Sunflower Market Revenues to Reach USD 45.70 billion by 2028 - Market Size, Share, Forecasts, & Trends Analysis Report by Mordor Intelligence

Hyderabad, Aug. 18, 2023 (GLOBE NEWSWIRE) -- According to a new market research report titled "Sunflower Market Report (2023-2028)," the market is estimated at USD 39.40 billion in 2023. It is expected to register a CAGR of 3.01% during the forecast period.

Sunflower is an important oilseed crop originally from Northern and Central America. The oil extracted from its seeds is used in the food and cosmetic industries. The sunflower market is driven by its use in food, cosmetics, and decorative purposes. Europe dominates the global sunflower market with high demand for light edible oils in the region. India is a major sunflower oil importer. Ukraine and Russia are key suppliers, but the crisis between these two countries led to oil shortages. Consumers worldwide are increasingly preferring healthy foods, leading to a rise in demand for products containing sunflower seeds and oil. Companies are focusing on product innovation in the sunflower seed category to enhance germination and growth, which is expected to boost the growth of the market in the coming years.

Report Summary:

Key Highlights from the Global Sunflower Market Report:

Rising Opportunity in the Oil and Snacks Industry

• Sunflowers are used to produce cooking oil, meal, and confectionery products, with oil and meal derived from the same varieties. Sunflower seed oil is recognized as the fourth most popular vegetable oil globally, making it a healthy choice for cooking.
• Sunflower oil contains beneficial nutrients like oleic acid and linoleic acid, which can help reduce harmful cholesterol levels and benefit heart health. Sunflower oil's neutral taste makes it suitable for cooking without masking the flavor of the food.
• Linoleic sunflower oil is preferred in Europe, Asia-Pacific, and South America. Sunflower seeds can be consumed directly in various forms and are used in health products, snacks, and bakery items.

High Growth Potential in Asia-Pacific

• Asia-Pacific holds around 12% of the global sunflower market's consumption after Europe, with significant applications in bakery and confectionery products. Sunflower oil consumption has increased by about five-fold over the past 15 years in Asia-Pacific due to rising health consciousness and increased disposable incomes.
• Governments in the Asia-Pacific region are promoting the use of healthy edible oils and reducing the consumption of harmful oils to improve public health.
• China is the largest producer of sunflower seeds globally, followed by Myanmar and India. China and Turkey are the major exporters of sunflower seeds in the region.
• Sunflower seeds are also being increasingly used as a source of fiber in animal feed products for the livestock industry.

Other Reports That Might Be of Your Interest:

• Sunflower Oil Market Report - The global sunflower oil market size is expected to grow from USD 33.93 billion in 2023 to USD 45.51 billion by 2028, at a CAGR of 6.05% during the forecast period (2023-2028).
• Australia Floriculture Market Report - The Australian floriculture market size is expected to grow from USD 2.59 billion in 2023 to USD 3.17 billion by 2028, at a CAGR of 4.10% during the forecast period (2023-2028).

What are the Latest Developments in the Global Sunflower Market?

• In September 2022, We Effect partnered with Mtandao wa Vikundi vya Wakulima na Wafugaji in Arusha (MVIWAARUSHA) and launched a food processing unit for sunflower oil and maize at Ekenywa, Arusha District, Tanzania. 
• In June 2022, Tanzania allocated 70,000 and 100,000 hectares of land from the northwestern region of Kagera for massive sunflower cultivation and palm oil to end the shortage of edible oil in the country.
• In January 2022, Cargill launched ExtraVeganZa, a bar of vegan chocolate, by using plant-based “power ingredients” sunflower kernel powder, rice syrup, and organic rice syrup. 

Mordor Intelligence has Segmented the Global Sunflower Market Based on Geography (Market Size and Forecast based on Value (USD billion), 2018-2028)

• North America
  • United States
  • Canada
  • Mexico
• Europe
  • United Kingdom
  • Germany
  • Ukraine
  • Russia
  • Spain
  • France
• Asia-Pacific
  • China
  • India
  • Australia
  • Japan
• South America
  • Brazil
  • Argentina
• Middle East & Africa
  • Egypt
  • South Africa
  • Saudi Arabia

In a nutshell, the Mordor Intelligence market research report is a must-read for start-ups, industry players, investors, researchers, consultants, business strategists, and all those who are looking to understand this industry. Get a glance at the Global Sunflower Market Report (2023-2028).

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About Mordor Intelligence:

Mordor Intelligence is a market intelligence and advisory firm. At Mordor Intelligence, we believe in predicting butterfly effects that have the potential to change or significantly impact market dynamics.

Our market research reports are comprehensive and provide exclusive data, facts and figures, trends, and the competitive landscape of the industry.

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• Sunflower Market - Mordor Intelligence