Sunflower Oil Market Size, Trends & Report, 2028

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Sunflower Oil Market Size, Trends & Report, 2028

The global sunflower oil market size is expected to reach USD 29.59 billion in 2028, exhibiting a CAGR of 6.12% during the forecast period. The growing awareness regarding the benefits of this oil in diminishing cholesterol levels will influence the healthy growth of the market in the forthcoming years, states Fortune Business Insights, in a report, titled, “Sunflower Oil Market, 2021 – 2028.” The market size stood at USD 18.50 billion in 2020.

Information Source: https://www.fortunebusinessinsights.com/industry-reports/sunflower-oil-market-101480

COVID-19 Impact:

Thwarted Foodservice Industry to Dampen Market growth amid COVID-19

The global market has been severely disrupted by the COVID-19 pandemic. The government-imposed lockdown and transportation limitations have hindered the market's expansion. The food and hospitality industries have suffered enormous losses as a result of trade obstacles during the pandemic. The pandemic had a significant impact on the HoReCa (hotel, restaurant, and café) industry. The market's expansion will be further constrained by the rising cost of oil as a result of import and export restrictions. The Solvent Extractors’ Association of India (SEA) reports a 5% decrease in the importation of edible oil. However, government-facilitated logistics and transportation can greatly boost the market after the pandemic.

Market Segments:

The Mid- Oleic Sunflower Oil to Hold the Highest Share

Based on type, the market is classified into high-oleic, mid-oleic, and linoleic. The mid- oleic segment is expected to hold the largest share during the forecast period. The growth is attributed to its high demand for cooking oils due to excellent dietary benefits. The lower trans fats and health benefits of mid- oleic sunflower oil will further spur the market's opportunities. According to the National Sunflower Association (NSA), the mid-oleic type has proven to lower cholesterol levels.

Based on end-users, the market is divided into household/retail, foodservice/HORECA, and industrial. The foodservice/HORECA is expected to hold the lion’s share during the forecast period due to the demand for sunflower seed oil across the foodservice sector. The increasing consumer inclination towards dine-outs and flourishing restaurants chains will influence the segment’s growth. According to the Agriculture and Agri-Food Canada report, 80.5% of edible cooking oils in India in 2018 were consumed through food restaurants, while 6.4% of sales through pubs, bars, and clubs.

Geographically, the market is divided into North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa.

Driving Factor:

Increasing Biodiesel Production to Benefit Market

Due to the scarcity of fossil fuels, people are turning to alternative biofuels like biodiesel derived from vegetable oils, which will help the market expand. An acre of sunflower seeds may yield around 600 pounds of oil on average, thanks to its high oil content. In the near future, the rising popularity of using sunflower seeds to produce biodiesel will have a significant effect on the expansion of the worldwide sunflower oil market. Sunflower seeds' easy harvesting and excellent profit margins will also increase demand for them. Additionally, during the projected period, its eco-friendliness and sustainability in cooking may have a good impact on this industry.

Regional Insights:

Rising Consumption of Sunflower Oil to Propel Market in Europe

With a market value of USD 6.28 billion, sunflower oil is anticipated to have the highest share in Europe during the course of the projected year. The increasing consumption of this oil is the reason for the region's growth. The world's top producers of sunflower seed oil are Russia and Ukraine. The steadily rising demand for this healthful cooking oil can support the market's robust expansion in the area. As per the 2018 Oil Palm Industry Economic Journal article, Russia's sunflower seed oil production in 2017 amounted to 4.6 million tonnes. European customers' fast-paced lifestyles will further fuel the market's expansion in the area. Over the course of the forecast period, Asia Pacific is anticipated to hold the largest share in the global market. The rise is ascribed to the extensive use of sunflower seed oil in the production of snacks, bakery goods, and confections. The Asia Pacific market is anticipated to grow at a rapid pace due to the thriving bakery industry.

Key Development:

July 2020: Amul, an Indian dairy cooperative society, introduced a new oil brand Janmay edible oils, in Gujarat, India. The brand range includes groundnut oil, soybean oil, sunflower oil, and other prominent cooking oils.

The Report Lists the Key Companies in the Global Market: