Sandalwood Oil Market-Overview
Sandalwood oil is in high demand due to rising aesthetic consciousness. Sandalwood oil is utilized as an anti-wrinkle component, facial cleaning oil, and moisturizing agent in the cosmetic and personal care industries, growing its overall market share. As per MRFR, the market is estimated to gain a CAGR of 6.99% and achieve income worth USD 165.5 Million by the end of 2027.
Mounting consumer calls for commercial consumer items such as room fresheners, incense sticks, and aromatherapeutic mixing due to rising consumer desire for natural aromatic products will drive market expansion further in the forecast.
Segmental Analysis
The segmental overview of the sandalwood oil market outlook is conducted based on type, applications, and distribution channel. The sandalwood oil market is divided into two types: natural and synthetic. Sandalwood oil is categorized according to its application into personal care goods, medicines, and aromatherapy. Sandalwood oil is classified into two types based on its distribution channel: store-based and non-store-based.
Detailed Regional Analysis
The Asia-Pacific region is assessed to account for the majority of the sandalwood oil market. One explanation for this is that India is a big country in Asia-Pacific and a major manufacturer and user of sandalwood oil. However, individuals in adjacent countries such as Thailand increasingly purchase sandalwood oil. The North American market for sandalwood oil is predicted to surge significantly in terms of regional market share. The fact that the general public progressively wants to acquire and utilize organic and primarily natural products is fueling this increase. Sandalwood oil is also extensively imported in Europe, where it is used in hospitality services such as spas and massages.
Competitive Analysis
The mindset of hypervigilance in the aftermath of the pandemic is intended to guide market decisions throughout the projected period. The essential policies being developed by government bodies worldwide are thought to have a powerful role in the global advancement of the sandalwood oil market share. The restructuring of the market's fundamental operations is expected to impact the market shortly. The upsurge in innovative technologies in the global supply chain is estimated to generate opportunities during the forecast period. The market is projected to witness an improvement in growth cues in the near future. The reclaimed market potential is projected to augment the worldwide market's progress. The market's production stability is predicted to be variable. Each manufacturer is expected to make microeconomic decisions to ensure long-term business growth and continuity during the forecast timeframe. The COVID-19 pandemic's drastic changes in the global financial intermediation structure are believed to influence how firms acquire finance in the comparable period.
The distinguished companies in the sandalwood oil market are Doterra International LLC (Utah), Cliara Essential Oils (Sri Lanka), Eden botanicals (US), Santanol Group (Australia), Kanta Enterprises (India), Plant Therapy Essential Oils (US), Aditi Essentials (India), Haldin International (Indonesia), Iangyin Healthway (Japan), Albert Vieille SAS (France), PerfumersWorld Ltd. (Thailand), Ancient Healer (US), Khadi Natural (India), Vedic Vaani (India), and Sallamander Concepts Pty Ltd (South Africa).
Industry Updates:
Nov 2021 Quintis Sandalwood, one of the world's major suppliers of Indian sandalwood oil to the fragrance, aromatherapy, and cosmetics sectors, recognized that a shift away from old distillation procedures was required to meet the rising oil demand more sustainably. As a result, the business created a groundbreaking AUD $700,000 commercial Continuous Steam Distillation machine, which was recently inaugurated at the company's 60,000sqm distillation facility in Albany, Western Australia. The unique, fully automated process was inspired by continuous in-feed and out-feed systems frequently used in papermaking, and the benefits have been spectacular, as Quintis Sandalwood can now generate larger amounts of oil at faster speeds.
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