Sunflower Oil Market Size
The Global Sunflower Oil Market USD 20,985 million in 2023 and is projected to witness lucrative growth by reaching up to USD 31,091 million by 2031. The market is growing at a CAGR of 5.2% during the forecast period (2024-2031). The sunflower oil market is expanding worldwide as the food, energy, and chemical industries utilize a lot of seed-derived oil.
Sunflower oil is rich in oleic acid, linoleic acid, and other essential nutrients that lower bad cholesterol levels in the body. This has gradually increased its consumption as a healthy cooking oil and frying oil in food manufacturing services and households, which is a primary driver of sunflower oil market growth. Sunflower oil is also used to manufacture vegan mayonnaise, cheese, and spreads, and also as an ingredient in cosmetics.
Market Scope
| Metrics | Details |
| CAGR | 5.2% |
| Size Available for Years | 2024-2031 |
| Forecast Period | 2024-2031 |
| Data Availability | Value (US$) |
| Segments Covered | Product Type, End-User and Region |
| Regions Covered | North America, Europe, Asia-Pacific, South America, and Middle East & Africa |
| Fastest Growing Region | Asia-Pacific |
| Largest Region | Europe |
| Report Insights Covered | Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and Acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, Porter’s Analysis, Pricing Analysis, Regulatory Analysis, Supply-Chain Analysis and Other key Insights. |
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Market Dynamics
Broad-range Inclusion of Healthy Cooking Oils in Processed Foods is Driving the Growth of the Sunflower Oil Market
Polyunsaturated fatty acids (PUFA) have recently gained significant attention for their beneficial effects on health. The Food and Drug Administration (FDA) also supports the claim that edible oils containing at least 70% oleic acid may reduce the chance of coronary heart disease. Sunflower oil is a healthy option because it contains a lot of vitamin E and omega-6 fats. More than 80% of sunflower oil's lipids are monounsaturated, making them heart-healthy. Hence, the broad range inclusion of healthy cooking oils in processed foods is driving the growth of the sunflower oil industry.
Market Segment Analysis
The global sunflower oil market is segmented based on product type, end-users, distribution channel, and region.
Health-benefiting Properties of Mid-oleic Sunflower Oil is Expected to Drive the Segment Growth
Based on product type, the sunflower oil market is classified into high-oleic, mid-oleic, and linoleic.
Mid-oleic in the global sunflower oil market was valued at USD 9,971.4 million in 2022 and is estimated to grow at a CAGR of 5.7% in the forecast period. The mid-oleic oil retains linoleic acid levels to remain an excellent dietary source, along with the high levels of oleic acid making it less prone to rancidity and breaking down. The oil is recognized to have lower trans fats and provides health benefits at a reasonable price point. According to the National Sunflower Association (NSA), the mid-oleic type has proven to lower cholesterol levels.
Source: DataM Intelligence Analysis (2023)
Market Geographical Share
The Favorable Climate and Geography for Sunflower Oil Production in Europe is Driving the Market Growth
Europe’s sunflower oil market was valued at USD 7,795.7 million in 2022. Russia and Ukraine are the leading producers of sunflower seed oil in the world. According to the CBI Ministry of Foreign Affairs, Ukraine is the world’s largest exporter of sunflower oil undoubtedly, beforehand before Russia. Moreover, according to the Oil Crops Outlook: April 2022 by the U.S. Department of Agriculture (USDA) Ukraine delivered around 5.9 million tons, or 30%, of the total global sunflower oil in the 2020/21 marketing year. The Ukrainian and Russian exports were adjusted down in April 2022 to about 4.95 million tons for 2021/22 MY(Marketing Year).
Source: DataM Intelligence Analysis (2023)
Sunflower Oil Companies
The major global players include Abu Dhabi Vegetable Oil Company (ADVOC), Conagra Brands, Inc., Colorado Mills, Archer Daniels Midland Company, Bunge Ltd., Cargill, Incorporated, Parakh Group, Rein Oil CC, Macjerry Sunfloweroil Co. Ltd., and Kaissaoil.
COVID-19 Impact on Market
The COVID-19 pandemic outbreak has heavily impacted the global economy and disrupted supply chain activities worldwide. According to the Solvent Extractors’ Association of India (SEA), there has been a 5% decline in edible oil imports to reach 14.2 million tons. In 2020, approx. 11M tons of sunflower seed and sunflower oil were exported worldwide, falling by -17.3% compared with 2019. In value terms, sunflower seed and sunflower oil exports shrank to $10B in 2020. This was owing to the disruption in the supply chain.
Russia-Ukraine War Impact
The Russia-Ukraine conflict has had a significant impact on the sunflower oil market, as Ukraine is one of the world's largest producers and exporters of sunflower oil. According to data from Black Sea agricultural consulting business SovEcon, Ukraine exported 347,000 tons of sunflower seed oil in January 2023, a dramatic decline from the 612,000 tons exported in January 2022 before the war. In the early days of the Russian invasion, a decline in shipments from Ukraine, the second-largest producer in the world behind Russia, pushed prices for sunflower-seed oil.
Artificial Intelligence (AI) Impact
Artificial intelligence (AI) has the potential to revolutionize the sunflower oil market by optimizing production, improving quality control, and increasing efficiency. AI can improve the quality control of sunflower oil production. By using machine learning algorithms to analyze data from sensors and cameras, companies can identify and address issues such as contamination, improper storage, or equipment malfunction, before they impact the quality of the oil.
Key Developments
- In February 2023, Cargill, an agribusiness company, Gemini pureit sunflower oil in Karnataka reinforced its commitment to expand the edible oils portfolio to South India.
- On April 15, 2022, Avril, an international agro-industrial group, planned to expand the sunflower-seed crush capacity in France. The business intended to increase the production of sunflower meals and oil.
- In December 2021, Cargill Inc., an agribusiness company, acquired an edible oil refinery at Krishnapatnam Port in Nellore, Andhra Pradesh with a $35 million investment. This investment covers both the refinery's purchase and upgrading.
Why Purchase the Report?
- To visualize the global castor 0il market segmentation based on product type, end-user, and understand key commercial assets and players.
- Identify commercial opportunities by analyzing trends and co-development.
- Excel data sheet with numerous sunflower oil market-level data points all for segments.
- PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
- Product mapping available as Excel consisting of key products of all the major players.
The global sunflower oil market report would provide approximately 61tables, 58 figures and 151 pages.
Target Audience 2024
- Manufacturers/ Buyers
- Industry Investors/Investment Bankers
- Research Professionals
- Emerging Companies
