Agarwoods Market Report 2025 (Global Edition)

Global Agarwoods Market Report 2025 Market Size Split by Nature (Organic, Conventional), by Application (Perfumes, Cosmetics and Personal Care, Aromatherapy, Pharmaceuticals, Others), by Distribution ...

Agarwoods Market Report Description

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Agarwoods Market Insights Video

Competitive Landscape of the Agarwood Market

The agarwood market features a mix of established players and emerging producers, with key companies focusing on sustainable sourcing and innovation. Major producers, primarily from Southeast Asia, dominate the supply chain, while niche players emphasize organic and ethically harvested products. Competitive strategies include enhancing production techniques, expanding product lines, and forging partnerships for sustainable practices. As consumer preferences alters towards environmentally friendly options, companies are increasingly investing in certifications and transparency to differentiate themselves in this lucrative market.

In October 2020, dôTERRA introduced several new essential oil products and diffusers and three new wellness programs to assist people emphasize on their specific health goals. (Source: https://news.doterra.com/2023-09-14-Nine-New-Products-Announced-at-doTERRA-Global-Convention) In February 2021, Givaudan acquired Myrissi. Givaudan's long-term Fragrance & Beauty strategy would be assisted by the acquisition of Myrissi. Their A.I. expertise would help Givaudan propose new organoleptic approaches to consumers. (Source: https://www.givaudan.com/media/media-releases/2021/givaudan-acquire-myrissi)

Top Companies Market Share in Agarwoods Industry: (In no particular order of Rank)

• Hoang Giang Agarwood Ltd
• Lao Agar International Development
• Asia Plantation Capital Pte Ltd.
• K.A.B. Industries
• Arista Agarvina Co. Ltd.
• Green Agro Sadaharitha Plantations Limited
• ASSAM AROMAS
• BINH NGHIA AGARWOOD CO. Ltd.
• Myanmar Treasure Co op. Ltd.
• Sai Export India
• THE MJI GROUP
• NHANG THIEN JOINT STOCK COMPANY
• Homegrown Concept Sdn Bhd.
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*List of Second Tier Companies, List of Third Tier/ Start-up Companies (Inquire with sales executive) Request Any Company Profile for Preview Purpose OR Data Validation!

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Regional Analysis of the Agarwood Market

Which Region Dominates the Agarwood Market in 2024?

According to Cognitive Market Research, North America currently dominates the Agarwood market, and the region is expected to have significant growth during the projected period through high demand for luxury products, particularly in perfumes and wellness sectors. The region's increasing interest in natural and sustainable ingredients drives imports, while established retail channels and consumer awareness of agarwood's benefits further bolster its market presence.

Which Region is Expanding at the Fastest CAGR?

Asia-Pacific is expected to make significant gains during the projected period, with the greatest compound annual growth rate (CAGR) due to rising consumer demand for luxury fragrances, traditional medicine, and wellness products. Increasing awareness of sustainable sourcing and reforestation efforts, coupled with the region's rich cultural ties to agarwood, further drive growth in both domestic and export markets.

The current report Scope analyzes Agarwoods Market on 5 major region Split (In case you wish to acquire a specific region edition (more granular data) or any country Edition data then please write us on info@cognitivemarketresearch.com

• North America (United States, Canada, Mexico)
• Europe (United Kingdom, France, Germany, Italy, Russia, Spain, Sweden, Denmark, Netherlands, Switzerland, Belgium)
• Asia-Pacific (China, Japan, Korea, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest of APAC)
• South America (Brazil, Argentina, Colombia, Peru, Chile, Rest of South America)
• Middle East and Africa (Saudi Arabia, Turkey, Nigeria, UAE, Egypt, South Africa, GCC Countries, Rest of MEA)

The above graph is for illustrative purposes only.

North America Agarwoods

According to Cognitive Market Research, the global Agarwood market size was estimated at USD 145.2 Million, out of which North America held the major market share of more than 40% of global revenue with the market size of USD 58.08 million in 2024 and will rise at the compound annual growth rate (CAGR) of 3.2% from 2024 to 2031.

• According to Cognitive Market Research, the US had a major share in the Agarwood market with a market size of USD 45.83 million in 2024 and is foreseen to rise at a CAGR of 3.0% during the forecast years due to the rising demand for luxury perfumes, natural wellness products, and traditional medicinal applications.
• The Canadian agarwood market had a market share of USD 6.97 million in 2024 and is foreseen to rise at a CAGR of 4.0% during the forecast years due to the increasing demand for natural, luxury fragrances, and wellness products.
• The Mexico Agarwood market is foreseen to experience growth at the CAGR of 3.7% during the forecast years, with a market size of USD 5.29 million in 2024.

