As per Future Market Insights (FMI), sales of tomato seed oil will increase by 7.3% CAGR between 2021 and 2031, in comparison to growth at 5.9% registered in the last five years, from 2016 to 2020.
Following the outbreak of COVID-19, consumers have become increasingly conscious regarding their skin and health. As skincare took center-stage post pandemic and several cosmetics brands registered demand uptick for their products.
Driven by rising demand for organic ingredients in cosmetics and skin care products, sales of tomato seed oil surged. This also encouraged key players to focus on strategic alliances with digital distributors to ascertain uninterrupted sales even as lockdown restrictions were implemented amidst pandemic.
Contract manufacturing of tomato seed oil and other ingredients for cosmetic and personal care products are popular due to ease and convenience. During the FQ-20, contract manufacturers within the cosmetic industry faced various challenges such as unstable buying patterns, employee safety, and shortage of raw materials due to the onset of the novel coronavirus.
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However, with the advent of digital marketing and online platforms, key players as well as new entrants were able to mitigate some of the challenges posed by the COVID-19 outbreak.
On the back of these aforementioned players, the Asia-Pacific tomato seed oil market is expected to surpass US$ 106.4 Mn in 2031.
Key Takeaways from the Asia Pacific Tomato Seed Oil Market Study:
- China tomato seed oil market is expected to dominate in terms of market share, holding 27.0% of the total market share.
- Indirect sales are the most preferred distribution channel of tomato seed oil market, accounting for 70.1% of total share in 2021.
- In terms of nature, organic segment is anticipated to witness lucrative growth, registering growth at a CAGR of 8.5% during the forecast period (2021-2031)
- In the form segment, unrefined segment will account for 77.9% of the market share in 2021,
- Based on end use application, the cosmetic industry segment will account for 59.2% of the market share in 2021, expanding at a CAGR of 5.6%
- Bottle is the most preferred packaging type, contributing 50.8% of the market revenue in 2021.
“Manufacturers are relying on social media campaigns to strengthen their digital presence to. Surging demand for organic skin care products and plant-based food products is expected to create incremental opportunities for tomato seed oil manufacturers over the coming years” says to FMI’s analyst
Rise of “Smart Consumers” Creating Opportunity for Tomato Seed Oil Market
Consumers are extensively using advanced technologies in order to buy the best product from the market. Smart technologies have dramatically improved consumers’ information management within online and offline retail settings.
Smart technologies have facilitated smart collaborations, co-creation, and new types of engagement between businesses and customers. Increasing awareness regarding healthcare, and nutritious food among consumers have made them conscious and picky about their choice of products.
Growing awareness among consumers about clean-label ingredients and plant-based products have accelerated the demand for tomato seed oil. Consumers are increasingly concerned about suppliers and the circumstances under which their product is produced, such as working conditions at factories.
Owing to this, companies are also putting efforts toward green initiatives to meet the growing requirements of consumers.
Who is Winning?
Some of the leading companies operating in tomato seed oil market include AG Industries, AGS Organics, O&3, Puroma, Kazima Perfumers ( est.2010), SVA Organics, Haekels, EOC ( Essential Oils Company), Natures Natural India, Aramacs, Natural Sourcing LLC, Escentials of Australia, Sheiling Laboratories, PRZ Herbals Care, Rakesh Sandal Industries among others.
Manufacturers are focusing on online retailing to provide products to customers through numerous e-commerce websites. Producers are emphasizing on online retailing following the outbreak of COVID-19 pandemic to provide a wide range of items to customers through a variety of e-commerce websites.
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Get Valuable Insights into Tomato Seed Oil Market
Future Market Insights, in its new offering, provides an unbiased analysis of the tomato seed oil market presenting historical demand data (2016-2020) and forecast statistics for the period from 2021-2031. The study divulges compelling insights on the tomato seed oil market based on form (refined and unrefined), by nature (organic and conventional), by distribution channel (direct sales and indirect sales), by end use application (food services, food & beverage, cosmetic industry, industrial, animal feed, dietary supplements), by packaging (aseptic, pouches, bottle, jerry cans, tin plate containers) across three major regions.
About FMI
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, the global financial capital, and has delivery centers in the U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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