Global Sunflower Oil Market - 2023-2030

Global Sunflower Oil Market - 2023-2030

The global sunflower oil market reached US$ 20,985.1 million in 2022 and is projected to witness lucrative growth by reaching up to US$ 31,091.1 million by 2030. The market is expected to exhibit a CAGR of 5.2% during the forecast period (2023-2030).

The sunflower oil market is projected to see an increase in growth as consumers are becoming health conscious. Compared to vegetable oils like soybean and palm, sunflower oil is said to be healthier. Sunflower oil is a popular vegetable oil due to its versatility, neutral flavor, and health benefits. Sunflower oil is a natural and organic product that is gaining popularity in the market. The expansion of the food sector, particularly in emerging nations, has led to a rise in the demand for vegetable oils like sunflower oil.

Market Dynamics

Increasing awareness regarding health benefits associated with the consumption of sunflower oil fuel the growth of the sunflower oil market

The increasing health and wellness trends are the major driver for the growth of the sunflower oil industry. It contains more vitamin E than other vegetable oils. Vitamins A and E are abundant in sunflower oil, which supports healthy skin. More than 80% of sunflower oil's lipids are monounsaturated, making them heart-healthy. Sunflower oil's outstanding fatty acid composition aids in keeping the body in balance. According to the Food and Agriculture Organization (FAO), sunflower seed oil production is expected to reach 60 million tons by 2050, implying a rise in its per capita consumption.

Volatility in sunflower oil prices hamper the market growth

Price volatility can be a significant restraint for the sunflower oil market growth. Sunflower oil prices can be affected by a range of factors, such as changes in supply and demand, weather conditions, geopolitical events, and currency fluctuations. For instance, over 60% of the world's sunflower oil production is in Ukraine and Russia, and due to Ukraine and Russia's war, there is a sudden increase in the price of sunflower. Price volatility can create uncertainty for both producers and consumers, and can make it difficult to plan and budget for operations, investments, and purchases.

COVID-19 Impact Analysis

The COVID-19 analysis includes Pre-COVID Scenario, COVID Scenario and Post-COVID Scenario along with pricing dynamics (including pricing change during and post-pandemic comparing it with pre-COVID scenarios), demand-supply spectrum (shift in demand and supply owing to trading restrictions, lockdown, and subsequent issues), government initiatives (initiatives to revive market, sector or industry by government bodies) and manufacturers strategic initiatives (what manufacturers did to mitigate the COVID issues will be covered here).

Russia-Ukraine War Impact

Since Ukraine and Russia are the two countries that produce the majority of sunflowers, the price of sunflower oil has abruptly increased due to the conflict between those two countries. The conflict has also affected Ukraine's agricultural production, as farmers in the region have been forced to contend with disrupted supply chains, damage to infrastructure, and insecurity. Over 60% of the world's sunflower oil production is produced in Ukraine and Russia, and the conflict has severely impacted supplies.

Segment Analysis

The global sunflower oil market is segmented based on product type, end-user, distribution channel, and region.

The versatile applications of sunflower oil in household/retail are driving the household/retail segment growth

Based on end-user, the sunflower oil market is divided into household/retail, food service, and industrial.

Household/retail segment in the global sunflower oil market was valued at US$ 7,515.4 million in 2022 and is estimated to grow at a CAGR of 5.9% over the forecast period. Sunflower oil is often used in the household end-use industry for frying, sauteing, and baking due to its high smoke point and neutral flavor. It is a popular choice for making stir-fries, roasted vegetables, and baked goods like muffins and cakes. Statista projects that the global consumption of sunflower seed oil will reach around 18.5 million metric tons in 2022–2023.

Geographical Analysis

Growing imports and government measures to boost sunflower oil output in the Asia-Pacific region

The Asia-Pacific sunflower oil market was valued at USD 4,452.7 million in 2022 and is expected to record a CAGR of 5.1% over the forecast period. The increasing imports and initiatives by the governments to enhance sunflower oil production in the country are driving the Asia-Pacific market growth during the forecast period. On March 1, 2022, India imported about 70% of its total sunflower edible oil import from Ukraine and nearly 20% from Russia. In time, India’s sunflower cultivation has been sedentary for the previous few years at approximately 60,000 tons (2019-20), which is cultivated on around 2.40 lakh hectares.

Competitive Landscape

The major global players in the market 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.

Why Purchase the Report?
• To visualize the global sunflower oil market segmentation based on product type, end-user, and region, as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of sunflower oil market-level with all 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 0il market report would provide approximately 61 tables, 58 figures, and 151 pages.

Target Audience 2023
• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies