Agarwood Essential Oil Market Trend to Reach USD 201.03 Million by 2025 at 5.92% CAGR, Predicts Market Research Future
Agarwood Essential Oil Market Report Insights and Industry Analysis by Category (Conventional and Organic), Application (Personal Care, Aromatherapy, Pharmaceuticals and Air Care) and Region, Competitive Market Size, Share, Trends, and Forecast, 2018 – 2025
Pune, India, July 26, 2019 (GLOBE NEWSWIRE) -- Agarwood Essential Oil Market is poised to touch USD 201.03 Mn by 2025 at an impressive 5.92% CAGR during the forecast period (2018-2025), reveals the latest report by Market Research Future (MRFR).
Market Analysis
Agarwood Essential Oil Market is projected to be valued at USD 201.03 Million by 2025 and is estimated to register a CAGR of 5.92% during the forecast period. Agarwood essential oil is extracted from the agarwood tree. It is also termed as oud, eaglewood, and aloes wood. Agarwood is mainly produced in India, China, Vietnam, Indonesia, Thailand, and Malaysia and traded across the globe.
Asia-Pacific was the largest market for agarwood essential oils in 2018 and the regional market is expected to exhibit the highest CAGR during the review period. Asia-Pacific is expected to be an attractive regional market for the manufacturers of agarwood essential oil owing to the widespread availability and highest production rate of the raw material. In Europe, surging demand for agarwood oil as a base ingredient in perfumes offered by several European brands has resulted in market growth.
The cultural, religious, and traditional importance of agarwood essential oil in Asia and the Middle East is boosting product demand. Agarwood essential oil is believed to augment mental clarity, help attain inner peace, strengthen and fortify the body, and improve memory and learning through its aromatic effect for which it is widely used in aromatherapy. Thus, the growth of the global aromatherapy market is expected to influence the growth of the agarwood essential oil market.
Market Research Future recognizes Amarnath Exports (India), Eden Botanicals (US), K.A.B. Industries (India), Maruti Natural Fragrances (India), Treedom Oud (Thailand), MJI Group (India), Hoang Giang Agarwood Company (Vietnam), Shiv Sales Corporation (India), Assam Aromas (India), and Janvi Herbs (India) as the key players in the global agarwood essential oil market
Regional Analysis
Geographically, the Global Agarwood Essential Oil Market has been segmented into North America, Asia-Pacific, Europe and the rest of the world. As per MRFR analysis, Asia-Pacific dominated the market, accounting for the largest share, in 2018. Moreover, the market in Asia-Pacific is projected to register the highest CAGR of 6.17% during the assessment period. The European market accounted for the second-largest market share in 2018. The market in Europe is estimated to reach USD 54.82 million by the end of 2025.
By Type, the market has been divided into conventional and organic. The conventional segment accounted for the larger market share in 2018 and is estimated to maintain its dominance during the forecast period as agarwood trees are mostly cultivated with the help of chemicals. However, the organic segment is projected to exhibit the higher CAGR during the forecast period. The demand for organically certified agarwood oil is increasing in various industries, including personal care and cosmetics and aromatherapy which is driving the growth of the organic segment.
Based on application, the global agarwood essential oil market has been classified as Aromatherapy, Pharmaceuticals, Personal Care, and air care. The personal care segment accounted for the largest Industry share in 2018. The skin beneficial properties of agarwood essential oil are driving the growth of the segment. However, due to the increased preference of consumers for aromatherapy and rising use of agarwood oil in aromatherapy, the aromatherapy segment is projected to register the highest CAGR during the forecast period.
The Global Agarwood Essential Oil Market is anticipated to register a growth rate of 92% during the period of 2019 to 2025. The increasing application of agarwood essential oil in various industries is projected to propel the growth of the market.
The conventional agarwood essential oil segment is anticipated to maintain its dominance during the forecast period of 2019 to 2025. However, the organic segment is expected to register the higher growth rate of 6.46% during the forecast period.
The personal care application segment is anticipated to hold the largest market share during the forecast period and is projected to register a growth rate of 03%.
Browse Related Report
Essential Oil Market Information by Type (Pure essential oil, Compound essential oil and others), Ingredients (Orange, Corn mint, Cedarwood, Eucalyptus, Chamomile, Lavender, Clary sage, Citronella, Litsea cubeba, Citrodora, Peppermint, Basil, Clover Leaf and others) and Application (Fragrance & Flavor, Aromatherapy, Pharmaceutical, Cosmetics and other) - Forecast to 2023 https://www.marketresearchfuture.com/reports/essential-oils-market-2024
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Source: GlobeNewswire PR
(July 26, 2019 - 8:26 AM EDT)
