Sandalwood Extract Market: Overview
Sandalwood is a class of woods from trees in the family Santalum. The forest is weighty, yellow, and fine-grained, and in contrast to numerous other sweet-smelling sorts of wood, they hold their scent for quite a long time. Sandalwood oil is extracted from the forest for use. Sandalwood is the second most costly wood on the planet, after African Blackwood. Both the wood and the oil produce an unmistakable aroma that has been profoundly esteemed for quite a long time. These benefits are likely to augment the demand for sandalwood extract, thereby boosting the growth of this market in the coming years.
The global sandalwood extract market is categorized based on type, application, and region. In terms of type, the market is bifurcated into santol, and sandalwood oil. Based on classification by application, the market is grouped into pharmaceuticals, aromatherapy, cosmetics, and perfume.
The report offers a comprehensive overview of the global sandalwood extract market primarily focusing on the growth drivers, trends, and opportunities. In addition to this, the report discusses the impact that the novel COVID19 pandemic on this market. Besides this, the report also throws light on the table of segmentation and mentions the names of the key segment earning the highest revenue. Key players and their prime growth strategies are also mentioned in this report. For more information on the report, log on to the company website.
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Sandalwood Extract Market: Company Profile
Players operating in the global sandalwood extract market are indulging in quality improvement and investing heavily in research and development strategies to reach significant heights in the overall market competition. Besides this, players are also focusing on coming up with more innovative product launches to generate more revenues in the coming years.
Some of the notable players of the global sandalwood extract market include:
- Jiangxi Xuesong
- Jiangxi Jishui Natural Essential Oil Factory
- Sandalwood Forest
- Essentially Australia
- Katyani Exports
- Naresh International
- RK-Essential Oils Company
- Santol Group
Sandalwood Extracts Market: Industry Developments
- A new product line at Whipper Snapper Distillery was launched in October 2019 by the Sandalwood Nut Company.
- Isobionics and BASF Nutrition & Health declared their joint venture for the launch of their first product called Isobionics ® Santalol.
Sandalwood Extracts Market: Drivers and Restraints
There is an increasing demand for sandalwood extracts especially from the beauty and cosmetic products industry on account of the various medicinal and herbal properties of sandalwood. Besides this, sandalwood extracts also find significant applications in Ayurvedic medicine. sandalwood oil is accepted to be gainful in treating both physical and mental issues, including tension, bronchitis, loose bowels, exhaustion, fever, gallbladder issues, hypertension, acid reflux, a sleeping disorder, liver issues, low moxie, sore throat, and urinary plot contaminations. In customary Chinese medication, Tan Xiang is regularly ready as a decoction and utilized for stomach torment because of cold stagnation, helpless craving, hiccups, and chest pain. The increasing demand from various end-users such as aromatherapy, pharmaceuticals, perfumes, and other cosmetics is likely to aid in the expansion of the overall market in the coming years.
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Sandalwood Extracts Market: Geographical Insights
Region-wise, the global sandalwood extracts market is dominated by the Asia Pacific on account of the growing inclination towards cosmetic products with natural ingredients and the increasing popularity of Ayurveda. Besides this, the market in North America will gain significant revenue in the coming years on account of the increasing adoption of pharmaceutical products with organic content and the strong presence of the beauty and cosmetic industry.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.