According to a report available on Radiant Insights, Inc.; the sandalwood oil market is likely to expand progressively by 2022.
Factors such as growing demand for essential oil, increasing demand for natural ingredients, growing demand for fragrant personal care products, and growing research and development activities can drive the market during the forecast period (2018 to 2022). Additionally, growing health and wellness trend along with flourishing cosmetic and personal care industries can propel the product demand in the coming years.
Growing use in fragrances and personal care products such as soaps, cream deodorants, and lotions is likely to increase the product demand over the forecast period. The product can be also extensively used in several industrial applications including edibles, room fresheners, and incense sticks. However, rising awareness about benefits and use of this essential oil is considered as a crucial driving factor for the market growth. Since, the oil comprises antiseptic and anti-inflammatory properties and also act as astringent, disinfectant, carminative, expectorant, emollient hypotensive agent, sedative, and memory booster.
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Many holistic beauty specialists suggest the therapeutic effects of this oil on skin. Therefore, rising application in aromatherapy and other natural remedies can positively boost the market growth in the coming years. Pure form of this oil can be utilized as a carrier oil in aromatherapy or massage therapy. Aromatherapy can help in reducing anxiety and depression, boosting energy, and improving cognitive performance. It also strengthens immune system, improves blood circulation, and reduces pain and headache.
However, high prices and use of synthetic sandalwood oil can hinder the market growth.
Worldwide sandalwood oil market can be segmented on the basis of product and region. Based on product, the market can be segmented on the basis of Indian sandalwood and Australian sandalwood oil.
Geographically, the market can be divided into Asia Pacific, Americas, Europe, Middle East, and Africa.
Asia Pacific is supposed to be the major regional market followed by Americas. Emerging countries in Asia Pacific such as China and India hold the major share of the market due to historic presence of the product in several customs and traditions in the region. The region is expected to grow on account of growing consumer demand for natural essential oil elements such as peppermint and spearmint. Additionally, growing use of the product in healthcare and aromatherapy as a result of growth in disposable income also expected to boost the product demand.
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The market in Europe is mainly driven due to growing prominence of aromatherapy in the region especially in countries including France and the U.K. Demand for this essential oil is also gaining traction in developing countries of Middle East and Africa and anticipated to provide enormous opportunities for the manufacturers in the coming years.
Leading companies operating in the market include Karnataka Soaps & Detergents Limited, NARESH INTERNATIONAL, R K – Essential Oils Company, Santanol, and Katyani Exports.
The market is extremely competitive due to presence of several manufacturers. Major market participants are mainly focused on technological advancements and new product launch to gain higher profits in the market.
For instance, recently, Karnataka Soaps and Detergents Ltd. (KSDL), a state government enterprise, has introduced two new products Mysore Sandal Face Pack and Mysore Sandal Centennial Soap, both developed with natural sandalwood oil. The soap is made from pure vegetable oils, moisturizers, conditioners, and sandalwood oil fragrance.
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