Pune, India, Feb. 23, 2021 (GLOBE NEWSWIRE) -- Key Aspects Set to Influence the Industry
Market Research Future (MRFR) Reports that the Global Sunflower Oil Market is expected to register a CAGR of 5% and reach USD 22,150.2 Million by 2027. The Global Sunflower Oil Market shows significant growth in the near future. The global sunflower oil consumption is increasing rapidly due to its rising popularity among consumers. With the adoption of more health-conscious practices, consumers now prefer light edible oils due to their healthful properties. In addition, the proportion of sunflower oil in the total amount of edible oils is increasing each year. This has led to the sunflower oil market's growth because of increased demand for food processing products.
COVID-19 Analysis:
As a result of COVID-19, consumers have developed the taste of healthy foods they used to avoid. This will result in a spike in demand for sunflower oil and sunflower seeds in the market. Thus, the customer base is expected to grow during the forecast period. However, the manufacturing and sale of these goods have been impacted by the lockdowns enforced by the governments of various countries and the partial shutdowns of different production units, which have had a negative effect on consumer development. When normalcy is re-established, economic growth will resume.
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Segmental Analysis
The Sunflower Oil Market has been categorized into linoleic acid, mid-oleic acid, and high-oleic acid by type. The polyunsaturated fatty acid segment is expected to dominate the global market by the end of 2027 and be valued at USD 22.15 billion. Linoleic acid is a commonly produced byproduct of oil production. Despite the lower CAGR, mid-oleic acid is expected to register the highest growth rate during the forecast period because of the price effectiveness and various health benefits of the product. Additionally, sunflower oil is used as an emollient in cosmetic formulations.
The market is divided into different applications, including food and beverages, biofuels, personal care, and others. The food and beverage segment accounted for the largest share of sales throughout 2018 and is likely to expand at the fastest rate throughout the forecast period. Bakery foods are convenient, they provide both fat and sugar, and they are cheap and provide energy, thus witnessing high demand. Increased growth in high-end bakeries contributes to an increase in the overall food and beverage industry.
Competition Landscape:
The sunflower oil players are focusing on gaining market share by acquiring other players and launching more innovative products.
Global Sunflower Oil Market is strong with leading manufacturers such as
- Cargill, Incorporated
- Bunge Limited
- Kernel Holding S.A. (Czech Republic)
- Adani Wilmar Limited (India)
- MHP SE (Ukraine)
- Shandong Luhua Group Co., Ltd (China)
- NMGK Group (Russia)
- Pology OEP PJSC (Ukraine)
- Adams Group (U.S.), N.T. Ltd (Hungary)
- EFKO Group (Russia)
- OptimusAgro Corporate Group (Russia)
- Delizio (Belgium)
- Dicle Group (Turkey)
- Tanoni SA (Turkey)
- Risoil S.A. (Switzerland)
- Oliyar (Ukraine)
Browse In-depth Market Research Report (100 pages) on Sunflower Oil: https://www.marketresearchfuture.com/reports/sunflower-oil-market-8792
Regional Analysis:
Europe Leads with Established Sectors while APAC to Rise Substantially.
Europe will dominate the European market for sunflower oil during the forecast period. The region was responsible for more than one-third of the market share in 2018. Germany, France, and Italy are among the top 3 European countries regarding E.U. online sales. The regional region market is projected to register a high growth rate of 5.83% during the review period, according to MRFR. The increasing demand for sunflower oil as a fuel for automobiles fuels the market in Europe.
The Asia Pacific market has a high demand for sunflower oil due to sunflower seed ubiquity in crop cultivation in the region. The market's growth in this region is driven by the increased disposable income and health consciousness. Edible oil consumers turn to sunflower oil as a substitute for olive oil, which has seen increased consumption in recent years. Furthermore, the continuing growth within the foodservice industry throughout Asia, especially within developing economies such as China, India, and others, is likely to contribute to the increasing use of sunflower oil through the foreseeable future.
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Industry Updates:
In January 2021, studies cited that Ukraine will likely significantly slow its oilseed crushing operations from April after 2020-21 oilseed production turned out substantially lower than forecast and following a large volume build-up of crushed seeds over the September-December 2020 period. This downturn could result in many small and medium-sized crushing plants being forced to suspend their operations until the new crop arrival in September 2021, which will lead to a sharp reduction in sunflower oil and meal supplies from Ukraine in April-August.
In January 2021, researchers at the Tamil Nadu Agricultural University, India, created the latest type of sunflower. Although they can be grown in non-irrigated areas, they are moderately resistant to disease. Sunflower oil produced from the newest variety has 42% content in oil and can sustain a yield of 716 kilograms per hectare. TNAU scientists cited demand for sunflower oil as a strong reason for higher prices. At the moment, India's sunflower oil is imported mainly from Ukraine, Russia, and Argentina.
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