The best comparable international dataset is CITES trade data, rather than actual farm production statistics. The ITTO–CITES review notes that governments generally do not publish reliable production figures, and CITES data contain unit/reporting limitations. For 2000–2020, reported Aquilaria exports totaled about 19.68 million kg, versus only about 492,778 kg for Gyrinops.
Global agarwood production landscape
The best comparable international dataset is CITES trade data, rather than actual farm production statistics. The ITTO–CITES review notes that governments generally do not publish reliable production figures, and CITES data contain unit/reporting limitations. For 2000–2020, reported Aquilaria exports totaled about 19.68 million kg, versus only about 492,778 kg for Gyrinops.
Country-by-country assessment
| Country | Volume position | Main production profile | Typical quality positioning | Strategic assessment |
|---|---|---|---|---|
| 🇮🇩 Indonesia | Very High | A. malaccensis, A. filaria, A. microcarpa + Gyrinops | High / diverse | Volume leader |
| 🇲🇾 Malaysia | Very High | A. malaccensis and other Aquilaria | Very High | Premium wild + plantation potential |
| 🇹🇭 Thailand | High | Particularly A. crassna plantations | High | Plantation-production leader |
| 🇻🇳 Vietnam | High | A. crassna and related species | Very High / luxury | Major premium-oud benchmark |
| 🇮🇳 India | Medium–High | A. malaccensis, especially Assam/Northeast | Very High | Exceptional traditional reputation |
| 🇰🇭 Cambodia | Medium | A. crassna / plantation agarwood | Very High | Premium Cambodian oud |
| 🇱🇦 Laos | Medium–Low | A. crassna and related species | Very High | High-end raw material |
| 🇧🇩 Bangladesh | Medium–Low | A. malaccensis | High | Traditional premium source |
| 🇨🇳 China | High domestic production | A. sinensis | High / specialized | Large domestic market |
| 🇵🇭 Philippines | Low today | Several native Aquilaria species | Potentially High | Emerging opportunity |
The ITTO–CITES review identifies Indonesia, Malaysia and Thailand as the three principal exporters of Aquilaria, while large plantations have developed in India, Thailand, Vietnam, Malaysia, Indonesia and China. It estimated that plantation trees may have exceeded 60 million trees by 2022.
1. Indonesia — volume powerhouse
Indonesia is arguably the most important country when the metric is physical supply.
Its importance comes from its enormous geographic range, multiple Aquilaria species and Gyrinops resources. CITES data show Indonesia as one of the three dominant exporters, and it also dominates Gyrinops exports.
However, there is an important distinction:
Indonesia = enormous resource base + enormous diversity ≠ uniformly premium quality.
Indonesian material can range from ordinary plantation/low-resin material to highly resinous wild-origin material commanding premium prices.
Indonesia therefore makes the most sense for:
- high-volume chips
- plantation feedstock
- oil production
- diversified species sourcing
- large-scale downstream processing
2. Malaysia — premium natural reputation
Malaysia is one of the traditional major exporters and has historically supplied substantial wild-origin material.
The ITTO–CITES study says more than 98% of Malaysian and Indonesian exports were wild stock in the historical dataset examined, although this situation has been changing as plantations expand.
Malaysia is particularly interesting because of the combination of:
species diversity + traditional wild material + developing plantations + established grading/trading culture.
Malaysia has a sophisticated market grading tradition, although there is still no universal international grading system. (CITES)
3. Thailand — plantation-scale producer
Thailand is strategically different.
It has become one of the major commercial plantation sources, particularly for Aquilaria crassna.
The rise in Thai exports after 2011–2013 corresponds with the maturation of its relatively young plantations.
This makes Thailand particularly important as a benchmark for:
commercial plantation → induction → harvesting → processing → export.
In other words:
Thailand is one of the strongest examples of agarwood transitioning from wild-resource dependence to plantation production.
4. Vietnam — premium oud benchmark
Vietnam is one of the most important countries for the high-value end of the agarwood market.
Its reputation is strongly associated with highly resinous material and exceptional fragrance profiles, including the traditional high-end kyara/kynam-type market.
Scientific studies demonstrate substantial differences in chemical profiles among agarwood origins. For example, Vietnamese samples have shown distinctive distributions of sesquiterpenes and chromone-related compounds. (PubMed Central (PMC))
Importantly, quality is not simply “Vietnamese = better.” Chemical composition varies according to species, geography, age, induction/infection process, resin development and processing.
Vietnam is therefore best viewed as:
premium-quality benchmark + sophisticated plantation sector + strong oud identity.
5. India — traditional high-value origin
India, particularly Assam and Northeast India, has one of the strongest historical reputations in the agarwood trade.
Older trade research found that Middle Eastern buyers regarded India—especially Assam—as among the most desirable origins. (IUCN Portals)
Indian material is particularly important for:
- traditional attar
- high-end oud
- perfumery
- resin-rich chips
- culturally established agarwood products
India is therefore a particularly important quality/reputation benchmark, even though its export volume is not comparable with Indonesia.
