Vietnam is the world’s largest exporter of agarwood and has a long history of using agarwood in traditional medicine and religious practices. Since it is a sustainable agricultural industry that provides long-term and stable profits, many companies and organizations are interested and invested in this sector. However, it also faces many challenges. Through this article, SUHACO hopes that readers will get an overview of the export situation of this multi-billion industry.
Let’s take a look at the following information:
The total value of agarwood exports in 2019: $434.3 million
The total value of agarwood exports in 2015: $162.2 million
An increase of more than 268% in 4 years.
The largest importers of agarwood from Vietnam in 2019 were China, the Middle East, Hong Kong, Taiwan, and Japan. To anticipate the values that the agarwood market brings, the government of Vietnam has promoted development and set a target to increase the volume of agarwood exports to $1 billion by 2025.
With its long history of using wood and its position as the largest exporter of agarwood in the world, this target is quite achievable and marks new steps. In the future development of this large market.
What makes Vietnamese agarwood considered first-class?
Vietnamese agarwood has a high reputation for quality and is considered one of the best types of agarwood in the world, for the following reasons:
Rich scent:
Vietnamese agarwood has a complex and rich aroma and is much loved in perfumery and incense. It has a unique scent profile that includes sweet tones, floral elements, oud, musky grains, woods, and spices.
A high percentage of resin:
Vietnamese agarwood has a high resin content, which makes it more valuable than other types of wood. It is the resin responsible for the scent of wood and is used in the production of fine perfumes and incense.
Rarity:
Vietnamese agarwood is very rare, as supply far exceeds demand. This makes it a highly demanded commodity and may fetch very high prices.
Sustainable production:
The production of agarwood in Vietnam is sustainable, as it is obtained from the Aquilaria tree, a tree species that is not under threat. This means that agarwood production can continue without harming the environment or depleting natural resources.
Leading the future: SUHACO’s leadership in the sustainable development of agarwood
In conclusion, transforming this industry into a sustainable agricultural sector provides enormous opportunities for economic growth and environmental preservation. By adopting systematic cultivation methods, the industry can meet the demand for high-quality agarwood while protecting natural resources. Sustainable agarwood cultivation contributes to local economies, supports long-term development strategies, and preserves the rich cultural heritage associated with this precious natural ingredient. SUHACO, as a pioneer in this sustainable development trend, plays a vital role in promoting and implementing these practices, thus ensuring the industry’s high potential future.
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