According to a new report by Expert Market Research titled, “Global Sandalwood Oil Market Share, Size, Report and Forecast 2024-2032″, the global sandalwood oil market size reached a value of USD 135.19 million in 2023. Aided by the rising demand from various sectors, the market is projected to further grow at a CAGR of 8.7% between 2024 and 2032 to reach a value of USD 287.72 million by 2032.
Sandalwood oil, derived from the wood and roots of the sandalwood tree, is celebrated for its distinctive fragrance and extensive range of health benefits. It plays a crucial role in skincare, mental health, and holistic wellness practices. The oil’s anti-inflammatory, antimicrobial, and anti-proliferative properties make it a valuable ingredient in the formulation of skincare products, perfumes, and medicinal treatments.
The increasing consumer demand for natural and organic beauty products is a significant driver of the sandalwood oil market growth. As awareness regarding the adverse effects of synthetic additives in cosmetics rises, consumers are shifting towards products containing natural ingredients like sandalwood oil, known for its skin-nourishing and rejuvenating properties. This trend is further bolstered by the growing popularity of aromatherapy and natural wellness solutions, where sandalwood oil is used for its calming and relaxing effects.
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According to the sandalwood oil market analysis, the pharmaceutical sector’s interest in sandalwood oil is on the rise due to its potential to treat various skin conditions, anxiety, insomnia, and other health issues. Research and development activities focusing on the therapeutic benefits of sandalwood oil are expanding, leading to its increased application in medicinal formulations. The market is also witnessing significant developments in sustainable sourcing and production techniques. With sandalwood being a precious resource, concerns over deforestation and sustainability have prompted the market to adopt ethical harvesting practices, plantation growth, and innovative extraction methods. These efforts aim to ensure the long-term availability of sandalwood oil while minimising environmental impact.
The global sandalwood oil market is being influenced by the rising demand for natural and organic cosmetic products, the therapeutic potential of sandalwood oil in healthcare, and the increasing adoption of aromatherapy. With sustainability and innovation at the forefront, the sandalwood oil sector is poised to navigate the challenges ahead, offering promising opportunities for growth and development in the coming years.
Given concerns about the sustainability of wild sandalwood resources, there is an increasing interest in reforestation initiatives and the cultivation of sandalwood trees on plantations. As per the sandalwood oil market outlook, by investing in sustainable forestry practices and tree plantation programs, stakeholders aim to secure a long-term and environmentally responsible supply of sandalwood for the future. In addition to sustainable sourcing practices, there is a trend towards environmentally friendly packaging solutions in the market. Companies are exploring options such as recyclable materials, biodegradable packaging, and minimalistic designs to reduce their environmental footprint and appeal to eco-conscious consumers.
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The rise of e-commerce platforms and direct-to-consumer (DTC) sales channels has facilitated greater access to sandalwood oil products for consumers worldwide which has propelled the sandalwood oil market expansion. Companies are leveraging online platforms to reach a broader audience, offer personalised shopping experiences, and educate consumers about the benefits of sandalwood oil, driving market expansion and sales growth.
To stand out in a competitive market landscape, companies are investing in product innovation and differentiation to offer unique sandalwood oil formulations and blends tailored to specific customer preferences and market segments. This may involve experimenting with different extraction techniques, blending with complementary essential oils, or incorporating sandalwood oil into innovative product formulations which can boost the sandalwood oil market share.
Market Segmentation
The market can be divided based on nature, end use, distribution channel, and region.
Market Breakup by Nature
• Organic
• Synthetic
Market Breakup by End Use
• Personal Care Products and Cosmetics
• Aromatherapy
• Pharmaceuticals
• Household
Market Breakup by Distribution Channel
• Supermarkets/Hypermarkets
• Speciality Stores
• Convenience Stores
• Online
• Others
Market Breakup by Region
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global sandalwood oil market. Some of the major players explored in the report by Expert Market Research are as follows:
• Plant Therapy Essential Oils
• Khadi Natural
• Santanol
• Albert Vieille SAS
• doTERRA International, LLC
• Quintis (Australia) Pty Ltd.
• Essential Oils Company
• Blossom Kochhar Beauty Products Pvt. Ltd.
• Kanta Enterprises Private Limited
• Aditi Essentials
• Others
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