The Sandalwood Extract is forecast to remain the current growing momentum. According to the WK-chem Research "Global Sandalwood Extract Professional Survey Report 2022, Forecast to 2027", With the growing inclination towards cosmetic products with natural ingredients and the increasing popularity of Ayurveda. The Sandalwood Extract industry is developing in a steady speed. The compound annual growth rate (CAGR) for the 2022-2027 period is projected to be 3.8% base on WK-chem Research regression analysis model.
Analysts' Viewpoint
"Sandalwood Oil Market Revenue is expected to grow at a healthy CAGR propelled by staggering demand from millennials and emerging markets. Technological advances in the Sandalwood Oil market enabling efficient production, expanding product portfolio, sophisticated design and packaging, effective operational maintenance, and sales monitoring are key growth drivers. However, complying with stringent regulations and varying standards around the world, growing competition, inflation estimated to remain above the upper band during the short term in key nations, and fluctuating raw material prices are some of the Sandalwood Oil market restraints over the forecast period." said Amy, Senior analyst, Chemical & Material Market Research Center in WK-chem Research. Product Introduction: Sandalwood Extract, commonly known as sandal oil, is an essential oil obtained from sandalwood: such as a pale yellow somewhat viscous aromatic liquid obtained from a sandalwood, by steam distilling the chips & billets. Sandalwood is a genus of woody flowering trees and plants. Most species are semi-parasitic and several produce a highly aromatic wood. The most common species are Indian sandalwood (Santalum album) and Australian sandalwood (Santalum spicatum) It is mostly used to make soaps, shampoos, & lotions in the cosmetic and personal care industries. Also, the antioxidant property of this essential oil obtained from sandalwood bark is widely used for adorning skin health. It adequately scavenges free radicals from the skin and decreases oxidative damage. Furthermore, it also clears out the banes from the internal layers of the skin, boosts overall skin health, and treats several skin infections such as dark spots, patches, dark circles, dullness, dryness, suntan, blemishes, etc. Moreover, sandalwood has pheromone-like properties and is therefore used in manufacturing perfumes and deodorants. 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.
Market insight
-Market Driving Factor: 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 Restraining Factor: 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 Segmentation
: Based on Raw Material, the Sandalwood Extract market could be segmented into: Natural and Lab Created. Among these segments, the The Natural Sandalwood Oil accounts the largest share of Sandalwood Extract market. Natural sandalwood oil is becoming increasingly popular around the world as people become more aware of its medicinal properties such as antispasmodic, antiphlogistic, antiseptic, and others. This is a major factor expected to drive growth of organic segment over the forecast period. Significant shift in customer preference from chemical-based products to natural products in numerous areas such as personal care and cosmetics, might be viewed by sandalwood oil manufacturers as a potential for market expansion. 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. By Application, the Sandalwood Oil Market is segmented as Personal Care, Pharmaceutical & Aromatherapy. Due to rising popularity of numerous personal care products connected with sandalwood oil aroma and rapid development in cosmetic sector around the world, the cosmetics and personal care segment is expected to account for a steady revenue share in global sandalwood oil market. Personal Care dominates the Sandalwood Oil Market 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 is used in spas and hotels for aromatherapy and is highly in demand and is likely to increase in the forecasted period. Pharmaceutical 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.
Competition Landscape
: This WK-chem Research market report is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading Sandalwood Extract companies that include Khadi Natural, Perfumers World, Eden Botanicals, Aroma Magic, Ancient Healer, Plant Therapy Essential Oils, Santanol, Vedic Vaani, Kanta Enterprises Private Limited, and Cliara Essential Oils. Sandalwood Extract
Regional Market Analysis
In terms of geography, the global Sandalwood Extract market has been segmented into: North America, Asia Pacific, Europe, South America, and the Middle East and Africa.
Asia-Pacific dominates the Sandalwood Oil Market with the market share of 60% in the year 2021 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 2021 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.
Market Prospect & Suggestion
The global sandalwood extracts market is dominated by the Asia Pacific on account of the growing inclination towards cosmetic products with natural ingredients and the increasing popularity of Ayurveda. Besides this, the market in North America will gain significant revenue in the coming years on account of the increasing adoption of pharmaceutical products with organic content and the strong presence of the beauty and cosmetic industry. 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. 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.
Cagr: 3.8%
Region with the largest share: Asia-Pacific
Largest country in largest share region: India
Product Type(by Raw Material): Natural, Lab Created
Application: Personal Care, Pharmaceutical & Aromatherapy
Leading Company:
Khadi Natural
PerfumersWorld
Eden Botanicals
Aroma Magic
Ancient Healer
