- Sandalwood Oil Market is expected to register a CAGR of 6.99% from 2019 to 2024 and reach $156 million by the end of 2024.
- Factors that can impede the market growth include higher prices and increasing use of synthetic sandalwood oil.
- Sandalwood oil continues to be used extensively in many fragrances and personal care products.
Sandalwood Oil Market is used in many Asian countries for cultural reasons. It contains many medicinal benefits. Therefore, the oil derived from sandalwood has various benefits for the skin. A new report on the global sandalwood oil market, published by Market Research Future (MRFR), estimates the market to thrive at 7.2% CAGR during the forecast period (2017-2023).
The primary market driver for the global Sandalwood Oil Market Size growth is its heavy use as an important ingredient in perfumes, cosmetics, and personal care products. The benefits of sandalwood oil include antiseptic, anti-inflammatory, antispasmodic, and antiphlogistic. Sandalwood oil can also be used as an astringent, disinfectant, and diuretic.
Sandalwood oil continues to be used extensively in many fragrances and personal care products that include cream, deodorants, lotions, soaps, and in various industrial products such as edibles, incense sticks, room fresheners, etc. Increasing consumer inclination towards aromatherapy and many other natural remedies due to rising health and wellness trend is increasing the demand for sandalwood essential oil.
Other factors extending the market growth include booming cosmetic & personal care industries and the launch of new perfumes. However, factors that can impede the market growth include higher prices and increasing use of synthetic sandalwood oil.
Big players in the global Sandalwood Oil Market are Doterra International Llc. (USA), Eden Botanicals (USA), Healing Solutions (USA), Khadi Herbal (India), Plant Therapy Essential Oils (USA), Sallamander Concepts Pty Ltd (South Africa), and Santanol Group (Australia).
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The global Sandalwood Oil Market segmentation encompasses application and type.
The application-based segmentation of this market can cover aromatherapy, personal care products, pharmaceuticals, and others. Among these segments, the personal care industry holds a major market share. Sandalwood is useful in reducing burning sensations in the skin and cleanse the skin pores. Fragrant personal care products are becoming more popular in the market.
A geographical outlining of the global Sandalwood Oil Market covers Asia Pacific, North America, Europe, and Rest-of-the-World (RoW).
Asia Pacific region dominates the global market, followed by North America. China and India are the main markets in this region, exporting sandalwood oil to the USA. In India, celebrity endorsements, as well as avocation by reputed personnel, are likely to foster demand in the coming years.
Young people, influenced by social media and television, are likely to gravitate towards such products and drive the global Sandalwood Oil Market growth. Due to the high population and cultural factors, these two countries also heavily consume sandalwood oil. Australia and Japan are two other important markets in this region. Singapore is the biggest importer of sandalwood oil. An examination of the remaining countries in the Asia Pacific region featured in this report adds the extra market revenue from some other countries.