Persistence Market Research has published a report on the agarwood essential oil market, which includes the global industry analysis 2014-2018 and opportunity assessment 2019-2029, and projects that the global agarwood essential oil market is expected to reach ~ US$ 100 Mn by the end of 2019 in terms of value, and is forecasted to reach ~ US$ 240 Mn by the end of 2029.
According to the report, increasing application of agarwood essential oil in aromatherapy is contributing to the growth of the agarwood essential oil market through 2029. Increasing consumer experimentation regarding unconventional health problem aiding therapies is supporting the growth of the essential oils such as agarwood essential oil market and aromatherapy market. The demand for agarwood essential oil is increasing continuously in the aromatherapy sector owing to healing and soothing properties of agarwood essential oil. Moreover, various skin properties of agarwood essential oil, such as anti-inflammatory and others are making it helpful in the aromatherapies.
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Growing Popularity of Agarwood Essential Oil Creating Multiple Opportunities for Market Players
Agarwood essential oil is witnessing exponential demand from mature markets owing to the growing health awareness and benefits of natural organic essential oils on the hair and skin. According to the PMR report, consumers are getting aware of the ill effects of chemical-based, artificial or processed oil, hence they are inclined towards organic essential oils. With increasing consumer disposable income in emerging nations, people are now able to afford premium or cost-sensitive products such as agarwood essential oil. These factors are significantly impacting the market growth. Mature markets are demanding organic products and hence, the manufacturers are focusing on organic essential oils reveals the PMR research study.
Key Market Participants Focusing on Business Expansion
The demand for agarwood essential oil continues to rise as it is becoming popular among consumers. People are spending on agarwood essential oil as it is not just an aromatic, sweet oil used for perfumery purposes, but has many other amazing super healing powers such as offering both physical and emotional relief for problems including insomnia, migraine, burns, skin problems, insect bites, infections, nervous tension, and stress. As a result of these properties, the demand for agarwood essential oil is witnessing an increase in the market. By seeing the increasing demand and high margin on agarwood essential oil, the number of new entrants in this market is increasing continually. Also, the market players started focusing on production capacity expansion by seeing the growing demand for agarwood essential oil.
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For instance, in 2018, ASSAM AROMAS executed agarwood plantation in Bhutan in order to enhance its presence and business of agarwood in the region. Also, in 2015, the Asia Plantation Capital Pte Ltd. acquired 260 acres of land in Malaysia for planting of two agarwood plantations, and also opened a new agarwood processing factory and research centre, in Johor, Malaysia.
PMR’s business intelligence also underlines groundbreaking insights into the competitive scenario of the global agarwood essential oil market along with the highlights of the differential strategies implemented by the manufacturers. Key players in the global agarwood essential oil market continues to invest in growth strategies, which are likely to help them retain or increase their market share in the global agarwood essential oil market. According to the report, manufacturers are also focusing on expansion of production capacity, which will help them increase their regional presence across the globe.
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