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According to MRFR analysis, the global agarwood essential oil market is expected to register a CAGR of 6.35% from 2023 to 2032 and hold a value of over USD 0.4350 Billion by 2032.
The agarwood essential oil market refers to the industry involved in the production, distribution, and sale of essential oil extracted from agarwood, also known as oud or aloeswood. Agarwood is a resinous heartwood that forms in the Aquilaria tree species when it becomes infected with a specific type of mold. Agarwood essential oil is highly prized for its rich, complex fragrance and is commonly used in perfumery, aromatherapy, and traditional medicine. The COVID-19 pandemic has had a mixed impact on the agarwood essential oil market. Initially, the market faced disruptions due to lockdowns, travel restrictions, and disruptions in the supply chain. The closure of retail outlets, including perfume and cosmetic stores, also had an adverse effect on the market.
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Key Players
Some of the market key players are 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, Essential Oils Company
Market Segmentation
The Global Agarwood essential oil market has been segmented into type, Raw Material, application, and Sales Channel.
By Type: Compound essential oil and Pure essential oil
By Raw Material: Wood, Flowers, Bark and Resin
By Application: Food and beverage industry, Cosmetics and personal care industry and Pharmaceutical Industry
By Sales Channel: Specialty drug stores,Supermarkets or hypermarkets, E-commerce and Convenience stores
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Regional Analysis
Southeast Asia, particularly countries like Vietnam, Cambodia, and Indonesia, is a significant producer of agarwood and a key player in the agarwood essential oil market. The region’s tropical climate provides suitable conditions for the growth of Aquilaria trees and the production of agarwood. These countries have a long history of using agarwood in traditional medicine and religious rituals, contributing to the demand for agarwood essential oil. The Middle East region, especially countries like Saudi Arabia, the United Arab Emirates, and Oman, has a rich cultural heritage associated with agarwood. Agarwood and its essential oil are highly valued in Middle Eastern perfumery and incense traditions. North America, including the United States and Canada, represents a growing market for agarwood essential oil. The region has witnessed an increasing interest in natural and niche fragrances, leading to a rise in demand for unique and exotic scents like agarwood. Other regions, such as Europe and Asia Pacific, also contribute to the agarwood essential oil market, with growing consumer awareness of the therapeutic properties and luxury appeal of oud-based products.
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NOTE: Our Team of Researchers are Studying Covid19 and its Impact on Various Industry Verticals and wherever required we will be considering Covid19 Footprints for Better Analysis of Market and Industries. Cordially get in Touch for More Details.
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