Red Raspberry Seed Oil Market is Estimated To Witness High Growth Owing To Increasing Focus On Organic Personal Care Products
The Red Raspberry Seed Oil Market is estimated to be valued at US$ 748.4 Mn in 2023 and is expected to exhibit a CAGR of 5.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Red raspberry seed oil is extracted from the seeds of red raspberry fruit. It is gaining popularity as a natural ingredient in personal care products due to its superior moisturizing, anti-inflammatory, and antioxidant properties. Red raspberry seed oil helps soothe skin irritation, reduces acne breakouts, and provides nourishment to dry skin. Owing to growing consumer awareness regarding the benefits of organic and natural ingredients, the demand for red raspberry seed oil is increasing in cosmetics and personal care industry.
Market key trends:
The red raspberry seed oil market is driven by the rising focus of consumers on organic personal care products. There is an increasing demand for cosmetic products containing natural extracts and oils owing to growing health concerns regarding chemicals in personal care. Consumers today prefer cosmetics with organic and natural ingredients that have minimal environmental footprint. Red raspberry seed oil has gained traction as a sustainable and environment-friendly alternative to other cosmetic oils. Its anti-aging properties further boost its popularity in natural skin and hair care products. Leading personal care brands are increasingly utilizing red raspberry seed oil in their organic product ranges to cater to shifting consumer preferences.
Porter's Analysis
Threat of new entrants: The red raspberry seed oil market requires high initial investments in extraction techniques and infrastructure to enter the market. This poses as a barrier for new companies.
Bargaining power of buyers: Buyers have moderate bargaining power due to the presence of numerous suppliers in the market. Switching costs for buyers are low.
Bargaining power of suppliers: Suppliers have moderate bargaining power due to low differentiation between suppliers.
Threat of new substitutes: Substitutes include other plant-based oils, which pose a moderate threat.
Competitive rivalry: Companies compete based on price and quality.
SWOT Analysis
Strengths: Red raspberry seed oil has various health benefits. It has a long shelf life and retains its properties even during processing and packaging.
Weaknesses: Seasonal availability of red raspberries leads to fluctuations in raw material supply. Lesser brand awareness compared to other oils.
Opportunities: Increasing consumer preference for natural ingredients in cosmetics and personal care products. Growing demand for aromatherapy and therapeutic massage oils.
Threats: Economic slowdowns can negatively impact the disposable income of customers. Stringent regulations associated with the extraction process.
Key Takeaways
The global Red Raspberry Seed Oil Market is expected to witness high growth, exhibiting CAGR of 5.1% over the forecast period, due to increasing consumer preference for natural ingredients in cosmetics and personal care products.
Regional analysis: North America dominates the global red raspberry seed oil market and is expected to continue its dominance over the forecast period. This is attributed to high consumer expenditure on personal care products and growing trend of aromatherapy in the region. Europe is the second largest market for red raspberry seed oil due to increased adoption of natural ingredients by cosmetics manufacturers in countries like Germany, France, and Italy.
Key players operating in the red raspberry seed oil market are Botanic Innovations, Sweet Essentials, Healing Hollow Essential Oil, Naissance, Sheabutter Cottage, PureNature, Kari Gran, Majestic Mountain Sage, and The Apothecary in Inglewood. Major players are focusing on new product launches and expansion in untapped markets to strengthen their foothold.
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