Sandalwood Market Scope
Sandalwood is a fragrant wood that comes from the sandalwood tree, a small evergreen tree native to India and other parts of South Asia. The wood is used for a variety of purposes, including carving, religious ceremonies, and the production of essential oils. Sandalwood has a distinctive aroma that is described as warm, creamy, and woody. The essential oil derived from sandalwood is used in aromatherapy, perfumery, and as a flavoring agent in food and beverages. It is also used in traditional medicine to treat a variety of ailments, including anxiety, depression, and skin disorders. In addition to its fragrance and medicinal properties, sandalwood has cultural and religious significance in many parts of the world. It is used in Hindu and Buddhist ceremonies, as well as in traditional Chinese medicine. The sandalwood trade has been regulated to protect the species from overharvesting, as it is considered a threatened species due to illegal logging and other factors.
|Unit||Value (USD Million)|
|Key Companies Profiled||Quintis (Australia) Pty Ltd. (Australia), WA SANDALWOOD PLANTATIONS PTY LTD. (Australia), Santanol (Australia), M3 Oils & Food Products (India), SI Private Company (India), Star Trading (India), Agroforestry (Kenya), KSandDL (India) and FPC (Australia)|
Competition among existing players is due to the stiff market share occupied by leading players. The industry leader is engaged in offering innovative and superior quality to cater to the ever-growing demand for Sandalwood. The companies are implementing strategic activities such as acquisitions and mergers along with collaboration with companies in other industries to aid them in improving sustenance and maintaining their competitive advantage.
Quintis (Australia) Pty Ltd. (Australia), WA SANDALWOOD PLANTATIONS PTY LTD. (Australia), Santanol (Australia), M3 Oils & Food Products (India), SI Private Company (India), Star Trading (India), Agroforestry (Kenya), KSandDL (India) and FPC (Australia) are some of the key players that are part of study coverage.
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.
The study have segmented the market of Global Sandalwood market by Type , by Application (Cosmetics & personal care, Healthcare, Furniture, Incense, Therapeutics and Others) and Region with country level break-up.
On the basis of geography, the market of Sandalwood has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). region held largest market share in the year 2022.
In October 2021, Quintis officially opens a new sandalwood oil distillation process at Albany. The worlds largest Indian sandalwood grower, Quintis has officially opened a USD 700k new sandalwood oil production line at the Companys 60,000 sqm distillation facility in Albany, Western Australia.
Influencing Trend:Increasing awareness of the benefits of aromatherapy
Market Growth Drivers:Increasing demand for natural and organic products
Challenges:High Cost of Sandalwood
Restraints:Limited Availability of sandalwood trees & is found in only a few regions of the world
Opportunities:Rising demand for luxury and premium products
Key Target AudienceSandalwood Manufacturers Suppliers and Distributors, Venture Capitalists and Private Equity Firms, New Entrants/Investors, Strategic Business Planners, Government Regulatory and Research Organizations