Press release
Sandalwood Oil Market to Increase At a CAGR of 6.99 Percentage to Reach a Valuation of USD 202.68 Million by 2030
Sandalwood Oil Market
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
The Sandalwood Oil Market, valued at USD 126.30 million in 2023, is projected to grow at a CAGR of 6.99% from 2024 to 2030, reaching approximately USD 202.68 million. Sandalwood oil, derived through steam distillation of sandalwood tree chips and billets, is prominently used in the cosmetic and personal care industries for products such as soaps, shampoos, and lotions. Additionally, it has applications in aromatherapy and traditional medicine due to its antiseptic and astringent properties.
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Drivers in the Sandalwood Oil Market
The growth of the Sandalwood Oil Market is primarily driven by its health benefits, including its potential to prevent certain skin malignancies when applied topically. The oil's pleasant scent has made it increasingly popular in aromatherapy, enhancing psychological well-being and contributing to market expansion. Furthermore, its wide range of applications in personal care products due to its therapeutic properties fuels its demand globally.
Sandalwood Oil Market Trends
Key trends in the Sandalwood Oil Market include the rising popularity of natural and eco-friendly products, which drives the demand for natural sandalwood oil over synthetic alternatives. There is also an increasing inclination towards using sandalwood oil in aromatherapy and personal care products, capitalizing on its soothing and health-enhancing properties. Additionally, the market is witnessing significant investments in research and development to explore innovative applications and improve product efficacy.
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Sandalwood Oil Market Opportunities
The Sandalwood Oil Market presents lucrative opportunities driven by high research and development investments. The product's diverse applications and beneficial properties offer numerous prospects for market players to innovate and introduce new sandalwood oil-based products. The growing demand for natural and therapeutic products in personal care and aromatherapy sectors also provides substantial growth potential for manufacturers.
Sandalwood Oil Market Regional Insight
The Asia-Pacific region dominates the Sandalwood Oil Market, accounting for 60% of the market share in 2023, primarily due to the abundant availability of sandalwood trees in India and the presence of major key players in the region. North America and Europe follow, with market shares of 16% and 10% respectively, driven by increasing demand for natural products and higher disposable incomes. The Middle East & Africa and South America have smaller market shares but are expected to grow steadily due to rising awareness and demand for sandalwood oil's therapeutic benefits.
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Segmentation Analysis of the Sandalwood Oil Market:
by Type
Natural
Lab Created
by Application
Personal Care
Pharmaceutical
Aromatherapy
Who is the largest manufacturers of Sandalwood Oil Market worldwide?
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
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โข Competitive landscape - Market Leaders, Market Followers, Regional player
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