The global agarwood essential oil market is expected to reach a value of USD 140.9 million in 2024, growing at a compound annual growth rate (CAGR) of 4.7% through 2034. Europe, East Asia, and the Middle East are expected to be key regional markets for agarwood essential oil suppliers in the coming years. Agarwood essential oil is highly aromatic and is widely used across various industries due to its wonderful scent. Rising focus on alternative medicine, growing popularity of aromatherapy, and growing awareness regarding the health benefits associated with the use of agarwood essential oil are the key prospects projected to drive the market growth over the coming years.
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Agarwood essential oil is increasingly being used in various personal care and cosmetic formulations to create a distinctive fragrance, which is predicted to create a host of new opportunities for agarwood essential oil companies during the study period and beyond. The study by market research and competitive intelligence provider Fact.MR suggests that the growing popularity of aromatherapy across the globe will drive the demand for agarwood essential oil in the long term.
Key takeaways from market research
The global agarwood essential oil market is estimated to reach USD 140.9 million in 2024, and demand is expected to grow at a CAGR of 4.7% from 2024 to 2034 to reach USD 224.6 million by the end of the forecast period. This growth is driven by several factors, including high demand for natural fragrances and the growing popularity of aromatherapy. Additionally, an increasing focus on health and wellness is making alternative medicine more widely accepted. The personal care and cosmetics industry is also turning to natural ingredients, further driving market expansion. However, market players face major challenges, such as the rise in counterfeit agarwood essential oil products, which could erode consumer confidence and market growth.
Regionally, organic agarwood essential oil is expected to account for 35.2% of the global market share in 2024, reflecting the trend towards organic and natural products. In East Asia, sales are projected to grow at a CAGR of 5% over the next decade, highlighting the increasing demand and market potential in the region. Similarly, in the United States, sales are projected to reach USD 34.1 million by 2034. These regional trends highlight the diverse market opportunities and the importance of strategic positioning for suppliers. With increasing health and environmental awareness among consumers, the agarwood essential oil market is expected to see sustained growth as long as authenticity and quality are maintained to counter the threat of counterfeit products.
List of major companies profiled in the report
Bio Finest USA
SVA Naturals
Dauper SA
Aromars International
Nusaloma
Biolandes SAS
Hoang Giang Agarwood Co., Ltd.
Katiani Export
The magic of essential oils
others
Winning Strategy
Agarwood essential oil suppliers should focus on setting strict quality standards to eliminate the threat of counterfeit products. Agarwood essential oil companies should also focus on supplying organic agarwood essential oil to meet the growing global demand for clean label and organic ingredients.
Global market trends for agarwood essential oil as organic farming challenges continue
Organic versions of agarwood essential oil are so expensive that they are not economically viable for many companies, and as a result, traditional agarwood essential oil is sold globally among companies that incorporate agarwood essential oil into their products.
Rising demand for oud scent boosts sales of traditional agarwood essential oil
The growing popularity of oud scent in perfumes, incense and personal care products is expected to drive sustained growth in sales of traditional agarwood essential oil. This surge in demand coincides with a worldwide appreciation for the distinct oud scent.
As consumers become more organic conscious, organic agarwood essential oil is becoming more popular.
At the same time, the demand for organic agarwood essential oil is expected to increase as consumers become more aware of organic products. This shift reflects the growing awareness in the market of the benefits of organic alternatives.
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Competitive Environment
Distributors of agarwood essential oil are set to benefit from the increasing adoption of functional ingredients in the manufacture of a wide range of personal care and cosmetic products.
In September 2023, Kayali Perfumes, a fragrance brand founded in 2018 by Mona Kattan, co-founder of HUDA BEAUTY, launched a new collection of oud perfumes. Comprised of four unique scents of varying intensity, the line offers consumers a diverse and luxurious olfactory experience. This strategic move by Kayali Perfumes highlights the brand’s commitment to cater to the changing preferences of consumers in the fragrance market.
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About Fact.MR:
Fact.MR is a market research and consulting firm with deep expertise in emerging market intelligence, covering a wide range of sectors from automotive and Industry 4.0 to healthcare, technology, chemicals, materials and even the most niche categories.
This release was published on openPR.
