Safflower Seeds Market - Forecasts from 2024 to 2029

Safflower Seeds Market - Forecasts from 2024 to 2029

The safflower seeds market is expected to experience a CAGR of 6.92% throughout the forecast period, reaching a market size of US$15.223 billion by 2029. This represents a substantial increase from US$9.532 billion recorded in 2022.

The safflower seed market is experiencing a surge in global demand, due to multiple drivers such as health benefits and versatility. Consumers are increasingly prioritizing healthy choices, and safflower seed oil is likely a preferred choice as it is known to lower cholesterol levels and reduce the risk of heart disease by preventing artery hardening. As a cooking oil, safflower oil boasts a neutral flavour and high smoke point, making it ideal for diverse culinary applications, from salad dressings and baking to frying. This adaptable nature extends beyond the kitchen, with safflower seeds and their derivatives finding lucrative applications in cosmetics, nutraceuticals, and even biofuels. This expanding range of uses further propels the market's dynamic growth. Moreover, according to the Observatory of Economic Complexity (OEC), with a total trade of $72.8M, safflower seeds ranked as the 4240th most traded product globally. Exports of safflower seeds increased by 21.1% between 2020 and 2021, from $60.1 million to $72.8 million. The Safflower seed market makes up 0.00035% of all global trade. This growth in exports signifies the growing utilization of safflower seeds globally.

Additionally, there has been a significant increase in global safflower seed imports in the year 2021. As per the OEC, Turkey ($16.2M), China ($14.2M), Belgium ($9.17M), the United States ($5.3M), and the Philippines ($2.32M) were the leading importers of safflower seeds in 2021. Moreover, various government initiatives and schemes to expand domestic oilseed production and increase overall harvest area are also augmenting the overall market growth.

Increased demand due to the versatile usage of safflower seeds propels the safflower seeds market.

Safflower seeds have a remarkable versatility, contributing to their high demand across various industries, including pharmaceuticals, cosmetics, animal feeds, and the food and beverages sector. The surge in popularity of organic, vegan, canned, and bio-based food products, driven by increasing environmental and health concerns, has led to a growing market for such items. Recognizing this trend, GNT has expanded its range of EU organic-certified EXBERRY® Coloring Foods by introducing new yellow and green shades derived from organic safflower. In the realm of cosmetics, an agreement between Botaneco Inc. and Sharon Personal Care in February 2023 paved the way for the inclusion of Hydresia® and CapSolTM—two natural, multi-functional oleosome products from Botaneco—into Sharon Personal Care's product lineup. CapSol, a groundbreaking innovation derived from safflower seed, is particularly noteworthy for its application in formulating sun protection products. Modern creams and lotions can now be easily crafted using CapSol sunscreen oleosomes. Moreover, it is capable of being utilized as a Safflower Seed Cake or De-Oiled Protein Powder, as safflower offers a rich source of protein, fat, and fibre, making it an excellent choice for providing garden birds with diverse nutritional options. Due to this diverse application, the demand for the safflower seeds will be growing making it a sought-after product.

Additionally, Safflower oil with a high oleic content is a rich source of monounsaturated fatty acids that help decrease LDL cholesterol, especially when used in place of saturated fat. Atherosclerosis, or a buildup of plaque inside the arteries, can result from elevated cholesterol and can be decreased with the consumption of safflower seeds. Each 28.35 g portion of dried safflower seed kernels has 147 calories. Safflower seed has 9.7 g of carbohydrates, 4.6 g of protein, and 11 g of fat. The remainder is complex carbohydrates. Dried safflower seed kernels provide 0 mg of cholesterol and 1 g of saturated fat per serving.

It is projected that the safflower seeds market in Europe will grow steadily.

The United Kingdom is anticipated to experience a sharp increase in the demand for sunflower seeds due to their ability to lower blood sugar and cholesterol levels as well as prevent health problems including stroke and artery hardening. Furthermore, compared to other crops, the growing of safflower seed increases environmental sustainability in the region because it is a drought-tolerant crop. Harvesting, storing, and adapting to different soil types are all made easier, which in turn increases the demand for safflower seeds. According to an estimate from the OEC, in 2021, the import value of safflower seeds in the country reached US$2.16 million from US$ 1.27 million in the year 2020. This illustrates how the demand in the UK market will be driven by the rising consumption of safflower products in many industries, including food, beverage, and healthcare.

Furthermore, it is anticipated that the market would increase favourably due to the adoption of a healthy lifestyle, rising consumer awareness regarding safflower seed oil use, and broader demand for low-fat meals. Safflower seed oil’s usefulness in the production of cosmetics and infant formula is predicted to expand the industry. In addition, the UK safflower seeds market is anticipated to be positively impacted owing to the greater focus on biofuels and encouraging government initiatives. For instance, RTFO is one of the primary initiatives of the United Kingdom government to lower greenhouse gas emissions from gasoline provided for transport purposes. As per the Road Transport Fuel Order (RTFO), all providers of fossil fuels for road transport must deliver a certain amount of sustainable renewable fuel as a percentage of the fuels they supply for road and non-road mobile machines. In the year 2020, fossil fuel firms got 9.75% of their fuel from renewable sources. In a similar vein, suppliers need to provide reports on the carbon and sustainability criteria of renewable fuels under the RTFO.

Market Key Developments
April 2023: Plenty Foods launched Super High Oleic safflower oil, which enhances cooking capabilities and improved health credentials, and utilizes uniquely Australian-grown Super High Oleic safflower seeds, further emphasizing the country's role in this thriving market.

Segmentation:

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