"His endorsement alone increases our sales 30 percent, even if he's not playing," Ilagan told CNBC's Dominic Chu in an interview from the tournament in Augusta, Georgia, that aired on "Power Lunch" on Thursday.
Bridgestone Golf signed Woods to a multiyear deal to play exclusively with Bridgestone balls in December 2016.
The four-time Masters champion has a 10-to-1 chance of winning the tournament, which got underway on Thursday.
And now that Woods has the potential to score his first major title in 10 years, fans are scrambling to buy products endorsed by their favorite player.
The golf equipment producer sold out of a yearlong supply of special Tiger Woods-branded golf balls within 10 days thanks to the endorsement. The balls are still on back order, but it doesn't look like the hype will ease up anytime soon.
Even the products Woods is not using are still being sold at a high rate as a result of his ability to draw attention, according to Ilagan.
"If he wins, we're in a whole lot of trouble because we're not going to be able to make enough product," he joked.
Woods' comeback is a big deal for golf. A child prodigy, he won his first Masters in 1997 at age 21, the youngest player ever to win the tournament. He is credited with reinvigorating the sport by drawing more spectators and inspiring more kids to play, but he hasn't played himself in four years due to a back injury. After undergoing a fourth surgery just last year, he is finally back on the green and playing like his old self.
His presence alone has already increased network viewership by as much as 150 percent, according to Nielsen, and brought badge demand up 20 percent, according to StubHub.