Agarwood is known as the most expensive wood in the world. In 2018, worldwide sales of agarwood chips alone amounted to USD 30–32 billion and are predicted to reach USD 64 billion by 2029 (Persistence Market Research 2019; Ash 2020). This represents a huge increase from the estimated market value of USD 6–8 billion suggested by Akter et al. (2013) less than a decade ago. An estimated 75% of current sales of agarwood chips are made in the Middle East and Africa, East Asia, and Southeast Asia, with top-grade agarwood selling for as much as USD 100 000/kg (Ash 2020).
Agarwood oil is also extremely valuable. In 2021, the price of the oil reached USD 487/tola (1 tola ≈ 12 ml, giving a price per litre of about USD 40 500), up from USD 325/tola in 2005 (Oud Oil Trading 2022). Market Watch (2022) stated that the global agarwood essential oil market, used in cosmetics and therapeutics, was valued at USD 131.8 million in 2019. Interestingly, small landholders and small enterprise owners, who are at the very beginning of the value chain, only earn USD 100–600 per month.
There is growing concern that the supply of wild- origin agarwood is becoming severely reduced. The result could be even higher prices for wild-origin product in future, and speculative buying and stockpiling (Ensar Oud 2011; UNODC 2016).