6. Cambodia — premium A. crassna
Cambodia is another important premium origin, particularly for Aquilaria crassna.
Historically, Cambodian wild agarwood commanded substantial market value, while Cambodia has also developed large-scale plantations.
Interestingly, CITES records show that Cambodia exported more than 315,000 kg of wild agarwood during 1993–1998, with another major reported shipment in 2016.
Cambodian material is commonly associated with:
rich, resinous, incense-oriented oud profiles.
7. Laos — relatively small volume, potentially premium
Laos is much smaller in absolute export volume than Indonesia or Malaysia, but Laotian agarwood has a strong premium reputation.
A. crassna is particularly important.
Oil chemistry studies have reported agarospirol levels in Laotian A. crassna oils ranging approximately 5–20%, although chemistry varies considerably between samples and should not be used as a simple universal quality score. (BioAromatik)
This is a classic example of:
Low-to-medium volume + high-value niche product.
The most important distinction: wild vs. plantation
This is probably the most important factor for your investment model.
The ITTO–CITES review found that plantation-origin exports surpassed wild-origin exports in 2017 and again in 2019 and 2020. At the same time, the report notes that plantation material was generally perceived as inferior and less valuable than the best wild agarwood.
But that should not be interpreted as “plantation agarwood is inherently low quality.”
A better formulation is:
Wild
→ potentially exceptional resin chemistry
→ very old trees
→ complex natural infection history
→ scarce
→ extremely high premium
Plantation
→ controlled genetics
→ controlled age
→ controlled induction
→ predictable supply
→ traceability
→ scalable
→ potentially high quality with improved induction/processing
This is exactly where technological differentiation becomes important.
A better way to measure “quality”
For an investment-grade agarwood business, I would not rank countries solely by reputation.
Instead, create an Agarwood Quality Index™ based on:
1. Resin density
Higher resin loading generally produces heavier, darker and more valuable material.
Recent research has found that density/sinkability correlates with chemical differences associated with superior agarwood, although appearance alone is not sufficient for grading. (Royal Society of Chemistry Publications)
2. Resin chemistry
Especially:
- 2-(2-phenylethyl)chromones
- chromone derivatives
- agarospirol
- sesquiterpenes
- other volatile/nonvolatile constituents
3. Aroma profile
For luxury oud, evaluate:
- diffusion
- sweetness
- depth
- animalic character
- woody character
- incense character
- persistence
- complexity
- dry-down
4. Oil yield
This is critical commercially.
Wild high-grade material may be extremely valuable as chips, while lower-grade resinous material may be more economically suitable for distillation.
5. Oil quality
Measure:
- GC-MS fingerprint
- chromones
- agarospirol
- sesquiterpenes
- adulteration
- oxidation profile
- sensory characteristics
6. Traceability
A modern premium producer should be able to demonstrate:
species → genetics → plantation → tree → induction → harvest → batch → extraction → bottle
That is becoming increasingly important because CITES controls international trade in Aquilaria and Gyrinops. (CITES)
Strategic country matrix for a Philippine agarwood business
For your Philippine plantation + extraction + luxury oud strategy, I would position the countries like this:
| Market role | Best benchmarks |
|---|---|
| Largest resource/volume | 🇮🇩 Indonesia |
| Wild premium benchmark | 🇲🇾 Malaysia / 🇮🇩 Indonesia |
| Traditional luxury quality | 🇮🇳 India / 🇻🇳 Vietnam |
| Premium A. crassna | 🇻🇳 Vietnam / 🇰🇭 Cambodia / 🇱🇦 Laos |
| Plantation scalability | 🇹🇭 Thailand / 🇻🇳 Vietnam |
| Premium oud oil | 🇻🇳 Vietnam / 🇮🇳 India / 🇲🇾 Malaysia |
| Large-scale processing opportunity | 🇮🇩 Indonesia / 🇹🇭 Thailand |
| Emerging opportunity | 🇵🇭 Philippines |
The Philippine opportunity
The Philippines should not try to compete with Indonesia on raw volume.
A much stronger strategy would be:
Philippines = traceable plantation + superior induction + controlled resin chemistry + premium extraction + luxury oud.
That creates a different competitive proposition:
Indonesia: scale
Malaysia: heritage + premium wild supply
Thailand: plantation scale
Vietnam: premium oud reputation
India: traditional luxury
Cambodia/Laos: premium crassna
Philippines: new-generation controlled, traceable, technology-driven agarwood
The Philippines also has multiple native Aquilaria species, including A. malaccensis, A. apiculata, A. citrinicarpa, A. parvifolia and A. urdanetensis. (PubMed Central (PMC))
This makes Philippine agarwood potentially much more interesting as a branded, vertically integrated commodity than as a simple raw-chip export.