ID: MRFR/F-B & N/7320-CR | 100 Pages | Published By Snehal Singh on February 2021
Sunflower Oil Market Size was valued at USD 15.9 billion in 2021. The sunflower oil market industry is projected to grow from USD 16.7 billion in 2022 to USD 23.5 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 5.00% during the forecast period (2022 - 2030). The widespread use of sunflower oil in several industries is the main market driver in the market for sunflower oil. Additionally, the expansion of the food & beverage industry as well as rising consumer awareness of health issues are anticipated to raise demand for sunflower oil in general.
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Sunflower Oil Market Trends
According to market dynamics, in recent years, awareness of the beneficial health effects of polyunsaturated fatty acids (PUFA) has grown significantly. Due to this, cooking oils that include MUFA and PUFA have seen an upsurge in demand. The ingestion of MUFA may raise the body's high-density lipoproteins (HDL), also known as "good cholesterol," according to numerous scientific research. The idea that edible oils with at least 70% oleic acid may lower the risk of coronary heart disease is also backed by the Food and Drug Administration (FDA). Additionally, as food is increasingly used professionally for culinary reasons, consumption has increased due to the growing population and rising food demand. Sunflower oil production is anticipated to reach 60 million tonnes by 2050, according to the Food and Agriculture Organization (FAO), indicating an increase in per capita consumption. Thus, this factor is driving the market CAGR.
Furthermore, consumers' attention has steadily switched toward fortified or nutrient-rich edible oils due to rising health and wellness trends. Obesity and a variety of cardiovascular ailments are results of consumers' modern sedentary lifestyles. Due to this, customers have begun to switch to edible oils that have been enriched with necessary vitamins and minerals to support the body's functioning. The World Health Organization (WHO) states that vitamin A-fortified edible oils have been successfully used in developed nations. Vegetable oil fortification is being used by a number of developing nations in Asia and Africa to combat malnutrition and mineral deficiencies. The trend toward high-value food is expected to continue, as a result of increased urbanization and higher educational standards.
Additionally, the increasing usage of sunflower oil for the manufacturing of biodiesel is one of the key factors anticipated to positively impact the market for sunflower oil. People are turning to alternative biofuels like biodiesel generated from vegetable oils as a source of sustainable energy as a result of the depletion of fossil fuels. Due to its high oil content, sunflower seeds can yield more oil per acre than soybeans. As a result of its ease of cultivation and profitability on both small farms and large-scale fields, oil has quickly become a popular feedstock crop for the manufacturing of biodiesel. This encourages reusing used cooking oil, resulting in a more environmentally responsible fuel with lower pollutant emissions. As a result, it will be extensively used in the production of biodiesel, helping to expand the market. As per the market forecast, the sunflower oil industry is anticipated to develop during the forecast period due to an increase in the use of sunflower oil in the production of biodiesel. Thus, it is anticipated that this aspect will accelerate the sunflower oil market revenue ly.
Sunflower oil Market Segment Insights
Sunflower Oil Type Insights
The sunflower oil market segmentation has been segmented by type into Linoleic Oil and Mid-Oleic Oil, and High-Oleic Oil. The mid-oleic oil and high-oleic oil segment dominated the market growth in 2021 and is projected to be the faster-growing segment during the forecast period, 2022-2030. This is so that mid-oleic oil, which has high quantities of oleic acid and is less susceptible to rancidity and breakdown, may maintain its linoleic acid levels and continue to be a great dietary source. removing the need for hydrogenation and the trans fat it produces. It is mostly used in high-temperature cooking environments in the food industry.
Figure 2: Sunflower Oil Market by Type, 2021 & 2030 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Sunflower Oil Application Insights
The sunflower oil market segmentation, based on application, is Food & Beverages, Biofuel and Personal Care. The food & beverages segment dominated the sunflower oil market revenue in 2021 and is projected to be the faster-growing segment during the forecast period, 2022-2030. A significant driver of the market expansion for sunflower seed oil is the rising demand for it as a healthier cooking oil in the foodservice industry. The development has been aided by consumers' rising interest in dining out and the expansion of restaurant chains.
Sunflower Oil Regional Insights
By region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. Europe sunflower oil market accounted for USD 6.9 billion in 2021 and is expected to exhibit a 43.90% CAGR during the study period due to the substantial rise in this kind of oil usage. Its quick uptake in the area is fueled by its high content of unsaturated fatty acids and high smoke point. The two countries that generate the most sunflower seed oil worldwide are Russia and Ukraine. The Oil Palm Industry Economic Journal reported in an article that Russia produced 4.6 million tonnes of sunflower seed oil in 2017.
Further, the major countries studied in the market report are: The U.S., Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 3: SUNFLOWER OIL MARKET SHARE BY REGION 2021 (%)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
North America sunflower oil market is expected to grow at a significant CAGR from 2022 to 2030 due to rising demand for sunflower oil because of its health benefits, as well as increased production and consumption brought on by an expanding population. Further, the US sunflower oil market held the largest market share, and the Canada sunflower oil market was the fastest-growing market in the region.
