Global Agarwoods Market Insights, Forecast to 2028

Agarwood, aloeswood or gharuwood is a fragrant dark resinous wood used in incense, perfume, and small carvings. It is formed in the heartwood of aquilaria trees when they become infected with a type of mould (Phialophora parasitica). Prior to infection, the heartwood is odourless, relatively light and pale coloured; however, as the infection progresses, the tree produces a dark aromatic resin, called aloes or agar (not to be confused with the edible, algae-derived agar) as well as gaharu, jinko, oud, or oodh (not to be confused with bukhoor), in response to the attack, which results in a very dense, dark, resin-embedded heartwood. The resin-embedded wood is valued in Arabic-middle eastern culture for its distinctive fragrance, and thus is used for incense and perfumes. The aromatic qualities of agarwood are influenced by the species, geographic location, its branch, trunk and root origin, length of time since infection, and methods of harvesting and processing.
Market Analysis and Insights: Global Agarwoods Market
Due to the COVID-19 pandemic, the global Agarwoods market size is estimated to be worth US$ million in 2022 and is forecast to a readjusted size of US$ million by 2028 with a CAGR of % during the review period. Fully considering the economic change by this health crisis, Natural accounting for % of the Agarwoods global market in 2021, is projected to value US$ million by 2028, growing at a revised % CAGR in the post-COVID-19 period. While Incense segment is altered to an % CAGR throughout this forecast period.
China Agarwoods market size is valued at US$ million in 2021, while the US and Europe Agarwoods are US$ million and US$ million, severally. The proportion of the US is % in 2021, while China and Europe are % and % respectively, and it is predicted that China proportion will reach % in 2028, trailing a CAGR of % through the analysis period. Japan, South Korea, and Southeast Asia are noteworthy markets in Asia, with CAGR %, %, and % respectively for the next 6-year period. As for the Europe Agarwoods landscape, Germany is projected to reach US$ million by 2028 trailing a CAGR of % over the forecast period.
The global key manufacturers of Agarwoods include Swiss Arabian, Kim Anh Agarwood, Ponny Agarwood, Agarwood Siam Excellent, Simon70 LTD and Tram Huong Thuong Dinh, etc. In 2021, the global top five players have a share approximately % in terms of revenue.
In terms of production side, this report researches the Agarwoods capacity, production, growth rate, market share by manufacturers and by region (region level and country level), from 2017 to 2022, and forecast to 2028.
In terms of sales side, this report focuses on the sales of Agarwoods by region (region level and country level), by company, by Type and by Application. from 2017 to 2022 and forecast to 2028.
Global Agarwoods Scope and Segment
Agarwoods market is segmented by Type and by Application. Players, stakeholders, and other participants in the global Agarwoods market will be able to gain the upper hand as they use the report as a powerful resource. The segmental analysis focuses on production capacity, revenue and forecast by Type and by Application for the period 2017-2028.
Segment by Type
Natural
Artificial
Segment by Application
Incense
Perfume
Carvings
By Company
Swiss Arabian
Kim Anh Agarwood
Ponny Agarwood
Agarwood Siam Excellent
Simon70 LTD
Tram Huong Thuong Dinh
Production by Region
North America
Europe
China
Japan
Consumption by Region
North America
U.S.
Canada
Europe
Germany
France
U.K.
Italy
Russia
Asia-Pacific
China
Japan
South Korea
India
Australia
Taiwan
Indonesia
Thailand
Malaysia
Philippines
Vietnam
Latin America
Mexico
Brazil
Argentina
Middle East & Africa
Turkey
Saudi Arabia
U.A.E