Global Sunflower Oil Market Size To Worth USD 30.52 Billion by 2032 | CAGR of 6.72%
Category: Food & BeveragesThe global sunflower oil market is estimated at $30.52 billion by 2032
According to a research report published by Spherical Insights & Consulting, the global sunflower oil market size is projected to grow from US$ 20.51 billion in 2021 to US$ 30.52 billion by 2032, at a compound annual growth rate (CAGR) of 6.72% during the forecast period.
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Get key industry insights presented across 200 pages, with 120 market data tables, figures, and charts from the report “COVID-19 Market Size, Share, and Impact Analysis on Global Sunflower Oil Market, By Product (High Oleic, Mid Oleic, Linoleic), By End User (Household/Retail, Foodservice/HORECA, Industrial), By Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa), Analysis and Forecast 2021-2032”. For a detailed description of the report, visit: https://www.sphericalinsights.com/reports/sunflower-oil-market
Sunflower oil is used in chemical formulas and as a treatment for many diseases. There is also a huge demand for frying oil in the culinary industry. Forecasts indicate a huge increase in the food industry's demand for sunflower oil. The expansion of franchise stores and online trading will benefit the global sunflower oil market. Europe will continue to be the largest market for processed sunflower oil.
Impact of COVID-19
The COVID 19 pandemic has had a significant impact on the global sunflower oil market, causing disruptions to the global economy and supply chains. Trade restrictions and nationwide lockdowns imposed by various governments have had a negative impact on the expansion of the global sunflower oil market. Also, those who stayed at home tended to order food from hotels. Also, the cost of edible oils has increased sharply during the pandemic. The Solvent Extractors Association of India (SEA) reported that the import of edible oil has declined by 5%.
Owing to its anti-inflammatory properties and high unsaturated fat content, sunflower oil is expected to gain traction in the coming years due to the growing focus on health and fitness. In fact, sunflower oil is often used to treat heart disease and tenia pedis foot infections in male athletes. Apart from these factors, the market is expected to be driven by rising consumer demand for healthy processed foods, adoption of healthy cooking oil, increasing public awareness about the health benefits of sunflower oil consumption, various government initiatives to promote sunflower production, and rising demand for biodiesel and alternative fuels. Increased focus on sustainability and increased investment in biodiesel R&D are expected to open up new opportunities for both budding sunflower oil manufacturers and existing market players. Growing use of sunflower oil in vegan mayonnaise and cheese production is expected to open up huge opportunities during the forecast period.
Due to its well-known ability to significantly improve the health of skin and hair, sunflower oil is becoming increasingly popular for consumption. In fact, a large number of cosmetics and beauty companies have started using sunflower oil in the production of skin care and beauty products, which is expected to contribute to the expansion of the market during the forecast period. To enhance the nutritional profile of their products, many startups have started focusing on the use of natural ingredients, which is expected to open up new potential for sunflower oil manufacturers.
The introduction of substitutes for edible oils with comparable health benefits, such as canola oil, coconut oil, and olive oil, has made it difficult for the global sunflower oil market to expand. Oils with a high wax content, such as sunflower oil, require additional dewaxing and filtration steps during the production process, which significantly increases the cost. Thus, the price of the product as a whole increases, making it more expensive than other common oils such as peanut oil, soybean oil, and vegetable oil. This is the reason why a very small percentage of people in underdeveloped countries use sunflower oil.
Type Insights
The medium oleic segment dominates 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. As it maintains linoleic acid levels to continue to be a superior nutritional source and has high levels of oleic acid, which makes it less susceptible to rancidity and breaking down, mid-oleic sunflower oil is one of the high standard variations and is freely accessible all over the world. As a result, it produces no trans fat and does away with the requirement for hydrogeneration. In situations with high cooking temperatures, it is also commonly employed in the food business. In addition, the oil is renowned for having fewer trans fats and for providing health advantages at reasonable costs. Additionally, this oil serves as an emollient in cosmetic formulas.
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. Consumer interest in eating out is expected to continue to rise, and the number of restaurant chains has also increased, supporting the market's expansion. In India, it is projected that 80.5% of edible cooking oils are eaten in restaurants, while 6.4% of sales occur in nightclubs, bars, and pubs, according to a report released by Agriculture and Agri Food Canada.
It is frequently employed in the production of numerous processed goods, including snacks. For instance, Frito Lay, a U.S. subsidiary of PepsiCo, shifted to utilising sunflower oil to make snacks between 2003 and the present.
Regional Insights
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 United States has a very high processed food consumption rate, which is thought to be a major driver in the increased demand for sunflower oil in this market during the next years. Aside from these factors, it is anticipated that rising demand for healthy vegetable oils, rising use of sunflower oil for animal feed preparation, rising use of sunflower oil for crying, and rising consumer awareness of the advantages of sunflower oil consumption will drive market demand over the forecast period. Additional driving forces include the rise in cardiovascular disease, the prevalence of obesity, the enormous demand for organic and natural components, and government initiatives to encourage the production of the sunflower crop.
On the other hand, the Asia Pacific region is expected to witness the fastest market growth over the expected time period. Governments in several Asian countries have started focusing on reducing the consumption of hydrogenated oil, and this development will expand the Japanese market. In addition to this, the use of sunflower oil in bakery and confectionery products is another key element boosting the demand in the Asia Pacific region. The need for inventive and healthy bakery products is growing in the Asia Pacific region due to the rapid expansion of the bakery industry.
The main suppliers to the world 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.
Market segment
This study projects revenue at the global, regional and country levels from 2019 to 2032. Spherical Insights has segmented the global sunflower oil market based on the following segments:
Sunflower oil market, type analysis
- High oleic
- Medium oleic
- linoleic
Sunflower oil market, end consumer analysis
- Household/Retail
- Catering/HORECA
Sunflower oil market, regional analysis
· North America
about the USA
Canada
about Mexico
· Europe
about Germany
about Great Britain
about France
about Italy
about Spain
Russia
o Rest of Europe
· Asia Pacific region
China
or Japan
India
about South Korea
about Australia
o Rest of Asia Pacific
· South America
about Brazil
about Argentina
o The rest of South America
· Middle East and Africa
UAE
about Saudi Arabia
or Qatar
about South Africa
o Rest of the Middle East and Africa
About Spherical Insights & Consulting
Spherical Insights & Consulting is a market research and consulting firm that provides actionable market research, quantitative forecasting and trend analysis, delivering forward-looking insights tailored to decision makers and driving ROI.
Which serves various industries such as the financial sector, industrial sector, government organizations, universities, non-profit organizations and corporations. The company's mission is to work with enterprises to achieve business goals and support strategic improvements.
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