Increasing Demand for Agarwood Products to Fuel the Market Growth
Rockville , Jan. 10, 2024 (GLOBE NEWSWIRE) — The agarwood chip market is expected to rise at a 7.6% CAGR between 2024 and 2034, according to Fact.MR. By 2034, the global market for these products is expected to reach US$ 16,562.1 million. According to Fact MR, a provider of market research and competitive intelligence, the global agarwood chip market is rapidly growing and is expected to continue its growth trajectory in the coming years.
The global trend towards natural and organic products extends to the fragrance and incense industry. Agarwood, being a natural ingredient, stands to benefit from this consumer preference. Collaborations between agarwood producers, manufacturers, and retailers can lead to synergies in the supply chain, increased market presence, and the development of innovative products.
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Agarwood plantations and processing facilities offering tours and cultural experiences can attract tourists, providing an additional source of revenue and promoting the industry. Continued investments in research and development can lead to the discovery of new applications for agarwood chips, expanding their market beyond traditional uses.
Consumer demand for personalized and unique fragrances can drive the customization of agarwood-based products, offering niche and bespoke options in the market. The use of blockchain technology to ensure transparency in the agarwood supply chain can build trust among consumers and address concerns related to illegal logging and unsustainable practices.
The incorporation of agarwood extracts into cosmetic and skincare products, owing to its aromatic and potential therapeutic properties, presents an avenue for market expansion. Initiatives aimed at raising awareness about the conservation of agarwood-producing trees can contribute to sustainable practices and positively influence the market.
Changes in international trade agreements and policies can influence the export and import of agarwood products, creating new market dynamics and opportunities. The aging global population may contribute to increased interest in wellness and aromatherapy products, where agarwood chips can find applications for their perceived calming and therapeutic effects.
Increased cultural exchange and globalization may lead to a broader appreciation of traditional scents and practices, potentially boosting the demand for agarwood chips in non-traditional markets. Governments supporting and incentivizing agarwood cultivation through policies and financial aid can boost production and create a favorable environment for market growth.
| Report Attribute | Details |
| Value Projection (2034) | US$ 16,562.1 million |
| Growth Rate (2024-2034) | 7.6% CAGR |
| No. of pages | 170 Pages |
| No. of Tables | 48 Tables |
| No. of Figures | 144 Figures |
Key Takeaways from the Market Study
- In 2024, the global agarwood chip market is estimated to have a global market size of US$ 7,046.1 million.
- The conventional segment is expected to dominate the market, with a market share of 74.2% in 2024.
- The incense sticks category is expected to hold a market share of 42.7% in 2034.
- Japan is predicted to acquire an 18.2% of the global market share in 2024.
- East Asia is expected to account for a CAGR of 7.8% by 2034.
“The growing popularity of home fragrance products, including agarwood-infused candles, diffusers, and air fresheners, can contribute to increased market demand,” says a Fact.MR analyst.
Key Companies Profiled:
- Grandawood Agarwood Australia
- Binh Nghia Agarwood Co., Ltd
- Hoang Giang Agarwood Ltd.
- Aalam Ul Oud
- KAB Industries
- Duy Hai AGARWOOD.
- Thien Phu agarwood Co.,Ltd
- Asia Plantation Capital Pte Ltd.
- Ori Oud Asia
- ASSAM AROMAS
- Sadaharitha Plantations Limited
Competitive Landscape
The agarwood chip market is shaped by pricing, distribution channels, customer service, and regulatory compliance to gain a competitive edge. Adapting to market dynamics and staying abreast of technological advancements are essential for sustained success in this dynamic industry.
Company Portfolio
- Ori Oud Asia is a company specializing in agarwood and oud-related products, potentially including agarwood chips. The company includes variations based on agarwood origin, quality, and unique characteristics.
- Assam Aromas: The company is associated with agarwood products, especially considering its connection to Assam, a region known for agarwood cultivation. The company specializes in agarwood chips sourced from Indian agarwood varieties, such as Assam agarwood.
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Country-wise Insights
What is the Scenario of the Market in the United States?
“Increasing Fascination with Aromatherapy Set to Boost Expansion”
By 2034, estimates suggest that the United States will dominate 69.6% of the North American market. The growing interest in aromatherapy and holistic wellness within the country plays a significant role in boosting the agarwood chip market share, a sought-after element in aromatherapy products.
Recognized for its opulent and rare scent, agarwood holds a luxurious appeal. The American market, known for its penchant for exclusive and specialized goods, is likely to witness heightened interest in agarwood chips for premium fragrances and ceremonial incense.
The diverse cultural landscape in the United States, coupled with the widespread embrace of various spiritual traditions, is expected to fuel the demand for agarwood chips utilized in religious ceremonies and cultural practices.
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global agarwood chip market, presenting historical analysis from 2019 to 2023 and forecast statistics for the period of 2024 to 2034.
The study reveals essential insights based on agarwood chip market analysis by nature (organic, conventional), by end use (incense sticks, fragrances, retail/household), and by region (North America, Latin America, Europe, East Asia, South Asia and Oceania, and Middle East & Africa).
Explore More Related Studies Published by Fact.MR Research:
Fragrances Market: Global demand for fragrances is expected to reach a value of US$ 62.6 Bn in 2021. As per Fact.MR, overall market value is expected to reach US$ 99.2 Bn by 2031, rising at a CAGR of 4.7% for 2021-2031.
Agarwood Essential Oil Market: The global agarwood essential oil market is calculated at a value of US$ 140.9 million for 2024 and is forecasted to climb to US$ 224.6 million by the end of 2034. Global demand for agarwood essential oil is predicted to rise at a steady 4.7% CAGR from 2024 to 2034.
Agarwood Oil Market: Global demand for agarwood oil is predicted to rise at a CAGR of 6% from 2023 to 2033. Currently, the global agarwood oil market is valued at US$ 250 million and is this expected to hit a valuation of US$ 450 million by the end of 2033.
About Fact.MR:
Fact.MR is a distinguished market research company renowned for its comprehensive market reports and invaluable business insights. As a prominent player in business intelligence, we deliver deep analysis, uncovering market trends, growth paths, and competitive landscapes. Renowned for its commitment to accuracy and reliability, we empower businesses with crucial data and strategic recommendations, facilitating informed decision-making and enhancing market positioning. With its unwavering dedication to providing reliable market intelligence, FACT.MR continues to assist companies in navigating dynamic market challenges with confidence and achieving long-term success. With a global presence and a team of experienced analysts, FACT.MR ensures its clients receive actionable insights to capitalize on emerging opportunities and stay ahead in the competitive landscape.
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