The Agarwood chips market in particular, as well as changes in the non-timber forest products environment in general, call for a thorough understanding and fair analysis. In its latest services, Persistence Market Research (PMR) sheds light on a variety of subtleties and facets of this market as well as credible insights that can help market participants create value and make data-driven decisions.
Non-timber forest products have a very long history, and India was one of the first countries to export these chips for use in international markets, which are now traded in greater numbers. The global sales of these chips came very near to $30 billion in 2018. It is important to remember that the Middle East and Africa, East Asia, and South Asia continue to account for roughly 75% of these sales. One of the oldest still-practiced traditions is the exchange of these, and in Arabic-speaking nations, these chips hold great cultural significance.
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Agarwood, also known as oud or aloeswood, is the dark and fragrant resin-suffused wood created in the species of Aquilaria, Gyrinops, and Aetoxylon trees. It is the most costly wood in the world. The Aquilaria tree is typically thought to be the top source of premium agarwood.
This develops when a parasite fungus infects these plants. The tree starts to produce a very unique and fragrant resin to fight the infection, which eventually cures the tree and stops the spread of the fungus. Agarwood is the name for this resin-soaked wood.
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Agarwood Chips Market: Market Segmentation
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- Agarwood Chips Market By Nature : Organic, Conventional
- Agarwood Chips Market End Use : Retail, Industrial : Ayurveda Medicines, Incense Sticks, Personal Care & Cosmetics
- Agarwood Chips Market By Distribution Channel : Business to Business, Business to Consumer : Hypermarkets/Supermarkets, Specialty Stores, Online
- Agarwood Chips Market By Region : North America, Latin America, Europe, South Asia, East Asia, Oceania, Middle East & Africa
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Cultural Demand from the UAE Boosting Agarwood Chips Market Growth
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- Agarwood is an important part of Arabic culture in general. In Arabic countries, people use high-grade these chips and burn them to honor guests. They also have a tradition of using it’s perfumes for special occasions and while preparing for prayers.
- The high price of this is considered an indicator of its preciousness and luxury. The quality of the aroma can be viewed as an indication of status and prestige.
- Agarwood is seen as a part of the heritage and cultural identity of the UAE. Thus, the continuous cultural demand for these chips in the UAE is boosting the market for these chips in the UAE.
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