Sandalwood is a precious and aromatic wood in high demand for top-end furniture, including cabinets and veneers. However, its supply scarcity drives this wood’s price to be exorbitant and in 2024 sandalwood market will skyrocket.
This slow-growing tree can reach up to 20 meters in height, producing a pale yellow wood known for its fragrance and beauty. Sandalwood’s high cost makes it a sought-after material in luxury furniture production.
Indian sandalwood is particularly prized for its fragrance and aesthetic appeal. Additionally, it is utilized to create incense and other aromatherapy products. The Indian government regulates the sandalwood industry by setting annual export limits, causing a global shortage and driving up the price of wood in 2024.
Sandalwood is a valuable commodity, exported globally with major destinations including China, India, the United Arab Emirates, and other Middle Eastern countries. Exports have seen an increase in the past five years.
This versatile material is utilized in various products, such as perfumes, incense, and traditional medicines. The demand for sandalwood has grown in recent years due to its popularity and the increasing use of natural products. However, the limited supply of sandalwood, as it takes several decades to mature, makes it a luxury product with a high price tag.
Exported primarily as wood, oil, and its derivatives, sandalwood is used to create furniture, carvings, and decorative items, while its oil is used in perfumes and other fragrances. The high demand for sandalwood oil is due to its perceived medicinal properties and use in traditional remedies. Additionally, sandalwood is exported as incense sticks, powders, and other products.
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