I know you have already chosen a best answer, but unfortunately it's wrong in most cases.
Either phrase can be right but they have different meanings, and there is a third preposition "into" that applies here.
The most common usage, "on the market", is when a product is being offered for sale. It is "on the market."
When a product is first "introduced",or offered for sale, it is introduced "into the market."
If a buyer is interested in purchasing, then they are "in the market" for the product.
So, generally, products are "on the market" and buyers are "in the market."
I saw that you wrote a notebook entry that made me suspect you are writing a document for work. I thought it would be helpful to clarify this usage.