Global Sunflower Oil Market Insights Forecasts to 2032
- The Sunflower Oil Market Size was valued at USD 20.51 Billion in 2022.
- The Market is Growing at a CAGR of 6.72% from 2022 to 2032
- The Worldwide Sunflower Oil Market Size is expected to reach USD 30.52 Billion By 2032
- Asia Pacific is expected To Grow the fastest during the forecast period
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The Global Sunflower Oil Market is Expected to reach USD 30.52 Billion By 2032, at a CAGR of 6.72% during the forecast period 2022 to 2032.
Numerous illnesses can be treated with sunflower oil, and it is also utilised in chemical formulas. The need for frying oil is very high in the food business as well. The demand for sunflower oil from food companies is expected to grow significantly, according to forecasts. The growth of online platforms and franchise stores will help the global market for sunflower oil. The greatest market for processed sunflower oil will still be in Europe.
Impact of COVID 19 On Global Sunflower Oil Market
The COVID 19 pandemic has resulted into the severe impact on the Global Sunflower Oil Market which has disrupted the economy as well as supply chain activities across the world. The governments of various countries have imposed nationwide lockdowns as well as trade barriers which has impacted the growth of the global sunflower oil market in a negative way. Moreover, the consumers who were at home had the tendency to order food from hotels. Apart from this, the price of edible oils have also increased exponentially during the period of pandemic. As per the report presented by the Solvent Extractors’ Association of India (SEA), there has been a reduction of edible oil imports by 5%. The main reason behind this is the disruption in the supply chain as well as reduced consumption of sunflower oil among economically weaker sections of society.
Key Market Drivers
The increasing focus on health and fitness has led a huge demand for healthy food alternatives and this strength is anticipated to rise the consumption of Sunflower oil over the upcoming years due to its anti-inflammatory properties as well as high composition of unsaturated fats. In fact, Sunflower oil is also widely used to treat tenia pedis foot infections in men athletes and Cardiac issues. Apart from this the increasing demand for healthy processed food, rising adoption of healthy cooking oil, increasing awareness among the people related to the health benefits of Sunflower oil consumption, different initial tips taken by the government to promote the production of sunflower, and increasing demand for alternative fuels and biodiesel are anticipated to propel the market over the upcoming years. The rise in the investment in research and development of biodiesel and increasing focus on sustainability are anticipated to open new ways for upcoming Sunflower oil manufacturers and established market players. The increasing use of Sunflower oil in making vegan cheese and Wagon mayonnaise is anticipated to provide huge scope over the forecast period.
Sunflower oil is known to provide huge benefits to skin and hair due to which the popularity of consuming Sunflower oil is increasing exponentially. In fact, many cosmetics and personal care companies has started using Sunflower oil to manufacture skin care products and cosmetics product which is anticipated to drive market growth over the forecast period. Many startup companies have started focusing on using natural ingredients in order to improve the nutrient profile of their products which is anticipated to create new opportunities for new sunflower oil manufacturers.
Global Sunflower Oil Market Report Coverage
|Market Size in 2022:||USD 20.51 Billion|
|Forecast Period 2022-2032 CAGR:||6.72%|
|2032 Value Projection:||USD 30.52 Billion|
|Historical Data for:||2020-2021|
|No. of Pages:||200|
|Tables, Charts & Figures:||120|
|Segments covered:||By Product, By End Users, By Region.|
|Companies Covered:||Archer Daniels Midland Company, Cargill Incorporated, Colorado Mills, CHS Inc., Oliyar Production Company, Delizio, Mcjerry sunfloweroil, PPB Group Berhad, ConAgra Foods, Inc, Marico, Rein Oil CC.|
|Pitfalls & Challenges:||COVID-19 Empact, Challenge, Future, Growth, & Analysis|
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Key Market Challenges
The presents of substitute edible oils like canola oil, coconut oil, and olive oil having similar nutritional qualities hampered the growth of the Global Sunflower oil market. The manufacturing process of oils with high wax content like sunflower is very costly due to the additional dewaxing and filtration process involved in it. Hence it increases the overall price of the product which is higher as compared to the other conventional oils like groundnut oil, soyabean oil, and vegetable oil. This is why Sunflower oil is adopted by very less number of people in developing countries. Moreover, different key market players have started investing in mineral fortification in edible oils and technology to maintain the retention rate of the essential nutrients of the oil at the process of manufacturing. This has resulted in the increasing interest among the consumer in olive oil. This is because olive oil is much healthier as compared to sunflower in terms of fatty acid, vitamin K, and mineral content which is hampering the growth of the Sunflower oil market.
