New York, US, March 16, 2023 (GLOBE NEWSWIRE) -- Sandalwood Oil Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), Sandalwood Oil Market Information By Type, Application, And Region - Forecast till 2027"; the market will touch USD 165.5 Million by 2027 at a 6.99% CAGR.
Market Synopsis
The wood and roots of the sandalwood tree are used to make the fragrant essential oil known as sandalwood oil. Several personal care items include body washes, fragrances, lotions, soaps, face washes, and more, including sandalwood oil. Customers across the world have a constant high demand for natural perfumes. Many different firms receive and sell sandalwood oil as an active ingredient. It possesses aromatherapeutic qualities that are applied in massages and spa services. Sandalwood oil is known for its therapeutic value in healing somatic and mental illnesses due to the presence of santalol. Due to the expanding demand for aromatic compounds and the popularity of natural cosmetics, sandalwood oil is in great demand. Moreover, this oil is used in many commercial consumer goods like detergents, fresheners, incense sticks, and other home goods. This essential oil from sandalwood bark is commonly used to improve skin health because of its antioxidant characteristics. Due to expanding applications, sandalwood oil production and use are rising globally.
Due to consumer interest in natural aromatic products, sandalwood oil is in great demand for consumer goods, including incense sticks, indoor air purifiers, and other products in addition to cosmetics. The multi-utility of sandalwood oil is anticipated to grow favorably soon. It efficiently lessens oxidative damage and eliminates free radicals from the skin. Also, it eliminates imperfections from the skin's deepest layers, enhances general skin health, and treats several skin conditions like dryness, dark circles under the eyes, and black patches. Moreover, sandalwood makes deodorants and scents since it has pheromone-like properties. Furthermore, used for its many health benefits, sandalwood oil is widely used and consumed all over the world. Sandalwood chips are heated to a high steam temperature and then distilled to create sandalwood oil. There are a lot of beneficial uses for sandalwood oil. Among them is the treatment of exterior wounds. Because that sandalwood oil is a natural antibacterial, they usually heal more quickly when applied. Nonetheless, many individuals either consume sandalwood oil or apply it topically.
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Report Scope:
| Report Attribute | Details |
| Market Size in 2027 | USD 165.5 Million |
| CAGR | 6.99% |
| Base Year | 2019 |
| Forecast Period | 2020-2027 |
| Historical Data | 2018 |
| Forecast Units | Value (USD Million) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Type, Application, And Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Growing demand for sandalwood oil in cosmetics and aromatherapy |
| tend to heal faster when sandalwood oil is used |
Market Competitive Landscape:
The promising contenders in the sandalwood oil market:
- Vedic Vaani (India),
- Cliara Essential Oils (Sri Lanka),
- Albert Vieille SAS (France),
- Santanol Group (Australia),
- Plant Therapy Essential Oils (US),
- Aditi Essentials (India),
- Haldin International (Indonesia),
- Iangyin Healthway (Japan),
- Kanta Enterprises (India),
- Doterra International LLC (Utah),
- Eden botanicals (US),
- PerfumersWorld Ltd. (Thailand),
- Ancient Healer (US),
- Khadi Natural (India),
- Sallamander Concepts Pty Ltd (South Africa)
Market U.S.P. Covered:
Market Drivers:
The market is anticipated to increase due to rising customer demand for natural aromatic items and the rising use of sandalwood oil cosmetics. The growing awareness of sandalwood's beneficial uses among people worldwide has helped the sandalwood oil business expand. Natural sandalwood oil is becoming increasingly popular as people become more aware of its many medical benefits, including its antibacterial and antispasmodic characteristics. The growth in revenue for the natural sandalwood oil category in the natural products market is mostly driven by this.
The cosmetics and personal care category are anticipated to grow the quickest inside the sandalwood oil market because of the increasing appeal of numerous personal care products linked to the aroma of sandalwood oil and the expanding cosmetic industry globally. In addition, sandalwood oil is becoming more and more popular among people due to the many skin and wellness benefits associated with it, including the provision of clear, vibrant, and flawless skin, the treatment of skin infections and itching, the prevention of skin aging, the relief of spasms, and others.
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Market Restraints:
Several adverse aspects significantly constrain the growth of the worldwide sandalwood oil market. Alternatives to sandalwood oil are anticipated to be a significant issue limiting market expansion. Another element that has a limited negative impact on market revenue growth is the high price of this oil.
COVID 19 Analysis
The market for sandalwood oil benefited from the COVID-19 pandemic. The market was not anticipated to expand during the epidemic, but to everyone's astonishment, sandalwood demand has risen quickly. Manufacturers of sandalwood oil were obliged to drastically reduce production or shut down completely since they were unnecessary. Because the cost of sandalwood oil and similar products started to soar, the final customer was impacted. In the same vein, the market is being fueled by the rising popularity of products made from organic materials. The global sandalwood oil sector has substantially expanded throughout the epidemic due to increased disposable income. It's also said that sandalwood oil promotes relaxation. The oil's warm, comforting, woodsy aroma promotes mental and physical relaxation.
Market Segmentation
By application, the market consists of personal care, pharmaceuticals, and aromatherapy. By type, the market consists of natural and synthetic.
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Regional Insights
The market for sandalwood oil is anticipated to be dominated by the Asia-Pacific region. This is partially due to sales of sandalwood oil rising in neighboring nations like Thailand. The items' recent surge in popularity is partly attributable to an increasing number of Indians in the fast-expanding middle class who are becoming mindful of the important health advantages of sandalwood oil. Due to the optimal climate patterns for sandalwood production, Asia-Pacific countries like India and Indonesia primarily produce and sell sandalwood oil.
They appreciate that it is natural, making it easy for the health and digestive system. Compared to their parents, many individuals in the Asia-Pacific region are far more likely to purchase personal care items, including sandalwood oil. This is a significant factor in the region's growth as well. For the foreseeable future, this will be typical. The regional market share for sandalwood oil in North America is anticipated to increase significantly. The general public's growing desire to use and purchase items that are natural and primarily comprise natural components is what is causing this expansion. Although it also applies to Canada, this is important in the USA. The local sandalwood oil market is expanding quickly in the US and Canada. It comes from the fast-rising demand for oils used in aromatherapy.
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