Asia-Pacific sunflower oil market accounts for the second-fastest growing market share due to the widespread use of sunflower oil in the production of bakery, snack, and candy goods. According to a survey by Food and Hotel Asia 2019, the region's bakery market is constantly growing, and the demand for creative and healthful bakery items is rising. Moreover, China sunflower oil market held the largest market share, and the India sunflower oil market was the fastest-growing market in this region.
Sunflower Oil Key Market Players & Competitive Insights
Major market players are spending a lot on R&D to increase their product lines, which will help the sunflower oil industry grow even more. Market participants are also taking various strategic initiatives to grow their worldwide footprint, including new product launches, contractual agreements, mergers and acquisitions, increased investments, market developments, and collaboration with other organizations. According to the market competitive landscape, players in the industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market industry.
One of the primary business strategies manufacturers adopt in the sunflower oil industry to benefit clients and expand the sector is manufacturing locally to reduce operating costs. In recent years, sunflower oil industry has provided medicine with some of the most significant benefits. The sunflower oil market major player such as Abu Dhabi Vegetable Oil Company (ADVOC) (Abu Dhabi, UAE), Conagra Brands, Inc. (Illinois, United States), Colorado Mills (Colorado, United States), Archer Daniels Midland Company (Illinois, United States), Bunge Ltd. (Missouri, United States), Cargill Incorporated (Missouri, United States), Parakh Group (Maharashtra, India), Rein Oil CC (Western Cape, South Africa), AAK AB (Sweden), Macjerry Sunfloweroil Co. Ltd. (Ukraine) and Kaissaoil (Ukraine).
Founded in Wilmington, Delaware and with headquarters in Minnetonka, Minnesota, Cargill, Incorporated is a privately held American multinational food conglomerate. It was established in 1865 and has the greatest revenue of any privately held company in the US. In January 2022, Cargill, a large food company, established its first innovation hub in India to create products for the food & beverage industry. The nearly 17,000 square foot centre has a demonstration kitchen, a sensory lab, and the ability to service the dairy, beverage, bread, and convenience food businesses, among other niche culinary applications.
AAK, previously AarhusKarlshamn, is a multinational firm headquartered in Sweden that makes vegetable oils and fats. Products from the company are applied in various industries, including food, confectionery, pharmaceutical, cosmetic, chemical, and animal feed. In October 2019, five percent more of AAK Kamani Pvt. Ltd. was purchased by AAK AB. AAK AB and Kamani Oil Industries Pvt Ltd founded the joint venture, which now owns 69% of the company's shares. One of India's top FMCG manufacturers in the business.
Key companies in the sunflower oil market include
Sunflower Oil Industry Developments
June 2022: ADM and Princes Limited's joint venture, Edible Oils Limited (EOL), unveiled a recently rebuilt bottling facility at its Erith location with a GBP 24 million investment (USD 28.9 million). In order to deliver oil to the factory, EOL rebuilt the oil tank farm and installed new cooking oil bottling lines as part of its investment programme at the Erith location.
October 2019: Sunflower, soybean, and groundnut oils will be produced in Egypt through a joint venture between Russian vegetable oil producer EFKO and Egypt's United Oil.
Sunflower Oil Market Segmentation
Sunflower Oil Type Outlook (USD Billion, 2018-2030)
Sunflower Oil Application Outlook (USD Billion, 2018-2030)
Sunflower Oil Regional Outlook (USD Billion, 2018-2030)
|Market Size 2021||USD 15.9 Billion|
|Market Size 2022||USD 16.7 Billion|
|Market Size 2030||USD 23.5 Billion|
|Compound Annual Growth Rate (CAGR)||5.00% (2022-2030)|
|Historical Data||2018 & 2020|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Type, Application, and Region|
|Geographies Covered||North America, Europe, Asia-Pacific, and the Rest of the World|
|Countries Covered||The U.S, Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil|
|Key Companies Profiled||Abu Dhabi Vegetable Oil Company (ADVOC) (Abu Dhabi, UAE), Conagra Brands, Inc. (Illinois, United States), Colorado Mills (Colorado, United States), Archer Daniels Midland Company (Illinois, United States), Bunge Ltd. (Missouri, United States)|
|Key Market Opportunities||· Sunflower Oil Fortification to Meet the Demand for Healthier Products|
|Key Market Dynamics||· Widespread Use of Healthful Cooking Oils to Influence Market Growth · Growing Use of Sunflower Oil for Biodiesel Production|
The sunflower oil market size was expected to be USD 15.9 billion in 2021.
The market for sunflower oil is expected to register a CAGR of 5.00% over the next ten years.
Europe held the largest market share in the sunflower oil market.
Abu Dhabi Vegetable Oil Company (ADVOC) (Abu Dhabi, UAE), Conagra Brands, Inc. (Illinois, United States), Colorado Mills (Colorado, United States), Archer Daniels Midland Company (Illinois, United States), Bunge Ltd. (Missouri, United States) are the key players in the sunflower oil market.
The mid-oleic oil and high-oleic oil category led the segment in the sunflower oil market.
The food & beverages category had the largest market share in the sunflower oil market.