New York, United States , May 31, 2023 (GLOBE NEWSWIRE) -- The Global Sunflower Oil Market Size to grow from USD 20.51 billion in 2021 to USD 30.52 billion by 2032, at a Compound Annual Growth Rate (CAGR) of 6.72% during the forecast period. Sunflower oil is used in chemical formulae and as a treatment for many ailments. In the culinary industry as well, there is a huge demand for frying oil. Forecasts indicate a huge increase in food industries' need for sunflower oil. The expansion of franchise stores and online marketplaces will benefit the world market for sunflower oil. Europe will continue to be the largest market for processed sunflower oil.
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Due to its anti-inflammatory effects and high content of unsaturated fats, sunflower oil is expected to see an increase in use over the coming years as a result of the growing emphasis on health and fitness. In fact, sunflower oil is frequently used to treat cardiac problems and tenia pedis foot infections in male athletes. Aside from these factors, the market is expected to be driven by rising consumer demand for healthy processed foods, healthy cooking oil adoption, rising public awareness of the health benefits of Sunflower oil consumption, various government initiatives to promote the production of Sunflower, and rising demand for biodiesel and alternative fuels. The increased focus on sustainability and the increase in investment in biodiesel research and development are expected to provide new opportunities for both up-and-coming producers of sunflower oil and existing market participants. Over the projected period, it is anticipated that the growing usage of sunflower oil in the production of vegan mayonnaise and cheese would open up vast opportunities.
Due to its well-known ability to enhance skin and hair greatly, sunflower oil is becoming exponentially more popular to consume. In fact, a large number of cosmetic and personal care firms have begun using sunflower oil in the production of skin care and cosmetic products, which is expected to propel market expansion over the forecast period. In order to increase the nutritious profile of their products, many startup businesses have begun focusing on using natural ingredients, which is projected to open up new potential for sunflower oil producers.
The introduction of substitute edible oils with comparable health benefits, such as canola oil, coconut oil, and olive oil, hindered the expansion of the global sunflower oil market. Oils with a high wax concentration, like sunflower oil, require additional dewaxing and filtration steps during production, which raises the cost significantly. Thus, the price of the product as a whole goes up, making it more expensive than other common oils like groundnut oil, soya bean oil, and vegetable oil. This is the reason that a very small proportion of individuals in underdeveloped nations use sunflower oil.
Browse key industry insights spread across 200 pages with 120 market data tables and figures & charts from the report on "Global Sunflower Oil Market Size, Share, and COVID-19 Impact Analysis, By Product (High Oleic, Mid Oleic, Linoleic), By End Users (Household/ Retail, Foodservice/ HORECA, industrial), by Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2021 – 2032." Get Detailed Report Description Here:
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Type Insights
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. 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.
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Regional Insights
North America is dominating the market with the largest market share over the forecast period
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, Asia Pacific is anticipated to see the fastest market expansion during the anticipated timeframe. The governments of several Asian nations have begun concentrating 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 items is another key element boosting demand in the Asia Pacific region. The need for inventive and healthful bakery products is rising in the Asia Pacific region as a result of the bakery industry's rapid expansion.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Sunflower Oil Market include 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 and among others.
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Market Segment
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:
Global Sunflower Oil Market Size, Type Analysis
- High Oleic
- Mid Oleic
- Linoleic
Global Sunflower Oil Market Size, End User Analysis
- Household/ Retail
- Foodservice/ HORECA
Global Sunflower Oil Market Size, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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