Market Research Future (Food and Beverages) Agarwood Essential Oil Market Research Report | Page 3

Agarwood Essential Oil Market Research Report - Forecast to 2022
2 Market Overview
Agarwood which is also called as aloeswood is the fragrant dark wood which is mainly used to make perfume and
incense. Aquilaria species are considered to be high quality agarwood plants available in the market. Agar resin
entrenched wood is important part of many culture for its distinctive fragrances and that’s why it is used for incense
and perfumes. Agarwood plantations have been established in a number of countries, and reintroduced into countries
such as Malaysia and Sri Lanka as commercial plantation crops especially to produce agarwood essential oil.
Numerous techniques have been developed to improve stimulation of agarwood production in the trees from last few
years. High quality agarwood is one of the most expensive raw material in the world which makes the agarwood
essential oil one of the expensive essential oil available in the market.
Regional Analysis:
By region, the agarwood essential oil has been segmented into North America, Europe, Asia Pacific, and the Rest
of the World (ROW). Asia Pacific accounts for the largest share of the market size and revenue, and the trend is
likely to continue over the assessment period. The region is the highest producer of agarwood owing to the presence
of countries such as China, India, and Malaysia which will drive the agarwood essential market oil across the review
period.
The widening range of application of agarwood essential oil will proliferate North America market by generating
demand. The presence of countries such as Germany which accounts for a significant share in agarwood imports
will favor Europe market expansion. Developed countries in North America and Europe are importing agarwood
essential oil for use across different industry verticals which will encourage market growth in the regions. The Rest
of the World market will exhibit a sluggish growth during the projection period.
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