics, and others
Detailed Regional Analysis
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.
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