Agarwood Essential Oils Market Scope
Agarwood essential oil, also known as oud oil, is a highly sought-after product due to its distinctive and luxurious fragrance. The oil is extracted from the resin of the agarwood tree, which is found in Southeast Asia, India, and other parts of the world. Due to its rare and unique fragrance, agarwood essential oil is widely used in perfumes, incense, and other luxury products. The demand for agarwood essential oil has been increasing in recent years, driven by rising affluence in developing countries and the increasing popularity of luxury and niche perfumes. As a result, the market for agarwood essential oil is highly fragmented and prices can vary widely depending on the quality and authenticity of the oil. High-quality, pure agarwood essential oil can fetch prices of several thousand dollars per kilogram, while lower-quality or adulterated oil may be available at a fraction of the price. Overall, the market for agarwood essential oil is expected to continue to grow in the coming years, driven by increasing demand for luxury and niche products. However, the industry will need to address sustainability concerns and ensure that the production of agarwood essential oil is sustainable and environmentally responsible.
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|Key Companies Profiled||BIOLANDES (France), Hoang Giang Agarwood Ltd. (Vietnam), Katyani Exports (India), Gritman Essential Oils (United States), ESSENTIAL OIL WIZARDRY (United States), Biofinest LLC (United States), Nusaroma (Indonesia), deve herbes (India), HYSSES Pte Ltd. (Singapore) and Asia Plantation Capital Pte.Ltd. (Thailand)|
Competition among existing players is due to the stiff market share occupied by leading players. The industry leader is engaged in offering innovative and superior-quality products to cater to the ever-growing demand for Agarwood Essential Oil. The companies are implementing strategic activities such as acquisitions and mergers along with collaboration with companies in other industries to aid them in improving sustenance and maintaining their competitive advantage. Research Analyst at AMA estimates that Vietnam & India Vendors will contribute to the maximum growth of Global Agarwood Essential Oils market throughout the predicted period.
BIOLANDES (France), Hoang Giang Agarwood Ltd. (Vietnam), Katyani Exports (India), Gritman Essential Oils (United States), ESSENTIAL OIL WIZARDRY (United States), Biofinest LLC (United States), Nusaroma (Indonesia), deve herbes (India), HYSSES Pte Ltd. (Singapore) and Asia Plantation Capital Pte.Ltd. (Thailand) are some of the key players that are part of study coverage. Additionally, the Vendors which are also part of the research are Albert Vieille SAS (France), THE MJI GROUP (India), Ji'an Zhongxiang Natural Plants Co.,Ltd, Edens Garden (India), ASSAM AROMAS (Assam), Mangalam Agro. (India), Maruti Natural Fragrances (India), Shiv Sales Corporation. (India), Thai Borai Agarwood Co. Ltd. (Thailand), Vietnamese Agarwood (Vietnam) and TREEDOMOUD (THAILAND) LTD. (Thailand).
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.
The study have segmented the market of Global Agarwood Essential Oils market by Type , by Application (Cosmetics & personal care, Incense, Therapeutics and Others) and Region with country level break-up.
On the basis of geography, the market of Agarwood Essential Oils has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). region held largest market share in the year 2022.
Market Leaders and their expansionary development strategiesIn February 2021, Givaudan acquired Myrissi. Givaudan's long-term Fragrance & Beauty strategy would be aided by the acquisition of Myrissi. Their A.I. expertise would help Givaudan propose new organoleptic approaches to consumers.
In October 2020, dτTERRA announced several new essential oil products and diffusers and three new wellness programs to help people focus on their specific health goals.
Influencing Trend:Increasing awareness of the benefits of aromatherapy
Market Growth Drivers:Increasing demand for natural and organic products
Challenges:High Cost of Agarwood essential oil
Restraints:Limited Availability of agarwood trees & is found in only a few regions of the world
Opportunities:Rising demand for luxury and premium products
Key Target AudienceAgarwood Essential Oil Manufacturers Suppliers and Distributors, Venture Capitalists and Private Equity Firms, New Entrants/Investors, Strategic Business Planners, Government Regulatory and Research Organizations