Agarwood Oil Market Size Worth $430.07 Million By 2032 | CAGR: 6.2%

The global agarwood oil market size is expected to reach USD 430.07 million by 2032, according to a new study by Polaris Market Research. The report “Agarwood Oil Market Share, Size, Trends, Industry Analysis Report, By Nature (Organic and Conventional); By Application; By Distribution Channel; By Region; Segment Forecast, 2023 - 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.

The rapidly growing consumer expenditure on natural products and surging preferences for various types of authentic essential oil products among health-conscious people globally, coupled with the growing number of manufacturers incorporating agarwood oil products into their product offerings, are prominent factors fostering the market growth and demand. The rapid development of advanced extraction and distillation technologies being performed by key market companies that have improved the efficiency and quality of agarwood oil extraction is likely to impact the market positively.

For instance, in March 2023, Electimuss unveiled its new range of luxury fragrances, Gladiator Oud, with a multi-sensory experience and elegance. The newly launched perfume is a powerful and statement fragrance with depth, richness, and better transportation qualities, expanding the company’s product offering and customer base.

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The wellness and personal care sectors have shifted towards natural and organic ingredients in recent years. Hence, due to agarwood oil's therapeutic properties, the product is gaining huge traction and being adopted in various wellness products, including aromatherapy blends, massage oils, natural skincare formulations, and bath products, which in turn, pushing the growth of the market forward at a significant pace.

In addition, the growing prevalence of making consumers aware and educated about the unique properties and benefits of agarwood oil can also create opportunities for market expansion. Thereby, leading market players conduct awareness programs, participate in industry events and trade shows, and engage with consumers through digital channels, which helps them build brand reputation, gain consumer attention, and stimulate demand.

Agarwood Oil Market Report Highlights

• Organic segment is expected to grow at healthy CAGR during the anticipated period, on account of its widespread use in numerous applications including medication, personal care, and therapeutics
• Cosmetics & personal care segment accounted for largest market share in 2022, mainly due to rising consumer spending and expenditure of premium cosmetic or personal care products
• E-commerce segment is likely to hold substantial revenue share over the forecast period, mainly accelerated to increasing mobile and internet penetration and number of companies shifting to online shopping models
• The Asia Pacific region dominated the global market for agarwood oil in 2022, owing to significant growth in cosmetics industry and rising investments on research & development activities to develop new product applications
• The global key market players include The Imperial Oud Company, Albert Vielle SAS, Zhongxiang Natural Plants, Hoang Giang Agarwood, Gritman Essential Oils, ASSAM Aromas, and Tien Phuoc

Polaris Market Research has segmented the agarwood oil market report based on nature, application, distribution channel, and region:

Agarwood Oil, Nature Outlook (Revenue - USD Million, 2019 - 2032)

• Organic
• Conventional

Agarwood Oil, Application Outlook (Revenue - USD Million, 2019 - 2032)

• Cosmetics & Personal Care
• Pharmaceuticals
• Food & Beverages

Agarwood Oil, Distribution Channel Outlook (Revenue - USD Million, 2019 - 2032)

• Specialty Drug Stores
• Supermarkets & Hypermarkets
• E-Commerce
• Convenience Stores
• Others

Agarwood Oil, Regional Outlook (Revenue - USD Million, 2019 - 2032)

• North America

• U.S.
• Canada

• Europe

• Germany
• UK
• France
• Italy
• Spain
• Russia
• Netherlands

• Asia Pacific

• China
• India
• Japan
• South Korea
• Indonesia
• Malaysia

• Latin America

• Argentina
• Brazil
• Mexico

• Middle East & Africa

• UAE
• Saudi Arabia
• Israel
• South Africa

Agarwood Oil Market Report Scope