New York, United States, Aug. 20, 2024 (GLOBE NEWSWIRE) -- As per the Latest Report by Straits Research, the global sunflower oil market size was valued at USD 35.84 billion in 2023. It is estimated USD 37.94 Billion in 2024 and to reach USD 59.79 billion by 2032, growing at a CAGR of 5.85% during the forecast period (2024–2032).
Sunflower oil is a type of vegetable oil that is extracted from the seeds of the Helianthus annuus plant. Its mild flavor, pale color, and high smoke point make it ideal for culinary applications. Sunflower oil is a popular cooking, frying, baking, and salad dressing ingredient.
Sunflower oil market share is driven by using sunflower oil to fry bread and confectionary products and prepare meals. Sunflower oil is in high demand since it benefits the heart and skin and keeps bad cholesterol at bay, boosting the sunflower oil industry. Sunflower oil is also used in cosmetic treatments to protect, moisturize, and heal bruises and other skin conditions. Sunflower oil is used in medicines to make active component carriers, lotions, and gels for quick absorption, and its demand is predicted to rise internationally. These factors are estimated to fuel the rise of the global sunflower oil market throughout the forecast period.
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Health Awareness and Changing Dietary Preferences Fuels the Market Growth
Recent consumer demand for healthier cooking oils has increased. Its healthy fat profile has made sunflower oil popular among health-conscious consumers. People trying to cut saturated fat often substitute sunflower oil with oils with more saturated fat. The American Heart Association recommends replacing saturated, monounsaturated, and polyunsaturated fats to optimize cardiovascular health. High in these fats, sunflower oil is a fantastic choice for heart-healthy diets. In addition, the "European Journal of Clinical Nutrition" examined how cooking oils affected cholesterol. The study found sunflower oil decreased LDL cholesterol more than palm oil, which has higher saturated fat. Therefore, the sunflower oil market has grown.
Growing Demand for Organic and Non-GMO Products Creates Tremendous Opportunities
Organic and non-GMO food products are in demand as consumers want healthier, more environmentally responsible options. Sunflower, a flexible cooking oil, may benefit from this trend by offering organic and non-GMO options to health-conscious and environmentally conscientious consumers. The organic options are "Certified Organic" and "Non-GMO Project Verified," indicating that they use sustainable farming methods and no GMOs. Consumers that respect their health and support sustainable agriculture prefer organic sunflower oil. According to Non-GMO Project data, the non-GMO market is expanding. Non-GMO Project Verified product sales in the US will approach USD 35 billion by 2020. Customers want transparent, clean labeling and products that match their beliefs and diets. Sunflower oil producers can capitalize on the growing demand for organic and non-GMO products by certifying and labeling them. Working with organic growers and procuring non-GMO sunflower seeds can verify the product's claims.
Regional Insights
Europe dominates sunflower oil. This type of oil consumption is growing significantly, extending the regional market. The high smoke point and unsaturated fatty acids induce rapid regional consumption. World's largest sunflower seed oil producers are Russia and Ukraine. Russia's oil and fat business is a major subsector of food processing, and sunflower oil output has grown dramatically in the recent decade. Russia produces the second-most sunflower seeds and oil behind Ukraine. Due to increased demand from the home processing sector and other European regions, the US Department of Agriculture produced 5.82 million metric tons of sunflower seed oil in 2021-22, up from 5.12 million in 2020-2021. Russia produced 4.6 million tonnes of sunflower seed oil in 2017, according to a 2018 Oil Palm Industry Economic Journal report. Due to their busy lifestyles, European customers utilize superior cooking oils to improve their health. This has increased oil use in catering and domestic cooking.
The Middle East and Africa are the fastest-growing regions because of South Africa and Turkey, major producers. Domestic demand for this oil has increased as food producers fry and prepare more. Many companies are also building large food processing plants in the area. Many foreign corporations want to work with local producers to suit regional demand. Biodiesel manufacturing has also boosted the sunflower seed oil market.
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Key Highlights
- The global sunflower oil market size was valued at USD 35.84 billion in 2023. It is estimated USD 37.94 Billion in 2024 and to reach USD 59.79 billion by 2032, growing at a CAGR of 5.85% during the forecast period (2024–2032).
- The segment is further subdivided by product type into Virgin and Processed. The market is controlled by virgin oil.
- The market can be divided into three segments based on end-user: industrial, food services, and household. Food services are the market's main source of revenue.
- The market is divided into four distribution channels: online, modern trade, franchise, and specialty retailers. The online distribution channel leads the market.
- Depending on the region, the market is analyzed in North America, Asia-Pacific, Europe, and LAMEA. Europe dominates the market.
Competitive Players
- Archer Daniels Midland Company
- Bunge Limited
- Avril Group
- KAISSA
- Optimusagro Trade
- Risoil SA
- Gustav Heess Oleochemische Erzeugnisse GmbH
- MWC Oil
- Delta Wilmar
- Borges Agricultural & Industrial Edible Oils
- SA
- Spack BV
- Cargill Incorporated
Recent Developments
- February 2023- Cargill announced the introduction of Gemini Pureit™ sunflower oil in Karnataka, reiterating its commitment to extending its edible oils range to South India. From this month, consumers in the four Southern states of Andhra Pradesh, Karnataka, Telangana, and Tamil Nadu will have access to the Gemini PureitTM brand through retailers.
- February 2023- MK Agrotech, which provides cooking oils under the Sunpure brand, acquired Riso, a premium edible oil brand in Maharashtra, and anticipates revenue of Rs 120 crore from the state in the upcoming fiscal year. MK Agrotech stated that Riso's product lineup consists of rice bran, groundnut, and sunflower oil.
Segmentation
- By Application
-
- Cooking
- Cosmetics
- Personal Care (Moisturizer body/hair)
- Others
- By End-User
-
- Industrial
- Food Services
- Household
- By Distribution Channel
-
- Online Channels
- Supermarkets/Hypermarkets
- Convenience Stores
- By Type
- Linoleic Oil
- Mid-oleic Oil
- High-oleic Oil
- By Applications
-
- Food
- Biofuels
- Personal Care
- By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
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