The global sunflower oil market is slated to grow at an impressive pace during the forecast period on account of the multiple health benefits contained in sunflower oil. For example, sunflower oil contains the highest quantity of Vitamin E as compared to other vegetable oils. According to the Hyderabad-based National Institute of Nutrition, sunflower oil delivers the best health results when used in combination with mustard oil. This oil is considered excellent for maintaining a healthy heart and controls cholesterol level in the body as it contains 80% monounsaturated fats. Further, sunflower oil is widely used in skin products and even applied directly on the skin owing to the high proportion of Vitamins A and E that it has. The oil is also known to cure bacterial skin disorders such as acne. These, along with other health benefits, will positively impact the global sunflower oil market growth during the forecast period.
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Some of the key players in the global sunflower oil market, as profiled by Fortune Business Insights, include:
- Cargill Inc.
- ConAgra Foods Inc.
- Macjerry Sunfloweroil Company Ltd.
- Bunge Ltd.
- Colorado Mills
- Marico Ltd.
- Rein Oil CC
- Archer Daniels Midland Company
- Rusagro Group of Companies LLC
- PPB Group Berhad
Fortune Business Insights, in its report titled, “Sunflower Oil Market Size, Share & Industry Analysis, By Application (Food, Pharmaceuticals, Cosmetics, Others), By End-users (Households, Industrial, Foodservice) and Regional Forecast, 2019-2026”, provides an in-depth analysis and a detailed evaluation of the factors, dynamics, and other aspects that can potentially influence and shape this fledgling market during the forecast period.
Sunflower oil is extracted from the pressing of sunflower seeds. It is non-volatile in nature and mainly used as a cooking oil. This oil is the world’s fourth largest produced vegetable oil, with Russia and Ukraine leading the global production.
Increasing Global Production of Sunflower Oil to Enlarge the Market
Vegetable oils are the highest traded commodities in agriculture sector and sunflower oil is one of the prominent vegetable oils in the world. The Food and Agriculture Organization (FAO) estimates that by 2050, sunflower oil production worldwide will reach 60 million tons. A report published by the FAO and OECD predicts that sunflower oil production will soar in Ukraine, Russia, and India. This exponential upsurge of the oil can be seen as a response to the increasing demand and consumption of this oil globally on account of rising health consciousness among people. A consistently growing obese population and the widespread prevalence of chronic ailments such as diabetes and high blood pressure resulting from unhealthy food habits is decreasing productivity of people. Since sunflower oil helps control cholesterol and glucose levels, it is being increasingly adopted as a vital component of cooked food around the world. This augurs well for the global sunflower oil market size which is poised for steady expansion during the forecast period.
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Asia-Pacific and Europe to Showcase Healthy Growth till 2026
Rising demand and consumption of sunflower oil in households and speedily progressing foodservice industry in India and China are factors that will propel the market in Asia-Pacific during the forecast period. Increasing exports from the region will further boost the global sunflower oil market revenue in the coming decade. In Europe, the primary factor that will swell the sunflower oil market size is increase in imports from European Union members such as the Netherlands, Belgium, and Spain.
Novelty in Product Offerings to Spruce up Competition in the Market
The global sunflower oil market competition is set to intensify as serious competitors launch new products in a bid to gain an edge in the competitive landscape. For example, in September 2019, ConAgra Brands announced the launch of a variety of products, prominent among which was its Earth Balanced Pressed Oil Spreads. This innovation offers oils with a high smoke point, making them ideal for cooking. They are available in different flavors including pressed sunflower oil, pressed olive oil, and pressed avocado oil. Branded sunflower oils are seeing increasing adoption rate, such as Cargill Foods Gemini Sunflower Oil which is one of the most popular and widely used sunflower oil in India.
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