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Agarwood, hailed as the ‘Wood of the Gods’, is a dark resinous wood that has been traded and grown for centuries. Believed to have originated in Assam, India, it’s also cultivated in Japan, Taiwan, and China. Agarwood goes by the scientific name “Aquilaria” and is used in perfume, incense, and small carvings.

Agarwood trees, which can grow up to 40 meters tall, are renowned for their wood and oil. In this blog post, we discuss the characteristics of agarwood trees and shed light on the potential health benefits of using agarwood oil. Also, we cover the agarwood oil market insights and its growth drivers.

Characteristics of Agarwood Explained

Agarwood is a highly protected species of tree that’s well-renowned in the incense-making sector. Having its origins in the Indian state of Assam, agarwood is also grown in Indonesia, Thailand, and Papua New Guinea. The wood of the tree is also popular among Chinese people as a sedative.

Agarwood oil, which is obtained from the agarwood tree, is renowned for its anti-inflammatory properties. The agarwood tree needs yellow and sandy soil and grows well in hilly areas. There are over 21 species of agarwood trees known to us.

Market Dynamics

The market for agarwood oil is anticipated to grow at a steady rate. The agarwood oil market size was USD 237.13 million in 2022 and is anticipated to reach USD 430.07 million by 2032, exhibiting a CAGR of 6.2% over the forecast period.

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The market is being driven by several factors, including:

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Potential Benefits of Using Agarwood Oil

The usage of agarwood oil is associated with several potential health benefits. Below, we’ve listed some of them:

Anti-fungal properties: Agarwood oil is helpful in fighting fungal infections such as jock itch. Also, it’s effective against other fungi types like ringworm and albicans.

Antibacterial properties: Agarwood oil is also known for its antibacterial properties. It can help fight against the body’s bacteria and fungi. Also, it’s effective against viruses such as the common cold and flu.

Anti-inflammatory properties: Agarwood oil is also helpful in reducing inflammation in the body.

Organic Segment is Anticipated to Witness the Highest Growth

By nature agarwood oil market segmentation, the organic segment is projected to witness the highest growth. The segment’s growth can primarily be attributed to its significant use in various applications such as therapeutics, medication, and cosmetics. Also, the higher quality and purity of organic agarwood oils means they’re also used in aromatherapy and traditional medicine.

Asia Pacific Dominated the Market in 2022

The Asia Pacific region accounted for a considerable share of the agarwood oil market. This is largely because of the presence of several major producers of agarwood oil countries in the region, including Sri Lanka, Indonesia, and India. Besides, the implementation of various favorable initiatives by local governments to promote the cultivation of agarwood is also having a favorable impact on the region’s growth.

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Accelerating Healing

Agarwood oil is known for its anti-inflammatory, anti-rheumatic, and analgesic properties. Several agarwood oil market key players exploring the potential applications of agarwood oil beyond traditional uses are impacting the market demand favorably.