Sandalwood Oil Market Regional Analysis, Key Players, Industry Segments, Forecast To 2024
Global Sandalwood Oil Market – Overview
The global Sandalwood Oil Market is expected to register a CAGR of 6.99% from 2019 to 2024 and reach USD 156 million by the end of 2024. Owing to growing consumer needs and their awareness about sandalwood oil has grown in recent years. The growth has been driven by the increased acceptance of essential oils amongst the consumers. With growing demand for Sandalwood Oil Market in aromatherapy and rising disposable income, there has been surge in demand of sandalwood oil.
Sandalwood oil is an essential oil sourced from a small tropical tree known as Indian sandalwood or Santalum album. Its color ranges from pale yellow to gold yellow and is popular for its woody- floral smell. Sandalwood oil creates a calming and harmonizing effect in the minds. Moreover, it holds various attributes such as antiseptic, anti-inflammatory and astringent which are driving the market in pharmaceutical industry as well. Additionally, sandalwood oil has become an integral part in cosmetic products owing to its various skin beneficial attributes. Sandalwood oil is derived from steam distillation of chips and billets cut of various species of sandalwood tree. It has gained popularity majorly due to its woody-floral scent.
The key players profiled in Sandalwood Oil Market Report are Doterra International Llc. (U.S.), Eden Botanicals (U.S.), Plant Therapy Essential Oils (U.S.), Santanol Group (Australia), Sallamander Concepts Pty Ltd (South Africa), Healing Solutions (U.S.), and Khadi Herbal (India) among many others.
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Global Sandalwood Oil Market – Competitive Analysis
With strategic expansions, market players can focus on penetrating into the developing economies to expand their business portfolio. Consumers in developing countries are keen on exploring new product range offered to them and form a large consumer base. Establishing market in these emerging economies is profitable based on relatively low set-up costs, ease of doing business, and further lower variable cost to be incurred. Industrial players are involved in product launch and R&D which will further support the company to expand and reach out to consumers across the regions, the end-user industries are inclined towards product promotions through social media, magazines and other mediums in order to reach out to customers.
Global Sandalwood Oil Market – Segments
The global Sandalwood Oil Market has been divided into type, application, and region.
Based on Type: Natural, and Synthetic
On the Basis of Application: Personal Care Products, Pharmaceuticals, Aromatherapy, and Others
On the Basis of Region: North America, Europe, Asia Pacific, and ROW
Global Sandalwood Oil Market – Regional Analysis
The global Sandalwood Oil Market is segmented into North America, Europe, Asia Pacific and rest of the world (RoW). Asia Pacific is dominating the market followed by Europe. Asia Pacific region is the major consumer for sandalwood oil. Inclination towards use of essential oils such as sandalwood oil in personal care products among the consumers is driving the Sandalwood Oil Market in the Asia Pacific region. Increasing demand for sandalwood oil in pharmaceutical industry, and aromatherapy is likely to uplift the Sandalwood Oil Market in North America and Europe. Use of sandalwood oil in aromatherapy is increasing which is likely to surge the demand for sandalwood oil in the Middle East and Africa region.
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