Rockville, March 01, 2023 (GLOBE NEWSWIRE) -- The global sandalwood oil market stands at US$ 115 million in 2023 and is forecasted to reach a market valuation of US$ 188 million by the end of 2033, expanding at a CAGR of 5% from 2023 to 2033.
Sandalwood trees' wood is used to make sandalwood oil. It is a transparent liquid with a pleasing, delicate, and sweet aroma. The fragrant stem of sandalwood trees is used to make it. Because of its reputation for promoting serenity, sandalwood oil is widely used in soaps, perfumes, lotions, and other products.
As sandalwood oil contains astringent and antibacterial qualities, it is also used to treat stomach-aches, urinary issues, and headaches. It is also commonly used in aromatherapy to promote psychological wellness. The therapeutic use of sandalwood oil in the treatment of physical and mental illnesses is well known.
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The global sandalwood oil market is driven by several factors, including:
- Sandalwood oil is widely used in the cosmetics and personal care industry due to its anti-inflammatory, antiseptic, and astringent properties. It is used in products like perfumes, soaps, and skincare products, which is driving the demand for sandalwood oil.
- Sandalwood oil is widely used in aromatherapy due to its calming and relaxing properties. The growing popularity of alternative therapies like aromatherapy is driving the demand for sandalwood oil.
- Sandalwood oil has a distinct and pleasant fragrance, which is highly valued in the fragrance industry. The growing demand for natural fragrances is driving the demand for sandalwood oil.
- Sandalwood oil is known for its health benefits like reducing anxiety and promoting sleep. With the increasing awareness about the health benefits of natural products, the demand for sandalwood oil is also increasing.
- Sandalwood trees take a long time to mature, and the supply of sandalwood oil is limited. This scarcity of supply is driving up the prices of sandalwood oil, making it a high-value commodity.
- Emerging markets like China and India use sandalwood oil in traditional medicine and cultural practices. The growing middle class in these countries is driving the demand for sandalwood oil.
Key Trends:
- The demand for organic and natural products is on the rise, driven by increasing awareness of the health and environmental benefits of such products. This trend is driving the demand for natural ingredients like sandalwood oil.
- The popularity of niche and artisanal fragrances is growing, with consumers seeking unique and high-quality fragrances. This trend is driving the demand for high-quality and natural fragrance ingredients like sandalwood oil.
- Consumers are increasingly aware of the environmental impact of production practices and are demanding sustainable and responsible production. This trend is driving the adoption of sustainable harvesting and production practices in the sandalwood oil industry.
- The demand for sandalwood oil is growing in the Asia-Pacific region, driven by the region's large population and the traditional use of sandalwood oil in various cultural practices. This trend is creating opportunities for sandalwood oil producers and distributors in the region.
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Restraints for the market:
- Sandalwood trees are slow-growing and take several years to mature. This limited supply of sandalwood oil can lead to higher prices and may limit the growth of the market. Additionally, the sustainability of sandalwood production is a concern, as unsustainable harvesting practices can lead to environmental degradation and loss of biodiversity.
- Sandalwood oil is a high-value commodity, and the production process can be expensive. This high cost can limit market growth, especially in price-sensitive regions.
- The availability of synthetic alternatives to sandalwood oil can limit the demand for the natural product. These synthetic alternatives can be cheaper and more readily available, making them more attractive to some consumers.
- The sandalwood oil market is subject to various regulations and standards, which can create challenges for producers and distributors. Compliance with these regulations can be costly and time-consuming, which can limit the market growth.
Competitive Landscape:
Key players in the market are making significant investments for the expansion of the footprints of their different geographies. Key companies are also offering effective management of local supply while spending a good amount to strengthen their global supply chain management systems.
Providers of sandalwood oil aim to deliver quality products to respective end users. During the manufacturing of sandalwood oil, producers ensure to follow the guidelines, which are implemented by respective governing bodies to reduce environmental impact.
Key Companies Profiled
- Eden Botanicals
- Katyani Exports
- Quintis (Australia) Pty Ltd.
- R K – Essential Oils Company
- Santanol Group
- Albert Vieille SAS
- Plant Therapy Essential Oils
- Khadi Natural
Regional Overview:
- Asia Pacific is expected to dominate the global market. This covers around 60% of the total revenue by 2023. Moreover, there are many players with a presence in India, which helps in boosting sales of sandalwood oil in the region. In meanwhile, demand for sandalwood oil in aromatherapy is expected to boost the adoption of sandalwood oil during the forecast period.
Segmentation of Sandalwood Oil Industry Research
- By Product:
- Natural
- Lab-created
- By Application:
- Personal Care
- Aromatherapy
- Pharmaceuticals
- Others
- By Region:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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Key Questions Covered in the Sandalwood Oil Market Report
- What will be the estimated size of the Market in 2023?
- At what rate will sales in the global Sandalwood Oil Market grow until 2033?
- Which are the factors hampering the Sandalwood Oil market?
- Which region will spearhead the growth in the global industry during 2023-2033?
- Which are the factors driving sales in the Sandalwood Oil Market during the forecast period?
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