Agarwood Essential Oil, also referred to as OUD oil, is a highly rare and precious oil derived from the trees in the Aquileia family. It grows in the entire northeastern India, Bhutan, and in various parts of Southeast Asia. Agarwood is also known as aloeswood and is a fragrant dark wood that is primarily used to make perfumes and incense items. Aquilaria species of the Thymelaeaceae family is considered as one of the high-quality agarwood plants that are available in the market and holds significant contribution in revenue generation. The plantation of agarwood is performed in a number of countries and has been reintroduced across various countries like Sri Lanka and Malaysia as commercial plantation crops to particularly produce agarwood essential oil. Over the years, there have been several techniques developed to stimulate or enhance the agarwood production in trees which will positively impact the market growth and the expansion of these essential oils in the coming years. With raw materials becoming rare to find, advancing technologies are believed to augment the cultivation of agarwood.
These essential oils are used across different end-user industries like cosmetics, producing soaps, therapeutics, personal care items, etc. The proliferating demand for agarwood essential oils across different industry verticals as an ingredient is believed to fuel the growth of the market during the assessment period between 2019 and 2025. Its high medicinal value makes it highly useful for Ayurvedic practitioners which, in turn, is another key driver of the market. The
Global COVID-19 Impact on Agarwood Essential Oil Market comprises various noteworthy players like Shaanxi Guanjie Technology Co., Ltd., Ji'an Zhongxiang Natural Plants Co., Hoang Giang Agarwood Company Limited Maruti Natural Fragrances Dauper SA, Amarnath Exports, Ltd, Xi'an Natural Field Bio-Technique Co., Ltd. and others.
Global COVID-19 Impact on Agarwood Essential Oil Market segmentation is divided in terms of raw materials, application, and product type.
By raw materials, the market includes resin, flowers, wood, bark, and others.
By application, COVID-19 Impact on Agarwood Essential Oil Market divides cosmetics, perfume, and others. The perfume segment is growing at the highest rate and is expected to continue on its rise in the near future.
By product type, the market divides into compound essential oils, pure essential oils, and others.
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Geographical Segmentation of the Global COVID-19 Impact on Agarwood Essential Oil Market divides into Europe, North America, Asia Pacific, and the Rest of the World (RoW).
The regional market leader of agarwood essential oils is Asia Pacific and is followed up by Europe, North America, and RoW, in respective fashion.
In Asia Pacific, countries like Malaysia, India, and China produce agarwood much more than any other countries in the world. This makes Asia Pacific a potentially lucrative market for new and emerging companies. Developed countries in Europe and North America are using agarwood for various applications like personal care products and aromatherapy, thereby driving growth in the respective regions.
In North America, the broad range of applications of agarwood essential oils is believed to proliferate the market demand. Countries like Germany hold a significant share in agarwood imports, which, in turn, favor the Europe market expansion. The Rest of the World regional market is expected to experience sluggish growth during the review period due to the product’s lack of application therein.
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