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.
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Scarcity of Natural Supply: The Real Challenge Ahead for the Agarwood Chips Market
Agarwood is an endangered species that protected across the globe under CITES conservation due to its indiscriminate felling. The supply from agarwood forests is limited at best. Agarwood trees take around 50 to 100 years to reach full maturity. This leads to scarcity in the natural supply of agarwood, thereby affecting the production of agarwood chips. The demand for agarwood chips is increasing around the world, and supply is limited because of the scarcity of natural resources. This gap between demand and supply has getting broader over a period of time, and continues to inflate the prices of agarwood.
Key Producers of Agarwood Chips
Some of the key players involved in the agarwood chips market are Hoang Giang Agarwood Ltd, Lao Agar International Development Co. Ltd., Asia Plantation Capital Pte Ltd., Nagaland Agarwood Company, WEFIVE group, K.A.B. Industries, Agarvina Co. Ltd., Green Agro Agarwood Products Sdn. Bhd., Sadaharitha Plantations Limited, Assam Aromas, Binh Nghia Agarwood Co. Ltd., Po Luo Senko Agarwood, OudAsia, Myanma Treasure Co-op., Ltd., and Homegrown Concept Sdn Bhd.
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