What is Global Sandalwood Extract Market?
The Global Sandalwood Extract Market is a vast and dynamic sector that deals with the extraction and distribution of sandalwood. Sandalwood, a class of woods from trees in the genus Santalum, is known for its distinctive fragrance and is often used in cosmetics, pharmaceuticals, and food industries. The extract is obtained from the wood and roots of the sandalwood tree and is highly valued for its aroma, medicinal properties, and use in religious rituals. The market for sandalwood extract is global, with demand from various regions across the world. The market is influenced by factors such as the availability of sandalwood trees, the demand for natural and organic products, and the growth of end-use industries. The Global Sandalwood Extract Market is a complex network of producers, distributors, and consumers, all of whom play a crucial role in shaping the market trends and dynamics.
East Indian Sandalwood Oil, Australian Sandalwood Oil in the Global Sandalwood Extract Market:
The Global Sandalwood Extract Market is segmented based on the type of sandalwood oil, with East Indian Sandalwood Oil and Australian Sandalwood Oil being the major segments. East Indian Sandalwood Oil, derived from Santalum album, is considered the most valuable and is highly sought after for its superior quality and rich aroma. It is primarily used in perfumes, cosmetics, and medicinal products. On the other hand, Australian Sandalwood Oil, derived from Santalum spicatum, is known for its unique fragrance and therapeutic properties. It is widely used in aromatherapy, skincare products, and pharmaceuticals. The demand for these oils is driven by their diverse applications and the growing consumer preference for natural and organic products. The market dynamics for these oils are influenced by factors such as the availability of sandalwood trees, the regulatory environment, and the growth of end-use industries.
Personal Care, Aromatherapy, Pharmaceuticals, Others in the Global Sandalwood Extract Market:
The Global Sandalwood Extract Market finds its applications in various sectors including Personal Care, Aromatherapy, Pharmaceuticals, and others. In the Personal Care sector, sandalwood extract is used in a variety of products such as soaps, shampoos, and skincare products due to its soothing properties and pleasant fragrance. In Aromatherapy, sandalwood oil is used for its calming and relaxing effects. It is also used in Pharmaceuticals for its medicinal properties, including anti-inflammatory, antiseptic, and antispasmodic effects. Other applications of sandalwood extract include food flavoring and religious rituals. The demand in these sectors is driven by factors such as the growing consumer preference for natural and organic products, the increasing awareness about the benefits of aromatherapy, and the growth of the pharmaceutical industry.
Global Sandalwood Extract Market Outlook:
Looking at the market outlook, the Global Sandalwood Extract Market was valued at US$ 115 million in 2023. It is expected to grow at a steady pace, reaching a value of US$ 144.7 million by 2030. This growth is anticipated to occur at a Compound Annual Growth Rate (CAGR) of 3.3% during the forecast period from 2024 to 2030. The market is dominated by the top five manufacturers who collectively hold a market share of over 65%. Geographically, Australia is the largest market for sandalwood extract, accounting for about 65% of the market share. This is followed by India and Indonesia, each holding a market share of about 30%. In terms of product type, East Indian Sandalwood Oil is the largest segment, accounting for about 85% of the market share.
| Report Metric | Details |
| Report Name | Sandalwood Extract Market |
| Accounted market size in 2023 | US$ 115 million |
| Forecasted market size in 2030 | US$ 144.7 million |
| CAGR | 3.3% |
| Base Year | 2023 |
| Forecasted years | 2024 - 2030 |
| Segment by Type |
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| Segment by Application |
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| Production by Region |
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| Consumption 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 |
