The foremost use of agarwood products is in the flavor and fragrance industry. Ancient Egyptians are believed to be the first users of agarwood in death rituals more than 3,000 years ago, and the trade of perfume products, including agarwood, flourished through the trade routes of antiquity. Presently, agarwood oil is used in perfumes and cosmetic products and medicines throughout the world. Pharmacognosical studies on agarwood have shown anti-cancer, analgesic, anti-inflammatory, and anti-depressant properties (Gunasekera et al., 1981; Okugawa et al., 1993; Zhou et al., 2008)

Oud stands out as one of the most expensive raw materials used in modern perfumery, with top grade Oud Oil fetching prices exceeding $50,000 per kilogram.

The current global market for agarwood is estimated to be worth over $12 billion and is experiencing significant growth.

The main reason why it is so expensive is its scarcity. The Aquilaria tree species, from which agarwood is derived, has been classified as critically endangered by the International Union for Conservation of Nature and CITES, with its population plummeting by more than 80% over the past 150 years. Moreover, estimates indicate that only 7% of these trees naturally produce agarwood, further accentuating its scarcity.