Agarwood
oil, often referred to as oud oil and eagleswood oil, is a resinous,
fragrant and highly valuable heartwood. Agarwood oil is more
popularly called as Aloeswood oil. The essential oil is derived from
the heartwood of the agarwood tree when they become infected with a
type of mould. Post infection, the tree produces a dark aromatic
resin, called aloes or agar. There are a number of popular species
but typically aquilaria malaccensis, aquilaria agallocha or aquilaria
crassna are used to make the oil. Agarwood oil is native to India as
well as several areas of South East Asia including Vietnam, the
Philippines and Indonesia. On the backdrop of huge cost and extreme
rarity in the wild, the trees from which agarwood oil is obtained are
now cultivated and the resin is actually created by artificial
infection and its essential oil extracted by water distillation.
There are many grades of Agarwood oil. The quality of grade is
dependent on the grade of wood used and the length of distillation.
Typically, the longer the distillation time the higher the grade.
Owing to its manifold properties, the agarwood oil market is
anticipated to expand at a healthy CAGR.
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Segmentation:-
Agarwood
oil market is segmented on the basis of application which includes
cosmetics & personal care, incense, therapeutics, and others.
Amongst these applications, therapeutics and cosmetics applications
are anticipated to rise at a significant CAGR owing to the
capabilities of agarwood oil for instance to alleviate many painful
conditions including rheumatism and other forms of arthritis, promote
more frequent urination as well as increasing the quantity of urine
produced, treat a number of digestive issues, repair damaged skin
cells and fight the damage caused by the free radicals, to counter
epilepsy, liver complains such as cirrhosis and hepatitis, fever and
chills. Furthermore the agarwood oil can also be used for dealing
with delivery pain during and after birth, nausea and vomiting.
Agarwood
oil market is segmented on the basis of the end use which includes
retail and industrial. The retail segment is further sub-segmented as
distribution channel which includes online stores,
hypermarkets/supermarkets, specialized drug stores, and convenience
stores.
Global
market drivers and restraints:-
The
agarwood oil is gaining widespread popularity on the backdrop of its
manifold advantages offered by it. Some of the properties of myrtle
essential oil which are primarily driving the myrtle essential oil
market are its characteristics such as anti-rheumatic, anti-stress,
antimicrobial, carminative, anti-asthmatic, antioxidant, analgesic,
digestive, aphrodisiac, and the like. The Ayurvedic practitioners
have long used agarwood oil for its ability to provide spiritual and
emotional benefits. The anti-rheumatic, anti-inflammatory and
analgesic properties of agarwood oil make it a useful natural and
safe treatment for those looking for effective pain relief. Agarwood
oil has gained a widespread acknowledgement on the backdrop of its
aphrodisiac properties associated to its ability to deal with sexual
problems. Agarwood essential oil has been investigated for its
anticancer properties. Agarwood oil can influence the hormones that
stimulate menstruation and regulate irregular periods. Despite
reflecting multiple health benefits, the agarwood oil market is also
witnessing a few restraints such as its rarity and huge cost owing to
the depleting resources.
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Regional
Outlook:-
The
South Asian countries such as India, Indonesia, Singapore, Malaysia,
Sri Lanka and others lead as the top exporters as well as
manufacturers of the agarwood oil market followed by North America
and Europe. Most imports have been witnessed by the countries like
U.S, Germany, U.K, China, Saudi Arabia, France, and others. Asia will
remain as a potential market attributing to the growing economies of
India and China. Furthermore, great potential in the agarwood oil
market can be attributed to its diverse uses.
Major
Key players:-
Some
of the major key who are driving the agarwood oil market globally are
Agar Aura, BMV Fragrances Private Limited, Oudh Oil, Nusaroma, THE
MJI GROUP, Herbpathy and the like.
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