According to the latest market report published by Persistence Market Research titled, 'Agarwood Essential Oil Market: Global Industry Analysis 2013–2017 and Forecast 2018–2026', the agarwood essential oil market is estimated to reach US$ 89.3 Mn in terms of value by 2018 end, and is forecasted to reach US$ 181.1 Mn in terms of value by 2026 end. Sales revenue of agarwood essential oil is anticipated to register a CAGR of 9.2% in terms of revenue over (2018-2026).
Diverse Applications Across End-use Industries to Spur Sales of Agarwood Essential Oil
There is a fragmentation and tough competition in the global agarwood essential oil market. The personal care and cosmetic industry has incorporated agarwood essential oil in cosmetic products for its various beneficial properties, such as anti-inflammatory properties and others. Increase in the usage of cosmetic products that consist of agarwood essential oil is a major factor that will have a positive impact on the agarwood essential oil market. Due to its anti-inflammatory properties, people with rheumatoid arthritis, arthritis, and other joint health issues tend to use more agarwood essential oil, as it helps treat these conditions effectively.
Healing Benefits of Agarwood Essential Oil to Drive Revenues in the Global Market
Globally, the agarwood essential oil market is estimated to have a higher growth rate, due to high awareness regarding the use of agarwood essential oil in aromatherapy because of its various healing properties. The application of agarwood essential oil and aromatherapy is increasing in the field of medical science, thereby boosting demand across the globe. Increasing consumer experimentation regarding unconventional therapies for various health problems is supporting the growth of the essential oil and aromatherapy market. Today, agarwood essential oil has been recognized as an effective medicine for asthma and also to enhance mental functionality. The ability to treat various medical conditions has now made agarwood essential oil a popular product among consumers, and this growing popularity is expected to bolster the demand for agarwood essential oil over the years.
Agarwood essential oil ensures a high competitive market scenario, due to the increased penetration of organized players in this market. This will result in the development of various innovative agarwood essential oil products, and this factor is expected to drive the overall growth of the agarwood essential oil market throughout the forecast period.
Segmental Analysis of the Agarwood Essential Oil Market
Among the nature segments, the conventional segment is estimated to be dominant in the global agarwood essential oil market, with a revenue share of 97.5% by 2018 end, and this is expected to increase to 96.9% towards the end of 2026. Among the end-use segments, the personal care & cosmetics industry segment is estimated to hold a lion’s share in the global agarwood essential oil market, with a revenue share of 98.4% by 2018 end, and this is expected to reach 98.3% by the end of 2026. By sales channel, the direct segment is estimated to hold 87.4% market share at the end of 2018, and is expected to reach 85.7% at the end of 2026.
Factors Influencing Revenue Growth of the Agarwood Essential Oil Market
Consumer expenditure on natural products such as agarwood essential oil has increased due to the growing awareness among people regarding the benefits of organic agarwood essential oil for hair and skin. With increasing consumer disposable income in countries of the Asia Pacific such as China, India, and Korea, among others, people are now able to afford cost-sensitive products such as agarwood essential oil. Agarwood essential oil is not just an aromatic, sweet oil used in perfumery, but has many other amazing super healing powers, such as offering both emotional and physical relief for problems as varied as migraine, insomnia, burns, skin issues, insect bites, nervous tension, stress, and infections. As a result of these properties, the demand for agarwood essential oil is witnessing a surge in the global market.
Key Producers of Agarwood Essential Oil
Some of the key players analysed in the report are BIOLANDES SAS, Tien Phuoc Co., Ltd (Grandawood), Hoang Giang Agarwood Ltd., Dauper S.A, Katyani Exports, Gritman Essential Oils, Essential Oil Wizardry, Biofinest USA, Nusaroma, The Imperial Oud Co, Deve Herbes, HYSSES Pte Ltd., WEFIVE group, Asia Plantation Capital Pte. Ltd., Albert Vieille SAS, THE MJI GROUP, Agarvina Co., LTD, ASSAM AROMAS, and Edens Garden, among other agarwood essential oil manufacturers.
For more insights on the key dynamics impacting growth in sales of agarwood essential oil, write in to Persistence Market Research analysts at firstname.lastname@example.org