Mid Oleic segment is dominating the market with the largest market share over the forecast period
On the basis of type, the global sunflower oil market is segmented into high oleic, mid oleic, and linoleic. Among these, mid oleic segment is dominating the market with the largest market share over the forecast period. The mid oleic sunflower oil is one of the high standard variants and is easily available all across the world because it retains linoleic acid levels to in order to remain an excellent dietary source with high levels of oleic acid which makes it less prone to rancidity as well as breaking down. Hence, it eliminates the need for hydrogeneration and results trans fat. It is also widely used in cooking industry in conditions having high cooking temperatures. Apart from this, the oil is known to have lower trans fats and offers health benefits at affordable prices. This oil is also used as an emollient in cosmetic formulations.
High oleic segment, on the other hand is anticipated to witness the fastest market growth over the forecast period due to its higher demand as well as superior quality as compared to the other two variants. Not only this but also the higher shelf life, neutral taste, and its stability at high temperatures makes it the go to option among food processors and food manufacturers.
End User Insights
Food service/ HORECA holds the highest market share over the forecast period
Based on the end user, the global sunflower oil market is segmented into household/ retail, food service/ HORECA, and industrial. Among these, the food service/ HORECA holds the highest market share over the forecast period. The growth of the market is attributed to the increasing interest of consumers towards dining out as well as increasing restaurant chains have supported the growth of the segment. As per the report presented by the Agriculture and Agri Food Canada, it is estimated that around 80.5% of edible cooking oils in India were consumed through food restaurants whereas 6.4% of sales were through clubs, bars, and pubs.
It is also widely used to manufacture various processed foods like snacks. For instance, from 2003 to the present year, Frito Lay which is an American subsidiary of PepsiCo. has switched to using sunflower oil to manufacture snacks.
North America is dominating the market with the largest market share over the forecast period
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North America is dominating the market with the largest market share over the forecast period. The consumption of processed food in United states is extremely high and it is considered the key factor which is anticipated to increase the sale of Sunflower oil in this region over the forecast period. Apart from this the rise in the demand of healthy vegetable oil, increasing use of Sunflower oil for crying, increasing use of animal feed preparation, and increasing awareness related to the benefits of consumption of Sunflower oil is estimated to propel the demand of the market over the forecast period. Apart from this the increasing cases of obesity, rising prevalence of cardiovascular disorders, huge demand of organic and natural ingredients, initiative taken by the government to promote the cultivation of sunflower crop are various other driving factors which are propelling the regional demand.
Asia Pacific on the other hand is estimated to witness the fastest market growth over the forecast period. Various government of Asian countries have started focusing to lower the consumption of hydrogenated oil and this trend is going to develop the market of Japan. Apart from this, the Other driving factors which boost the Asia Pacific regional demand is the use of Sunflower oil in making snacks, Bakery, and confectionery products. In the Asia Pacific region the Bakery industry is expanding in a rapid rate which is why the demand for innovative and healthy Bakery products is also increasing.
Recent Market Developments
- In November 2018, Abu Dhabi Vegetable Oil Co. has made an announcement about the partnership with Patanjali Ayurved Limited in order to manufacture wide range of edible oils for the middle eastern countries.
List of Key Companies
- Archer Daniels Midland Company
- Cargill Incorporated
- Colorado Mills
- CHS Inc.
- Oliyar Production Company
- Mcjerry sunfloweroil
- PPB Group Berhad
- ConAgra Foods, Inc
- Marico, Rein Oil CC
This study forecasts revenue at global, regional, and country levels from 2019 to 2032. Spherical Insights has segmented the global Sunflower Oil Market based on the below-mentioned segments:
Sunflower Oil Market, Type Analysis
- High Oleic
- Mid Oleic
Sunflower Oil Market, End User Analysis
- Household/ Retail
- Foodservice/ HORECA
Sunflower Oil Market, Regional Analysis
· North America
o Rest of Europe
· Asia Pacific
o South Korea
o Rest of Asia Pacific
· South America
o Rest of South America
· Middle East & Africa
o Saudi Arabia
o South Africa
o Rest of Middle East & Africa
Frequently Asked Questions (FAQ)
What is the market size of Sunflower Oil Market?The global Sunflower Oil Market is expected to grow from USD 20.51 Billion in 2021 to USD 30.52 Billion by 2032, at a CAGR of 6.72% during the forecast period 2022-2032.
Who are the key market players of Sunflower Oil Market?Some of the key market players of Sunflower Oil Market are Archer Daniels Midland Company, Cargill Incorporated, Colorado Mills, CHS Inc., Oliyar Production Company, Delizio, Mcjerry sunfloweroil, PPB Group Berhad, ConAgra Foods, Inc, Marico, Rein Oil CC.
Which segment hold the largest market share?Mid oleic segment hold the largest market share is going to continue its dominance.
Which region is dominating the Sunflower Oil Market?North America is dominating the Sunflower Oil Market with the highest market share.
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