Many different products and raw materials are produced and manufactured from Indian sandalwood for customers worldwide.
Traditional sandalwood markets include religious and ceremonial applications, remedies as well as the perfume and cosmetics industry. The overall annual demand for Indian sandalwood is estimated to be about 28,000 tons.
Because of its many and varied uses and applications, the various wood and oil based by- and end-products won from processing Indian sandalwood are in great demand worldwide.
While the perfume and cosmetics industry accounts for most of the demand from the US and Europe, the demand in Asia is primarily driven by the use of Indian sandalwood for religious and ceremonial purposes.
Our asset partner Quintis estimates the annual demand for Indian sandalwood to be about 28’000 metric tons, which represents a market value of approximately USD 3 billion, of which about 86% is used for traditional purposes. The global demand for Indian sandalwood is forecasted to grow by a total of about 50% in the coming 10 years to an annual volume of approximately 45,000 metric tons.
The annual global demand for the heartwood of the Indian sandalwood tree is forecasted to grow from 28,000 tons today to about 45,000 in 10 years, driven primarily by emerging new applications for Indian sandalwood in the pharmaceutical industry. Our asset partner Quintis is the only producer worldwide of Indian sandalwood oil in a sufficient quality for use in pharmaceutical and medical applications.