ID: MRFR/F-B & N/3205-HCR | February 2021 | Region: Global | 110 pages
Sandalwood Oil Market is expected to register a CAGR of 6.99% from 2020 to 2027 and reach USD 165.5 Million by the end of 2027.
Manufacturers produce sandalwood oil when they subject sandalwood chips to immense steam and distill the steam. Sandalwood oil has many useful applications. Some of these include healing external wounds. These tend to heal faster when sandalwood oil is used because it’s a natural antiseptic. However, many people either drink sandalwood oil or put it in their food and beverages. They report many health benefits including infections that clear faster and the healing and prevention of a variety of ulcers.
COVID-19 Analysis of Sandalwood Oil Market
COVID-19 was more than just a nuisance virus when it first made major world headlines in March of 2020. It was a virus that could have dangerous consequences in the people who got it (though this was rare!) Governments around the world sought to contain its spread through temporary lockdowns and quarantines.
Many industries and markets were adversely affected. The sandalwood oil market was one of these. Sandalwood oil manufacturers were considered to be nonessential and were forced to either dramatically scale back operations or cease operating entirely. The end consumer was affected since the price of sandalwood oil and related products began to skyrocket.
Sandalwood Oil Market Dynamics
Some studies suggest that sandalwood oil can prevent the development of some types of melanomas (skin cancers) when applied topically. This, along with its many other health benefits is what’s driving growth. Sandalwood oil also smells nice. This is what is making it increasingly popular in aromatherapy around the world. This is also a major factor driving growth.
The respectable CAGR in the sandalwood oil market and the many increasingly useful and diverse applications for the product are creating many opportunities for making money in the industry. Manufacturers are responding by investing heavily in research and development. The result is a new generation of products with far many more innovative uses than the previous generations of sandalwood oil products.
Sandalwood oil is difficult to make and has a higher pricing point. This is restraining growth.
sandalwood oil market manufacturers will have to find ways of coming up with better products with more diverse applications while keeping the price in a reasonable and affordable range for the masses around the world.
Cumulative Growth Analysis
The CAGR for the sandalwood oil market is expected to be 6.99% from 2020 to 2027.
Plant Therapy Essential Oils is a major American player in the sandalwood oil market. It has managed to become and retain its position as a renowned and respectable industry leader by investing heavily in research and development. This has allowed it to develop and market a new generation of sandalwood oil products with more innovative and useful applications and health benefits.
The sandalwood oil market can be grouped into the following based on type:
The sandalwood oil market can be grouped into the following based on application:
The sandalwood oil market can be grouped into the following areas based on region:
The North American region can be separated further into three large markets: Canada, Mexico, and the United States. The sandalwood oil market in the European Union can be divided into the following national markets: the United Kingdom, Germany, France, Italy, Spain, and the rest of the European Union. In the Asia-Pacific region, the regional sandalwood oil market can be separated into the following national markets: India, China, Japan, New Zealand, Australia, and the rest of the Asia-Pacific region.
The Asia-Pacific region is expected to enjoy the lion’s share of the sandalwood oil market share. Part of the reason for this is because India is a major nation in the Asia-Pacific region, and it is a key producer and consumer of sandalwood oil. But people in neighboring countries like Thailand are increasingly buying sandalwood oil. What is attracting them is the fact that this oil is affordable (in relation to other medicines) natural and has many great health benefits.
The same is true in Singapore. The Indians have been producers and consumers of sandalwood oil for thousands of years. However, the products have become very popular in recent years largely because many more Indians in the rapidly growing middle classes are becoming aware of the major health benefits that sandalwood oil offers. They also like the fact that it’s easy on the body and digestive system because it’s natural.
The middle classes are growing in most countries in the Asia-Pacific region. This is especially true of the economic heavyweights India and China. This means that disposable income is rising rapidly and most people in the nations in the Asia-Pacific region are wealthier than their parents ever were. India and China are good examples of this. The result is rapidly growing regional demand for sandalwood oil and a high regional CAGR until at least 2024.
Many people in the Asia-Pacific region are much more likely to buy personal care products that contain sandalwood oil than their parents were. This is also a key driver of growth in the region. This will be normal for the next few years.
The North American market is expected to see significant growth in terms of sandalwood oil market share at the regional level. What is driving this growth is the fact that the masses are increasingly demanding to buy and use products that are organic and contain mostly natural ingredients. This is especially true in the United States of America but it’s also true in Canada.
The regional sandalwood oil market is growing rapidly in the United States and Canada. It is due to the demand for oils that are used in aromatherapy is increasing rapidly. Aromatherapy is fast becoming popular in the United States of America and Canada.
The global sandalwood oil market is expected to grow rapidly as well because of the increasing demand for aromatherapy and personal care items and goods that contain mostly natural ingredients.
The global sandalwood oil market remains very competitive, one of the main reasons why is because the market is very lucrative. However, another key reason for this is because there are relatively few barriers to entry in comparison with other markets. It’s the heavy competition in the market that is forcing many companies to invest heavily in research and development to try to develop and market an entirely new generation of sandalwood oil products with more useful and innovative applications, It should also be noted that this new generation of sandalwood oil products has many more health benefits than the previous generations did.
Companies are also finding that they can continue to remain competitive by entering into joint ventures. Also called strategic partnerships, these alliances allow the resulting group of companies to have access to many more resources than the companies did separately. They can concentrate more of their efforts on research and development. The objective is to try to solidify their positions in existing markets. This move also helps them guarantee successful entry into newer markets..the resulting group of companies also has more access to monetary resources that are needed for successful advertising and marketing budgets.
Mergers and acquisitions accomplish the same goal that joint ventures do for companies that want to remain financially viable in the hypercompetitive sandalwood oil market.
Plant Therapy Essential Oils is a successful American company. It has created and maintained a superior market position by investing heavily in research and development. This has allowed it to come up with more effective sandalwood oil products with more innovative and useful applications. These products also have more health benefits.
List of Companies
Plant Therapy launches a new generation of sandalwood oils for use
The global sandalwood oil market is expected to have a cagr of 6.99% for the near term. The largest consumers of sandalwood oil are the middle classes in the Asia-Pacific region. Regional growth is expected to be high there. There is a growing demand for sandalwood oil in the North American and European markets as well
Frequently Asked Questions (FAQ) :
sandalwood oil market is expected to reach a valuation of USD 165.5 million by 2027.
sandalwood oil market is expected to exhibit a strong 6.99% CAGR over the forecast period from 2020 to 2027.
The growing demand for sandalwood oil in cosmetics and aromatherapy is the major driver for the market.
Asia Pacific dominates the global sandalwood oil market.
Leading players in the sandalwood oil market include Albert Vieille, Doterra International, and Eden Botanicals, among others.