Europe Agarwoods

According to Cognitive Market Research, the global Agarwood market size was estimated at USD 145.2 Million, out of which Europe held the market share of more than 30% of global revenue with the market size of USD 43.56 million in 2024 and will rise at the compound annual growth rate (CAGR) of 3.5% from 2024 to 2031.

• The United Kingdom Agarwood market had a market share of USD 7.32 million in 2024 and is foreseen to rise at the CAGR of 4.3% during the forecast period. In the UK, Agarwood sales witness an upswing due to the surging consumer interest in natural and rare ingredients.
• The France Agarwood market is foreseen to experience growth at the CAGR of 2.7% during the forecast years, with a market size of USD 4.01 million in 2024.
• According to Cognitive Market Research, the German Agarwood market size was valued at USD 8.62 million in 2024 and is foreseen to rise at the CAGR of 3.7% during the forecast years. In Germany, Agarwood surged due to the increasing demand for natural, high-end fragrances and wellness products.
• The Italy Agarwood market is foreseen to witness growth at the CAGR of 2.9% during the forecast years, with a market size of USD 3.75 million in 2024.
• The Russian agarwood market is foreseen to witness growth at a CAGR of 2.5% during the forecast years, with a market size of USD 6.75 million in 2024.
• The Spain Agarwood market is projected to witness growth at a CAGR of 2.6% during the forecast years with a market size of USD 3.57 million in 2024
• The Luxembourg Agarwood market is foreseen to witness growth at the CAGR of 3.6% during the forecast years, with a market size of USD 1.35 million in 2024.
• The Portugal Agarwood market is foreseen to witness growth at the CAGR of 3.3% during the forecast years, with a market size of USD 0.91 million in 2024.
• The Greece Agarwood market is foreseen to witness growth at the CAGR of 3.8% during the forecast years, with a market size of USD 0.52 million in 2024.
• The Rest of Europe's Agarwood market is foreseen to witness growth at the CAGR of 2.2% during the forecast years, with a market size of USD 6.75 million in 2024.

Asia Pacific Agarwoods

According to Cognitive Market Research, the global Agarwood market size was estimated at USD 145.2 Million, out of which Asia Pacific held the market share of around 23% of the global revenue with a market size of USD 33.40 million in 2024 and will rise at the compound annual growth rate (CAGR) of 7.0% from 2024 to 2031.

• According to Cognitive Market Research, the China Agarwood market size was valued at USD 15.03 million in 2024 and is foreseen to rise at the CAGR of 6.5% during the forecast years. Agarwood surged in China due to the strong demand for traditional medicines, luxury perfumes, and cultural incense used in religious practices.
• The Japan Agarwood market is foreseen to witness growth at the CAGR of 5.5% during the forecast years, with a market size of USD 4.61 million in 2024.
• The India Agarwood market had a market share of USD 4.01 million in 2024 and is foreseen to rise at the CAGR of 8.8% during the forecast years due to its high demand in traditional Ayurvedic medicine, religious rituals, and the luxury perfume industry .
• The South Korean Agarwood market is foreseen to witness growth at the CAGR of 6.1% during the forecast years, with a market size of USD 3.34 million in 2024.
• The Australian Agarwood market is foreseen to witness growth at the CAGR of 6.7% during the forecast years, with a market size of USD 1.74 million in 2024.
• The South East Asia Agarwood market is foreseen to witness growth at the CAGR of 8.0% during the forecast years, with a market size of USD 2.30 million in 2024.
• The Rest of Asia Pacific Agarwood market is foreseen to witness growth at the CAGR of 6.8% during the forecast years, with a market size of USD 2.37 million in 2024.

South America Agarwoods

According to Cognitive Market Research, the global Agarwood market size was estimated at USD 145.2 Million, out of which Latin America held the market share of around 5% of the global revenue with a market size of USD 7.26 million in 2024 and will rise at the compound annual growth rate (CAGR) of 4.4% from the year 2024 to 2031.

