What is Global Sandalwood Extract Market?
The Global Sandalwood Extract Market is a fascinating and complex sector that deals with the extraction and distribution of sandalwood, a class of woods from trees in the genus Santalum. The woods are heavy, yellow, and fine-grained, and unlike many other aromatic woods, they retain their fragrance for decades. Sandalwood oil is extracted from the woods for use. Both the wood and the oil produce a distinctive fragrance that has been highly valued for centuries. The global market for this extract is vast and varied, with numerous applications across different industries. It's a market that's been growing steadily over the years, with a significant increase in demand for natural and organic products. The market is also influenced by factors such as the availability of sandalwood trees, the extraction process, and the demand and supply dynamics in different regions. However, the market also faces challenges such as the high cost of sandalwood and the threat of substitutes. Despite these challenges, the Global Sandalwood Extract Market continues to thrive, thanks to the unique properties of sandalwood that make it a valuable commodity in various industries.
East Indian Sandalwood Oil, Australian Sandalwood Oil in the Global Sandalwood Extract Market:
The Global Sandalwood Extract Market is segmented into different types based on the origin of the sandalwood. The two main types are East Indian Sandalwood Oil and Australian Sandalwood Oil. East Indian Sandalwood Oil, also known as Santalum album, is considered to be the most superior quality of sandalwood. It's highly valued for its fragrance and is used in perfumes, cosmetics, and medicinal products. On the other hand, Australian Sandalwood Oil, also known as Santalum spicatum, is a popular alternative to the East Indian variety. It's less expensive and is considered to be more sustainable, as the sandalwood trees are grown in plantations in Australia. Both types of sandalwood oil have similar uses, but they differ in their aroma and quality. The choice between the two usually depends on the specific requirements of the end-use application.
Personal Care, Aromatherapy, Pharmaceuticals, Others in the Global Sandalwood Extract Market:
The Global Sandalwood Extract Market finds its usage in various areas such as Personal Care, Aromatherapy, Pharmaceuticals, and others. In the Personal Care industry, sandalwood extract is used in various products like soaps, lotions, and perfumes due to its distinctive fragrance and its beneficial properties for the skin. In Aromatherapy, sandalwood oil is used for its calming and soothing effects. It's also believed to have various health benefits, such as reducing anxiety and improving mental clarity. In the Pharmaceutical industry, sandalwood oil is used in various medicinal products due to its antiseptic and anti-inflammatory properties. It's used in the treatment of various skin conditions, as well as in digestive and respiratory remedies. Other uses of sandalwood extract include incense and religious ceremonies, where the fragrance of sandalwood is considered to be sacred and purifying.
Global Sandalwood Extract Market Outlook:
The Global Sandalwood Extract Market is a dynamic and growing market. As of 2022, the market was valued at US$ 115 million. It's expected to grow at a steady pace, reaching a value of US$ 144.7 million by 2029. This represents a Compound Annual Growth Rate (CAGR) of 3.3% during the forecast period from 2023 to 2029. The market is dominated by a few key players, with the top five manufacturers holding a share of over 65%. In terms of product types, East Indian Sandalwood Oil is the most popular, accounting for about 85% of the market share. This dominance can be attributed to the superior quality and fragrance of East Indian Sandalwood Oil, which makes it highly sought after in various industries.
| Report Metric | Details |
| Report Name | Sandalwood Extract Market |
| Accounted market size in 2023 | US$ 119.1 million |
| Forecasted market size in 2029 | US$ 144.7 million |
| CAGR | 3.3 |
| Base Year | 2023 |
| Forecasted years | 2023 - 2029 |
| Segment by Type |
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| Segment by Application |
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| Production by Region |
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| Sales by Region |
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| By Company | Quintis (TFS Corporation), Mercer(Santanol Group), KS&DL (Karnataka Soaps & Detergents Limited), Meena Perfumery, RK-Essential Oils Company, Naresh International, Katyani Exports, Essentially Australia, Sandalwood Forest (Qingyuan), Jiangxi Jishui Natural Essential oil Factory, Jinagxi Xuesong |
| Forecast units | USD million in value |
| Report coverage | Revenue and volume forecast, company share, competitive landscape, growth factors and trends |
