Unconfirmed estimates suggest that the value of the agarwood market is between USD 6 and 12 billion. Trade volumes in agarwood have been difficult to quantify historically, as a large proportion of trade is still thought to be undocumented, and in some cases, contrary to international law.
Source: Sustainable Asset Management
Release Date: 01/05/2015
Download Original: Agarwood Market Trade Update – 2015
Agarwood Market Trade Update
This report intends to quantify the size of the known volume of trade for agarwood and related by-products, by analysing recorded levels of world trade. Further, the report intends to estimate supply levels needed to sustain current and future requirements, underlining the necessity for a growing presence of sustainable plantations in supplying the market.
For the purpose of this report, the two primary sources of data come from the Convention on International Trade in Endangered Species (CITES), a United Nations-backed protectorate body, and TradeMap, a subsidiary organisation of the World Trade Organisation (WTO).
Oud Oil Trade
The latest records indicate that recorded global trade in Oud Oil in 2012 was 4,870 litres. This was calculated by analysing import/ export data and removing known export hubs in order to avoid double counting. To assess the trade in oud oil, this report relies on CITES data alone to determine the scale of trade, as TradeMap groups all essential oils together, making it difficult to separate oud oil from the trade in other essential oils. Furthermore, as oil is often traded in small volumes, it can be transported across borders with ease, which means that it may not carry the required CITES certificates and, therefore, is not included in official recorded data.