Agarwood Oil Market Is Projected to Hit US$ 450 Million by 2033

Rockville, United States, 2023-Jun-20 — /EPR Network/ —

Agarwood oil demand is expected to increase globally between 2023 and 2033 at a CAGR of 6%. The market for agarwood oil is currently estimated at $250 million USD, and by the end of 2033, it is anticipated to reach a valuation of 450 million USD.

Under the Convention on Trade in Endangered Species of Wild Fauna and Flora, agarwood is a species that is protected because it is endangered. Oil, chips, logs, and dust are just a few of the different ways that agarwood is traded. The heartwood of the agarwood tree is used to extract the resinous, aromatic, and extremely valuable agarwood oil, sometimes referred to as eaglewood oil and oud oil. Aloeswood oil is another common name for agarwood oil.

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Key Takeaways from Market Study

• The global agarwood oil market amounted to US$ 250 million in 2023.
• Worldwide demand for agarwood oil is estimated to swell at a CAGR of 6% during the forecast period (2023 to 2033).
• The market is forecasted to touch US$ 450 million by the end of 2033.
• Asia Pacific captured 33.7% share of the worldwide market in 2022.
• Demand for organic agarwood oil is projected to increase significantly over the next ten years.

“Global agarwood essential oil market to profit from an increase in health-conscious customers and a greater understanding of agarwood essential oil among individuals. Furthermore, agarwood oil is increasing in popularity due to its many properties, such as reducing muscle & joint pain, maintaining psychological health, boosting digestion, treating acne, anti-stress, antioxidant, anti-asthmatic, etc.,” says a Fact.MR analyst.

Competitive Landscape:

Key players in the agarwood oil market are actively exploring strategies such as investments, partnerships, R&D activities, and acquisitions to strengthen their market position and gain market share. Moreover, many start-ups are sprouting up in the global market.

DAdvance Agarwood Solutions, one of Malaysia’s leading Biotech companies, raised a whopping US$ 1.9 million through an equity crowdfunding (ECF) effort conducted by Fundnel in June 2022. The funds raised will be used to speed up the research and development of its in-house inoculation technology, as well as to meet working capital requirements and support marketing activities to boost the general economic expansion of Malaysia’s agarwood industry. The company is working with several Malaysian universities to enhance the agarwood oil distillation process and conduct research and development on agarwood skin care products.

Recently, the company solidified its position as the dominant player in the cultivated agarwood industry through the breakthrough of its pure oil quality by accomplishing exceptional results with a 94.76% reading of sesquiterpenoid and sesquiterpene, and free of diethyl phthalate, Dioctyl phthalate, and other contaminants, which adheres to the stringent standards of the European and United States fragrance industries. This had put the company’s agarwood oil in a class of grade A plus by Bio Aromatik Research Centre, a research center that collaborates with big agarwood oil producers worldwide.

Key Segments in Agarwood Oil Industry Research:

·         By Nature :

• Organic
• Conventional

·         By Application :

• Cosmetics And Personal Care
• Pharmaceuticals
• Food and Beverages

·         By Distribution Channel :

• Specialty Drug Stores
• Supermarkets/Hypermarkets
• e-Commerce
• Convenience Stores

·         By Region :

• North America
• Latin America
• Europe
• Asia Pacific & China
• Middle East & Africa

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Key Questions Covered in the Agarwood Oil Market Report

• What will be the estimated size of the Market in 2023?
• At what rate will the global Agarwood Oil sales grow until 2033?
• Which are the factors hampering the Agarwood Oil demand?
• Which region will spearhead the growth in the global industry during 2023-2033?
• Which are the factors driving sales in the Agarwood Oil Market during the forecast period?

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