by The global 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 fruits through a cold pressing technique. It contains antioxidants like vitamin A, vitamin E, and fatty acids like oleic acid and linoleic acid that impart several skin benefits. It helps reduce signs of aging, lightens dark spots and scars, soothes inflammatory skin conditions, and moisturizes dry skin without clogging pores. Growing consumer awareness about natural ingredients and their skin benefits is fueling the demand for red raspberry seed oil in cosmetic products like creams, lotions, and serums.
Market key trends:
The increasing demand for clean-label personal care products with minimal synthetic ingredients is a key trend in the market. Consumers are shifting towards products containing natural oils and plant extracts due to greater transparency about ingredients. Red raspberry seed oil satisfies this demand due to its natural composition and skin-benefiting properties. Another major trend is the higher popularity of DIY (do-it-yourself) skincare recipes using red raspberry seed oil among millennials on social media platforms. They are more inclined to formulate their own creams and serums containing this oil.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the red raspberry seed oil market is low. New entrants require high capital investments for establishing production facilities and distribution networks.
Bargaining power of buyers: The bargaining power of buyers is high in this market. Buyers have several product options available at competitive prices. They can easily switch to substitutes if prices increase.
Bargaining power of suppliers: The bargaining power of suppliers is moderate. There are many raw material suppliers but suppliers of specialized extraction equipment have some bargaining power.
Threat of new substitutes: The threat of substitutes is moderate. Other plant-based oils can substitute red raspberry seed oil for certain applications but each oil has unique properties.
Competitive rivalry: The competitive rivalry in the market is high due to presence of many regional and international players.
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 demand for natural cosmetics and personal care products.
Regional analysis: North America dominates the global red raspberry seed oil market currently. The U.S. is the largest producer and consumer of red raspberry seed oil. Europe is the second largest market led by Germany, U.K., and France. Asia Pacific is expected to be the fastest growing market with countries like China and India emerging as lucrative markets.
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. Key players are focusing on new product launches, partnerships, and expansion in emerging regions.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
