Sandalwood Oil Market: Industry Analysis and Forecast (2024-2030) by Type, Application, Region

Sandalwood Oil Market size was valued at US$ 126.30 Mn. in 2023 and the total revenue is expected to grow at 6.99% through 2024 to 2030, reaching nearly US$ 202.68 Mn.
Sandalwood Oil Market Overview:
Sandalwood oil, commonly known as sandal oil, is an essential oil produced by steam distilling the chips & billets of sandalwood trees. It is mostly used to make soaps, shampoos, & lotions in the cosmetic and personal care industries. Sandalwood oil has long been used to treat headaches, stomach-aches, and urinary problems as an antiseptic and astringent. Its most widely utilised in aromatherapy these days to boost psychological well-being.To know about the Research Methodology :- Request Free Sample Report
Sandalwood Oil Market Dynamics:
Market Drivers

• Health Benefits of Sandalwood Oil - When applied topically, sandalwood oil can help prevent the development of some forms of melanomas (skin malignancies). This, coupled with the numerous other health benefits, is fueling expansion. Sandalwood oil has a pleasant scent. This is why it is becoming more popular in aromatherapy all around the world. This is another important driver of growth of Sandalwood Oil Market.

Market Restraints

• High Price & difficult to make – Sandalwood is a natural resource that is not available very easily. It is limited to some regions like India, Sri Lanka, South Africa, etc. It makes Sandalwood oil more difficult to produce and costs more. This is stifling development.

Market Opportunities

• High R&D & Innovation - The sandalwood oil market's decent CAGR and the product's many increasingly helpful and diversified applications are offering numerous prospects for profit in the business. As a result, manufacturers are investing extensively in research and development. As a result, a new generation of sandalwood oil products has emerged, with significantly more inventive applications than earlier generations.

Market Challenges

• Reducing price of the oil - Manufacturers of sandalwood oil will have to come up with better goods with more diverse applications while maintaining the price in a reasonable and affordable range for the general public around the world.
Sandalwood Oil Market Segment Analysis:
By Type, the Sandalwood Oil Market is segmented as Natural & Lab Created. The Natural Sandalwood Oil dominates the Sandalwood Oil Market with the market share of 70% in the year 2023 & is expected to grow at a very high CAGR and capture more market during the forecasted period as the demand for natural and eco-friendly products are increasing all over the world especially when personal & health care is at stake. Also, Natural sandalwood oil is cheaper to make and have less side effects than lab created sandalwood oil if used in cosmetic or medicinal products. Lab created has the market share of 30% in the year 2023.

By Application, the Sandalwood Oil Market is segmented as Personal Care, Pharmaceutical & Aromatherapy. Personal Care dominates the Sandalwood Oil Market with the market share of 45% in the year 2023 as it is used in many cosmetic products like Creams, Perfumes, soaps, shampoos, etc. and the Sandalwood Oil itself is used for personal care purposes so demand of Sandalwood Oil is high for personal care. Aromatherapy has the market share of 31% in the year 2023 as it is used in spas and hotels for aromatherapy and is highly in demand and is likely to increase in the forecasted period. Pharmaceutical has the market share of 24% in 2023 as homeopathic medicines don’t use Sandalwood Oil as their raw material but is only used in Ayurveda so demand is quite less but is might increase in future due to increasing demand of Ayurveda.
Sandalwood Oil Market Regional Overview:
APAC dominates the Sandalwood Oil Market with the market share of 60% in the year 2023 owing mainly to India due to vast availability of sandalwood trees & major key players also have their headquarters in India and Indonesia. Sandal wood used for personal care and Ayurveda have maximum demand in India and this drives the Sandalwood Oil Market in APAC. North America has the market share of 16% followed by Europe with the market share of 10% in 2023 as the demand of natural products are increasing in these regions and also are affordable for people in these regions have high personal disposable income. Middle East & Africa has the market share of 8% followed by South America with 6% market share.

The objective of the report is to present a comprehensive analysis of the Sandalwood Oil market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The report also helps in understanding the Sandalwood Oil market dynamics, structure by analyzing the market segments and project the Sandalwood Oil market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the Sandalwood Oil market make the report investor’s guide.
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Global Sandalwood Oil Market


Report Coverage
Details


Base Year:
2023
Forecast Period:
2024-2030


Historical Data:
2018 to 2022
Market Size in 2023:
US $ 126.30 Mn.


Forecast Period 2024 to 2030 CAGR:
6.99%
Market Size in 2030:
US $ 202.68  Mn.


 Segments Covered:
by Type
Natural
Lab Created


by Application
Personal Care
Pharmaceutical
Aromatherapy



Sandalwood Oil Market, by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina Rest of South America)
Sandalwood Oil Market Key Players
Albert Vieille SAS
Doterra International LLC
Eden botanicals
Santanol Group
Plant Therapy Essential Oils
Aditi Essentials
Haldin International
Iangyin Healthway
Kanta Enterprises
PerfumersWorld Ltd.
Ancient Healer
Khadi Natural
Vedic Vaani
Cliara Essential Oils
Sallamander Concepts Pty Ltd

Frequently Asked Questions:

1] What segments are covered in the market report?
Ans. The segments covered in the market report are based on Material Type and Application.

2] Which region is expected to hold the highest share in the market?
Ans. The Asia Pacific is expected to hold the highest share in the market.

3] What is the market size volume of the market by 2030?
Ans. The market size of the market by 2030 is expected to reach at US$ 202.68 Mn.

4] What is the forecast period for the market?
Ans. The forecast period for the Sandalwood Oil Market is 2023-2030.

5] What was the market size volume of the market in 2023?
Ans. The size of the market in 2023 was valued at US$ 126.30 Mn.