Sandalwood Oil Market Share Projected to Witness a CAGR of 6.99 % from 2024 to 2030

The global Sandalwood Oil Market Share, which estimated at about US$ 126.30 million in 2023, is projected to witness a compound annual growth rate (CAGR) of 6.99 % from 2023 to 2030, eventually reaching a market value of nearly US$ 202.68 million by 2030. The rise can also be attributed to the growing consumer demand for natural and bio-based products, especially in personal care and aromatherapy applications.

Market Growth Factors & Opportunities

Sandalwood oil is known for its antiseptic and astringent properties among many other health benefits. It has been used traditionally to treat headaches, stomachaches, and urinary problems. In modern times, its sweet fragrance has made it a sought after scent in aromatherapy to support emotional health. The increasing knowledge regarding these therapeutic advantages is largely supporting the growth of the market. Products used in soaps, shampoos, and lotions will see a growing demand in the personal care industry, and sandalwood oil is a component in such products as customers increasingly seek natural ingredients. This trend is in line with the increasing consumer preference for sustainable and organic personal care products, creating significant opportunities for industry stakeholders.

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Segmentation Analysis

The sandalwood oil market is classified by type, application.

By Type:

Natural Sandalwood Oil: As of 2023, it represents nearly 70% of market share and is preferred for being eco-friendly and having comparatively lower side effects than lab-made options. This segment is ultimately expected to grow further due to the rising demand for natural products during the forecast period.

Lab-Created Sandalwood Oil: As of 2023, lab-created sandalwood oil makes up around 30% of the market share, providing an alternative, particularly in areas where natural resources are limited or conservation efforts restrict access to natural sandalwood.

By Application:

The largest segment by market share, the segment accounted for 45% of the market share in 2023. The personal care segment uses sandalwood oil in products such as creams, perfumes, soaps, and shampoos. The segment is primarily driven by the rising preference for natural ingredients in personal care products among the consumers.

Sandalwood oil is used in pharmaceutical applications for its medicinal properties, including skin treatments and anti-inflammatory agents.

Aromatherapy Segment: Sandalwood oil is used extensively in aromatherapy because of its calming and therapeutic effects.

Regional Insights

The sandalwood oil market in the Asia-Pacific region is anticipated to show the highest growth rate during 2023-2032; and among others, India, China, and Indonesia are the key contributors to this growth. Many of these nations are prolific suppliers of other valuable oils and extractives including sandalwood oil, as the climate and working methods in these countries are ideal for the cultivation of valuable oils.

As a result, Europe is expected to account for a CAGR of 2.5% for sandalwood oil during the projections period, especially in Germany, where the presence of hospitality services will enhance sandalwood oil usage. In addition, the increasing demand for sandalwood oil in various applications is well-aligned with the country's focus on natural and high-quality materials.

Australian sandalwood (Santalum spicatum) is famous around the globe for its aromatic use in high quality perfumes, incense and cosmetics. But experts warn this species is threatened with extinction in the wild due to over-harvesting, which has raised the need for sustainable practices within the industry.

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Competitive Landscape

Major companies in the sandalwood oil market are focusing on the quality of the product, sustainability, and cracks to maintain a competitive edge. Notable companies include:

TFS Corporation Ltd.: TFS Corporation is an Australian company which is one of the world's largest producers of Indian sandalwood which it cultivates on ever conversion of its plantations into production.

Trained on data limited until October 2023.

These sentences tell they are suppliers of sandalwood oil to various countries.

Meena Perfumery: Same as the above but an Indian; as a matter of fact, they have one of the most extensive summer oils and fragrance range — and of course great sandalwood oil.

You also find valuable information about providers of natural essential oils exporters who are export in soap bark extract, sandalwood oil and more in global.

Trends reported in recent years indicate increasing attention over sourcing & cultivation practices, focusing further on sustainability as a response to environmental issues and ensure a constant supply of sandalwood oil. These companies are funding plantation programs and working with communities to discourage irresponsible harvesting.

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Conclusion

Some of the key factors expected to fuel the overall sandalwood oil market over the forecast period include rapid growth in demand for naturally and environmentally friendly products in the personal care and pharmaceutical applications, and aromatherapy sector. The industry must embrace new innovations and practices, as the cost of producing such goods is high, and sustainability issues come at a price. Top players are likely to keep emphasizing research and development, sustainable sourcing, and diversifying their product portfolios to tap into the growing opportunities in this changing marketplace.

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