Adoption of Agarwood Chips Market to Increase During the Forecast Period on backPosted by VISHAL PAHURKAR on April 5th, 2021 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.
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. Get Free Sample Copy Of This Report To Understand The Structure Of The Complete Report @ https://www.persistencemarketresearch.com/samples/29233 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. For comprehensive insights on keyword adoption, ask an analyst here@https://www.persistencemarketresearch.com/ask-an-expert/29233 Like it? Share it! More by this author |