The Agarwood Essential Oil Market is being driven by Expanding retail space
The Agarwood Essential Oil Market is expected to grow at a CAGR of 6.78% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 1128.9 million. In the realm of alternative medicinal practices, aromatherapy has gained significant traction due to its therapeutic benefits derived from essential oils, such as Agarwood. This practice entails the aromatic inhalation of these plant-derived essences to alleviate various health concerns. Agarwood essential oil offers numerous advantages, including enhancing energy levels, expediting the healing process, relieving headaches, improving digestion and circulation, inducing sleep, boosting cognitive function, reducing anxiety, and easing depression. The global demand for aromatherapy solutions is escalating, consequently, industry players are introducing specialized essential oils tailored for aromatherapy applications. For instance, Plant Therapy Essentials recently launched a new line of limited-edition essential oils, branded as 'Dear Mom,' catering exclusively to aromatherapy practices.
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The market is segmented based on
According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows:
However, the market also witnesses some limitations, which are as follows:
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Market Scope |
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Report Coverage |
Details |
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Page number |
165 |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 6.78% |
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Market growth 2024-2028 |
USD 1128.9 million |
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Market structure |
fragmentation |
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YoY growth 2023-2024(%) |
6.23 |
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Key countries |
US, China, Germany, Japan, UK, Australia, India, France, Brazil, UAE, Rest of World (ROW), Saudi Arabia, France, South Korea, Mexico, Italy, and Spain |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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The Agarwood essential oil market is witnessing significant growth due to its numerous health benefits and increasing popularity in the alternative medicine and aromatherapy industries. Agarwood, also known as Oud oil, is derived from the resin of the Agar tree, which forms when the tree's heartwood becomes infected with a specific type of fungus. This precious essential oil is known for its rich, complex aroma and therapeutic properties. Agarwood oil is used as an antidepressant, aiding in the alleviation of anxiety and depression. It also promotes sleep and helps calm the nerves. Furthermore, it has anti-inflammatory properties, making it effective in reducing inflammation. Recent studies suggest that Agarwood oil may also have preventive healthcare benefits, including the potential to inhibit cancer cells. The Agarwood essential oil market includes various other essential oils such as Citrus, Bergamot, Geranium, Carnation, Jasmine, Rose, and Sandalwood. These essential oils are extracted using processes like steam distillation and water distillation. Agarwood oil, being a hydrophobic liquid, is extracted primarily from the resin or bark of the tree. Organic essential oils are also gaining popularity in the market due to their natural and healthier extraction methods. Apart from its therapeutic uses, Agarwood oil is also used in perfumes, cosmetics, and food industries for its unique aroma compounds. Its complex and rich aroma is often compared to that of Citrus, Bergamot, Jasmine, Rose, and Sandalwood essential oils. Overall, the Agarwood essential oil market is expected to grow significantly due to its diverse applications and health benefits.
The global personal care products market encompasses the production and research and development of various items within the realm of personal and beauty care. This sector includes cosmetics, perfumes, masks, sex toys, hair wigs and extensions, polarized sunglasses, and more. According to Technavio, the market size is determined by the collective revenue generated by manufacturers of these products. Key growth drivers for the global household and personal care products market include the increasing disposable income, which positively influences discretionary spending on luxury and lifestyle-related items. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
Technavio Research
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