Kings Research today announced the release of its latest market intelligence study, “Global Sandalwood Market: Size, Share, Trends & Forecast 2024–2031.” The report provides an in-depth analysis of market size, growth drivers, technological trends, regional outlook, and competitive dynamics.
According to Kings Research, the global sandalwood market was valued at USD 358.3 million in 2023 and is projected to reach USD 583.1 million by 2031, expanding at a CAGR of 6.36% over the forecast period. Market growth is being propelled by rising demand for natural fragrances, essential oils, and personal care products, driven by consumer preference for organic, sustainable, and wellness-oriented solutions.
Sandalwood, including Indian (Santalum album) and Australian (Santalum spicatum) species, is highly valued for its aroma, therapeutic properties, and versatility across cosmetics, pharmaceuticals, aromatherapy, and luxury goods sectors. Regulatory restrictions and sustainable cultivation practices influence market dynamics, while increasing awareness of health and wellness benefits further fuels demand.
Kings Research identifies the following drivers for the sandalwood market
- Rising Demand in Personal Care and Cosmetics: Sandalwood oil’s anti-inflammatory, antimicrobial, and soothing properties are increasingly incorporated into skincare, haircare, and luxury cosmetic products.
- Growth in Aromatherapy and Wellness Products: Sandalwood’s calming fragrance supports stress relief, mental wellness, and holistic health applications, boosting adoption in essential oils, diffusers, candles, and spa products.
- Sustainable Cultivation and Ethical Sourcing: Stringent regulations on wild harvesting have led to investment in plantations, certifications for responsible sourcing, and traceability technologies to ensure sustainability and ethical compliance.
- Luxury Market Expansion: Growing consumer spending on high-value and premium personal care products in emerging markets is driving the demand for high-quality sandalwood.
- Technological Advancements in Cultivation and Extraction: Improved cultivation methods and oil extraction techniques enhance yield, oil quality, and production efficiency, addressing supply constraints and supporting market growth.
B2B leaders in cosmetics, aromatherapy, pharmaceuticals, and luxury goods can benefit from sandalwood through
- High-Value Natural Ingredient: Premium oil for fragrances, skincare, and personal care formulations.
- Therapeutic and Aromatic Benefits: Applications in wellness, aromatherapy, and traditional medicine.
- Sustainability and Ethical Sourcing: Compliance with environmental standards and consumer preference for ethically sourced ingredients.
Regional Outlook
- Asia Pacific: Held 37.51% market share in 2023 (USD 134.4 million), driven by favorable cultivation conditions, cultural significance, and robust consumption in India and Australia.
- North America: Expected to grow at a CAGR of 7.40% due to rising demand for natural and organic personal care products, wellness trends, and sustainable sourcing initiatives.
- Europe: Growth supported by luxury cosmetic adoption, aromatherapy usage, and increasing preference for ethically sourced ingredients.
Competitive Landscape
The global sandalwood market is fragmented, with companies focusing on product innovation, partnerships, and regional expansion. Key players include G. Organica, Ahimsa Oils, Essentially Australia, Haihang Industry Co., Ltd., Mercer International Inc., and Puja Perfumery. Companies are investing in R&D, sustainable sourcing, and manufacturing optimization to strengthen their market presence and capitalize on growing demand.
The full Kings Research report provides detailed segmentation by type, form, application, and region, along with competitive benchmarking and industry forecasts. To request a sample report or access the complete study, visit https://www.kingsresearch.com/sandalwood-market-703.
About Kings Research
Kings Research is a global provider of syndicated research reports and consulting services, enabling organizations to navigate emerging markets, assess opportunities, and make informed strategic decisions.
All market data are sourced from Kings Research proprietary analysis, validated against credible sources and industry publications. Key references include the Food and Agriculture Organization (www.fao.org), International Fragrance Association (www.ifraorg.org), and regional agricultural regulatory authorities.