As per the latest analysis by FMI, the tomato seed oil market in Asia Pacific is projected to total US$ 52.8 million in 2021. Growing application of tomato seed oil across various industries such as food and beverage, animal feed, and cosmetics is facilitating its sales in Asia Pacific. Driven by this, the Asia Pacific market is estimated to reach US$ 106.4 million by 2031.
Demand for tomato seed oil increased at a CAGR of 5.9% between 2016 and 2020. Consumer preference for natural ingredients in their food & beverage products and growing trend of veganism amongst millennials are projected to push sales in the market at a CAGR of 7.3% over the forecast period 2021-2031
Tomato seed oil is extensively used in the production of cosmetic and personal care products such as anti-aging serums, body butter, sunscreens, and fairness cream due to its high linoleic acid, lecithin, antioxidants, and natural ultraviolet (UV) protection attributes.
Expansion of cosmetics and personal care industries in countries such as India, China, Japan, and South Korea will therefore create remunerable opportunities for sales of tomato seed oil in Asia Pacific.
Unrefined tomato seed oil is projected to emerge as the most preferred form in the market. Sale of unrefined tomato seed oil is likely to accelerate on account of its nutritional value and low concentration of chemicals. As per FMI, demand for unrefined tomato seed oil is anticipated to accounts for nearly 76.6% of the sales in the region by 2021.
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“Rising demand for clean-label ingredients within food and cosmetics industries will increase tomato seed oil demand. The market also will gain from green initiatives adopted by food producers to cater the rising demand for plant-based ingredients,” says the FMI analyst.
Key Takeaways from Tomato Seed Oil Market Analysis
- China is anticipated to emerge as a dominant market in East Asia, accounting for nearly 22.9% of the total regional sales over the assessment period.
- Sales of tomato seed oil in South Korea are estimated to total US$ 11.1 million, growing at a robust CAGR of 8.7% through 2031.
- The market in Japan is projected to account for more than 11.6% of the sales in Asia Pacific, expanding at a CAGR of 6.2% during 2021-2031.
- India is forecast to contribute over 16.6% of the overall revenue share in Asia Pacific, exhibiting sales growth at an impressive CAGR of 10.5% between 2021 and 2031.
- Among the nature verticals, the conventional tomato seed oil is expected to lead the segment, accounting for more than 78.8% of the total sales through 2031.
- Growing application of tomato seed oil in the production of essential oils and surging use in aromatherapy owing to its high antioxidant properties are driving the market.
- Rising penetration of e-commerce platforms and increasing availability of tomato seed oil-based products across direct and indirect sales channels are expected to facilitate the growth of the market.
- Limited shelf life of tomato seed oil due to high sensitivity to unfavorable temperature, air exposure, and the sunlight is hampering the market growth.
- High cost of tomato seed oil, availability of substitutes are the factors hindering the market sales.
As per FMI, top 5 companies operating in the tomato seed oil market are estimated to account for nearly 75% of the revenue share in 2021. Leading manufacturers are focusing on upscaling their digital marketing capabilities to expand their consumer base. Some of the players are engaging in agreement and strategic collaboration with other industries to increase their market share. For instance,
· Botanic innovation, a U.S.-based producer of organic and conventional seed oils, announced adding tomato seed oil to its product portfolio. The company stated that they use NatureFresh Cold-press system to offers high quality and sustainable seed oils.
Some of the key players operating in the market profiled by FMI are:
- AG Industries
- AGS Organics
- Kazima Perfumers (est.2010)
- SVA Organics
- EOC (Essential Oils Company)
- Natures Natural India
- Natural Sourcing LLC
- Escentials of Australia
- Sheiling Laboratories
- PRZ Herbals Care
- Rakesh Sandal Industries
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More Valuable Insights on Tomato Seed Oil Market
FMI, in its new report, offers an unbiased analysis of the global tomato seed oil market, analyzing forecast statistics through 2021 and beyond. The survey reveals growth projections on in tomato seed oil market with detailed segmentation:
By Distribution Channel:
- Direct sales
- Indirect Sales
- Grocery Retailers
- Convenience Stores
- Food and drink Specialty
- Health and Wellness Stores
- Online Retailer
- Other Retail Format
- Food Service
- Food and Beverages
- Dressing and Condiments
- Sauces and Spreads
- Ready Meals
- Beverage Processing
- Cosmetic Industry
- Skin Care
- Lip Care
- Hair Care
- Animal Feed
- Dietary Supplements
- Jerry Cans
- Tin Plate Containers
- South Korea
- Rest Of Asia
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Key Questions Covered in the Report
- The report offers insight into Asia Pacific tomato seed oil market demand outlook for the forecast period 2021-2031
- The market study also highlights projected sales growth for Asia Pacific tomato seed oil market between 2021 and 2031
- Asia Pacific tomato seed oil market survey identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry
- Asia Pacific tomato seed oil market share analysis, covering key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others