Agarwood Essential Oil Market Report, Shifting Industry Dynamics & Current Industry Growth Analysis by 2030
Market Overview
Agarwood
is one of the essential oils in the department, with multi-functions that have
medicinal values. It is one of the most precious oils derived from the core of
medicinal trees. Most commonly, it is also referred to as the Aloes wood. They
have so many applications to begin with and are used for treating infections
that are hard to treat any other way. There are several ways of producing the
oil, but aquilaria malaccensis and aquilaria agallocha are used to manufacture
and process the same with several processes involved. With technological
advancements by the day, AI is used to manufacture the same. This provides a
convenient method of cultivation and production of essential oil.
The Agarwood
Essential Oil Market overview is estimated to reach a market
share of USD 345.5 million by 2030. This constant growth is seen with a healthy
and substantial CAGR rate of 6.35%. The impeccable demand for Agarwood in the
market is due to the growing demand for personal care among consumers. With the
adaption of a luxurious life by the day, grooming oils and perfumes have become
an important part of the lifestyle. The usage of Agarwood in the daily essentials
like such have made it a major part of people’s life, enhancing the market. It
soothes the skin and gives instant pain relief to the skin in aromatherapy. The
same consumption also has a certain medicinal value that helps maintain a
healthy metabolism. This includes the properties where the oil can be used to
treat menstrual cramps and other problems. However, there can be a few market
restraints in the Agarwood Essential Oil Market. Due to
its rare availability around the globe, the demand for the agarwood oil has
increased to a point where it is out of the cost-effective budget. Being a
non-renewable source of energy, the fear of depletion is always on the top.
Eradicating factors like such a healthy growth for the Agarwood Essential
Oil Market is
predicted in the forecast period.
Market Segmentation
The Agarwood
Essential Oil Market is segmented into the type, the raw
material, application, and the sales channel.
Depending
upon the Agarwood
Essential Oil Market type, the market is again divided into pure
essential and compound essential oil. Again, the market is divided into the
bark, resins, wood, and flowers depending upon the raw materials it uses.
Segmentation of the market is also done according to the application depending
on the cosmetics and personal care type and the pharmaceutical industry.
Regional Analysis
The
consumption of Agarwood in countries like the UK, the US, and developing
countries like India has increased the same requirement globally. This means
that the Agarwood
Essential Oil Market is globally spread over the areas of the
North-America parts of Asia-Pacific like China and Japan, and Europe.
Industry News
The Agarwood
Essential Oil Market report is estimated to reach a
market share of USD 345.5 million by 2030. This constant growth is seen with a
healthy and substantial CAGR rate of 6.35%.
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.
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