The global sandalwood oil market stands at $115 million in 2023 and is forecasted to reach a market valuation of $188 million by the end of 2033, expanding at a CAGR of 5% from 2023 to 2033 according to a report by Fact.MR.
Related: Indian Sandalwood's Role in the Growing Sandalwood Oil Market
The report highlights a rising consumer awareness related to the health benefits of sandalwood oil, which is estimated to boost its sales during the forecast period.
Other market growth drivers for sandalwood oil are aromatherapy as well as being utilized in ayurvedic treatments and personal care products.
Asia Pacific is estimated to hold a dominating position in the global market, retaining a share of 60.1% of total revenue by 2033. This dominance is attributed to the vast availability of sandalwood trees in the region.
Prominent manufacturers of sandalwood oil are making huge investments for the expansion of their footprints across different geographies. They are also ensuring effective management of local supply while spending a substantial amount to strengthen their global supply chain management systems.