• According to Cognitive Market Research, the Brazil Agarwood market size was valued at USD 3.11 million in 2024 and is foreseen to rise at the CAGR of 5.0% during the forecast years. Agarwood flourished in Brazil due to the increasing interest in exotic, high-value ingredients.
• Argentina's Agarwood market had a market share of USD 1.22 million in 2024 and is foreseen to rise at a CAGR of 5.3% during the forecast years due to the growing interest in natural and traditional products .
• Colombia Agarwood market is foreseen to witness growth at the CAGR of 4.2% during the forecast years, with a market size of USD 0.65 million in 2024.
• Peru Agarwood market is foreseen to witness growth at the CAGR of 4.6% during the forecast years, with a market size of USD 0.60 million in 2024.
• Chile Agarwood market is foreseen to witness growth at the CAGR of 4.7% during the forecast years, with a market size of USD 0.52 million in 2024.
• The Rest of Latin America's Agarwood market is foreseen to witness growth at the CAGR of 3.5% during the forecast years, with a market size of USD 1.17 million in 2024.

Middle East and Africa Agarwoods

According to Cognitive Market Research, the global Agarwood market size was estimated at USD 145.2 Million, out of which the Middle East and Africa held the major market share of around 2% of global revenue with the market size of USD 2.90 million in the year 2024 and will rise at a compound annual growth rate (CAGR) of 4.7% from the year 2024 to 2031..

• The GCC Countries Agarwood market is foreseen to witness growth at the CAGR of 5.5% during the forecast years, with a market size of USD 1.24 million in 2024. Agarwood sales flourish due to the high consumer demand for luxury perfumes and traditional incense.
• The Egypt Agarwood market is foreseen to witness growth at the CAGR of 5.5% during the forecast years, with a market size of USD 0.30 million in 2024.
• The South African agarwood market is foreseen to witness growth at the CAGR of 5.7% during the forecast years, with a market size of USD 0.46 million in 2024. Agarwood sales flourished in South Africa due to the increasing interest in natural fragrances, traditional medicine, and sustainable sourcing practices.
• The Turkey Agarwood market is foreseen to witness growth at the CAGR of 4.2% during the forecast years, with a market size of USD 0.25 million in 2024.
• The Nigeria Agarwood market is foreseen to witness growth at the CAGR of 3.8% during the forecast years, with a market size of USD 0.30 million in 2024.
• The Rest of the MEA Agarwood market is foreseen to witness growth at the CAGR of 3.7% during the forecast years, with a market size of USD 0.34 million in 2024.

Agarwoods Market Analysis

How are Segments Performing in the Global Agarwood Market?

Agarwood Market Nature Segment Analysis

According to Cognitive Market Research, conventional agarwood is likely to dominate the Agarwood Market over the forecast period due to its established supply chains and traditional harvesting practices. It is widely recognized for its high-quality resin, making it preferred in luxury products like perfumes and incense. Additionally, consumer familiarity with conventional sources reinforces its continued prominence in the agarwood industry.

Organic agarwood is the fastest-growing segment in the Agarwood Market due to rising consumer awareness of health and environmental issues. As more individuals seek natural, chemical-free products for aromatherapy, traditional medicine, and luxury goods, the demand for sustainably sourced, organic agarwood is surging, driving market expansion.

The above Chart is for representative purposes and does not depict actual sale statistics. Access/Request the quantitative data to understand the trends and dominating segment of Agarwoods Industry. Request a Free Sample PDF!

Agarwood Market Application Segment Analysis

According to Cognitive Market Research, the perfumes segment held the biggest share of the market due to the resin's rich, complex fragrance, highly valued in high-end and luxury scents. Its unique aroma enhances the allure of perfumes, making agarwood a sought-after ingredient among perfumers. This strong demand drives significant market growth, influencing production and pricing dynamics.

In the Agarwood Market, the aromatherapy sector has been expanding at the rapid pace due to rising consumer awareness of holistic health and wellness. The unique fragrance of agarwood is prized for its calming properties, leading to increased demand for essential oils and incense in therapeutic applications, further driving market expansion.

The above Graph is for representation purposes only. This chart does not depict actual Market share.

Agarwoods Distribution Channel Segment Analysis

Agarwood Market Distribution Channel Segment Analysis

According to Cognitive Market Research, the offline segment held the biggest market share due to traditional purchasing habits, where consumers prefer to experience the fragrance and quality firsthand. Retailers, including specialty stores and traditional markets, offer a range of products, allowing buyers to engage directly with sellers, fostering trust, and enhancing the overall shopping experience.

In the Agarwood market, the rapidly growing sector is the online category due to the increasing consumer awareness and demand for luxury products. E-commerce platforms provide wider access to agarwood products, enabling consumers to explore diverse offerings and purchase sustainably sourced items, thus expanding market reach and enhancing convenience.

• Online
• Offline

Author's Detail

Pratik Shirsath

Research Associate at Cognitive Market Research

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