Cranberry Seed Oil: Market Outlook
The cranberry fruit is a superfood native to North America. The fruit is a popular and a favourite among fruit flavour and juices but also stands out in terms of its seed extract applications. The cranberry seed oil is extracted by the method of cold pressing, thereby preventing any kind nutrient degradation. It is a unique seed oil that contains essential vitamins and antioxidants that helps in personal care and health care applications.
The growth rate of cranberry seed oil market is expected to be at least 3% more than the overall growth rate of the cold-pressed seed oil market. The increasing demand for anti-ageing creams, hair health solutions, and moisturizers is expected to propel the growth of the global cranberry seed oil market.
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Premiumization, Marketing Strategies, and Key Benefits are the Main Driving Factors
To begin with the price point, cranberry seed oils are already expensive. It is the consumers’ behaviour to prefer premium products, especially in the case of health care products, as they come with a safety guarantee. Market players should consider implementing transparency and clean label practices to prevent consumers from buying other counterfeit alternatives. This would not only safeguard the authentic market players’ businesses but would also expand them.
Another strategy the market players should consider investing in is the organic approach. Roughly about 2% of the global cranberry produce is organic. The fact that there is an unwavering demand for organic food products irrespective of the high price states that manufacturers of cranberry seed oil must trace back to the value chain and call out the framers and cultivators to grow organic berries.
Marketing the cranberry seed oil as an exotic ingredient in skincare products using broadcast media and digital space in regions excluding the Americas would impact the consumers’ buying nature. The cranberry flavours and juices have an already established market in the East and thus, would act as a supporting factor in promoting the use of cranberry seed oil.
The cranberry seed oil contains a high concentration of essential fatty acids and phytosterols that are responsible for maintaining long-term moisturisation, softness and plumpness of the skin. It is also a great source of tocopherols, tocotrienols, and vitamin E. Its unique balance of omega 3, 6, and 9 essential fatty acids give it an excellent antioxidant property for skin absorbency. The vitamins present in the oil help in improving elasticity and firmness of the skin.
The natural SPF found in the oil helps in reducing age spots and pigmentation. Cranberry seed oil also treats skin irritation and inflammation. The benzoic acid along with the omega fatty acids present in the oil is the perfect ingredient to treat eczema, psoriasis and rosacea. The non-greasy oil contains high levels of vitamin E for nourishing scalp and hair and preventing dandruff.
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Global Cranberry Seed Oil: Market Segmentation
Based on Nature, cranberry seed oil can be segmented as:-
- Organic
- Conventional
Based on Application, cranberry seed oil can be segmented as:-
- Cosmetic & Personal Care
- Hair Care
- Skin Care
- Aromatherapy
- Others
- Food & Beverage
- Bakery
- Salad Dressings
- Functional Beverages
- Sauces, Spreads, & Soups
- Others
- Nutraceuticals
- Household
Based on Sales Channel, cranberry seed oil can be segmented as:-
- B2B
- B2C
- Modern Trade
- Speciality Store
- Department Store
- Convenience Store
- Drug Store
- Online Retail
Global Cranberry Seed Oil: Key Players
Some of the key players manufacturing cranberry seed oil are as follows – Connoils, Natures Natural India, Queen B, All Organic Treasures GmbH, I&W Research, Botanic Innovations, Nature in Bottle, India Aroma Oils, Kshrey, Paras Perfumers, Sri Venkatesh Aromas, and Nutrativa Global.
Opportunities for Global Cranberry Seed Oil Market Participants:
The European region is expected to be the fastest-growing and most attractive market for sales. The European market displays a tremendous business opportunity for market players. The North American region dominates the market share by volume, accounting for more than 60% of the total market share. The Latin American market is well versed with the product and account for the second-largest export of cranberry seeds. The Latin American market is expected to display a fair business opportunity for local market players. The Middle East and African region are expected to project the second-fastest growth rate, offering a potential business opportunity to key market players.
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COVID-19 Impact:
The deadly COVID-19 pandemic had stalled the global production of consumer goods in the first quarter of 2020. Although the lockdown relaxed in several countries, the manufacturers were struggling to streamline their production. Moreover, the global supply chain was adversely disrupted, stalling trade of many products for a brief period. The pandemic is expected to hinder the production and supply chain operations of cranberry seed oil, with an estimated dip of 10% for the year 2020. The recovery of the market post the COVID-19 pandemic is likely to continue with a cyclic growth trajectory from 2015 to 2030.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
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