The Agarwood Chips Market is forecasted to reach nearly US$ 64 Bn by the end of 2029.
Persistence Market Research published a report on the agarwood chips market. This agarwood chips market report is for the historical period of 2014-2018 and assessment period of 2019-2029, which projects that, the agarwood chips market is expected to reach a value of more than US$ 32 Bn by the end of 2019, in terms of value. The agarwood chips market is forecasted to reach nearly US$ 64 Bn by the end of 2029.
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Increasing Demand from the Fragrance Industry in Different Countries to Drive Market Growth
The global supply of agarwood chips meets only a certain percentage of the global demand. Bulk of the supply comes from South Asian countries, as these are the only producers of agarwood chips across the globe. Agarwood chips are an important raw material used in the production of high-value perfumes and incense. Regions such as the Middle East, Europe, and North America are witnessing increasing demand for agarwood chips, as the fragrance industry is growing at an exponential rate in these regions, which requires the continues supply of agarwood chips. Fragrance products are extremely popular in the Middle East, as they possess high cultural value in daily life.
Agarwood chips are mostly used in high-value fragrances, which come under the luxury products segment. The population in the Middle East is leaning towards such luxury products, as the per capita expenditure in this region is increasing. Agarwood chips are used in the production of incense sticks as well. The demand for incense sticks is always increasing because of their high cultural value in the Middle East. Incense sticks are used as a natural air freshener, and considered a symbol of high standard of living in Middle Eastern countries.
This continuously rising demand from the fragrance industry and cultural demand from Middle Eastern countries are the main factors boosting the demand for agarwood chips across the globe.
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Putting Solutions into Practice: Plantation Technology Provider – Newly Emerging Sector in Sustainable Environment Planning
Agarwood is an endangered species, which is protected under CITES (Convention on International Trade in Endangered Species of Wild Fauna and Flora) conservation. Producers of agarwood chips need continuous production from agarwood plants. However, the limited number of plants in leading agarwood producing countries is a major threat for the industry. To tackle this shortage, many companies have started plantation campaigns for agarwood trees. In fact, some companies are focusing on forming their own forestry for the continuous supply of agarwood.
High level of environmental and agricultural knowledge is crucial to...
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