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The sunflower oil market is estimated to grow at a CAGR of 5.14% between 2022 and 2027. The size of the market is forecast to increase by USD 5,251.78 million. The growth of the market depends on several factors, including the growing use of sunflower oil for biodiesel production, the increasing preference for healthy food ingredients, and the demand for sunflower oil.
This report extensively covers market segmentation by application (food and industrial), distribution channel (offline and online), and geography (Europe, APAC, Middle East and Africa, South America, and North America). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The growing use of sunflower oil for biodiesel production is the key factor driving global sunflower oil market growth. One of the major factors expected to have a positive influence on the global sunflower oil market is the growing use of sunflower oil for biodiesel production. Due to the scarcity of fossil fuels, people are turning to alternative biofuels like biodiesel made from vegetable oils as a source of sustainable energy. Sunflower seeds have a high oil content and can produce more oil per acre than soybeans.
As a result, oil has quickly gained popularity as a feedstock crop for biodiesel production since it is simple to grow and profitable on both small farms and large-scale fields. This promotes the reuse of leftover cooking oil, resulting in a more sustainable, ecologically friendly fuel with lower pollutant emissions. As a result, it will be widely employed in biodiesel manufacturing, contributing to market expansion. Thus, increasing usage of sunflower oil in the manufacturing of biodiesel is expected to fuel the growth of the sunflower oil market during the forecast period.
The introduction of new packaging for sunflower oil is the primary trend in the global sunflower oil market. New packaging helps vendors attract consumers. Vendors operating in the global sunflower oil market are concentrating on revamping the packaging, sizing, and labeling of their products. In May 2018, Victoria Group AD (Victoria Group) announced changes in the packaging of ISKON edible refined sunflower oil. The company redesigned the label and changed the cap color to red as the dominant color of the new ISKON oil bottle. It changed the visual identity to help shoppers recognize the product on supermarket shelves, which may increase sales during the forecast period.
Moreover, in February 2018, Adani Wilmar Ltd. (Adani Wilmar) changed the packaging of sunflower oil to a recyclable material to reduce plastic waste generation. Each sunflower oil pouch offered by the company will carry a prominent, enlarged international symbol for recycling, symbolized by curved, folded arrows forming a triangle in the front of the pouch. Such factors will increase the market growth during the forecast period.
The availability of substitutes is a major challenge to the global sunflower oil market growth. Sunflower oil is widely used in cooking, owing to the presence of healthy unsaturated fatty acids. Other types of vegetable oils, however, can be used as replacements for sunflower oil in commercial and domestic cooking. Palm oil, olive oil, soybean oil, and canola oil are some alternatives to sunflower oil. Soybean oil is preferred as cooking oil owing to the presence of essential fatty acids such as linoleic acid, alpha-linolenic acid, and mono-unsaturated oleic acid. A good balance of fatty acids in soybean oil ensures that the body obtains fatty acids and regulates cholesterol levels.
Moreover, the canola oil is a good source of vitamin K and vitamin E, which help in keeping the heart healthy. It has the lowest concentration of saturated fat among vegetable oils. Canola oil and soybean oil are also good sources of omega-3 fatty acids, which help protect the cell membranes of the skin and eyes. Like sunflower oil, olive oil has a high concentration of mono-unsaturated fats. It (olive oil) helps reduce cardiovascular diseases and cholesterol levels. The availability of substitutes, therefore, can hamper the global sunflower oil market during the forecast period.
The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Sunflower Oil Market Customer Landscape
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Advocuae - The company offers sunflower oil sourced directly from pure sunflower seeds as its key offering under the cooking oil and your health segment. Under this segment, the company also offers Coroli Canola Oil which contains minimum saturated fats, while it also contains more of the good fat, that the body needs.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The market share growth by the food segment will be significant during the forecast period. Sunflower oil is extensively used in the food industry for dressing, seasonings, and other preparations. It is used in bakeries, confectionery, and convenience foods. It offers health benefits and helps food products to stay fresh for a long period. It can be added as a healthy ingredient since it contains unsaturated fatty acids that help regulate cholesterol levels and reduce the risk of cardiovascular diseases. Health benefits are likely to drive the consumption of sunflower oil during the forecast period.
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The food segment was valued at USD 13,793.22 million in 2017 and continue to grow by 2021. It is estimated that the food segment holds more than 80% of market share of sunflower oil market. The usage of sunflower oil in family cooking has grown because of growing health concerns. The food segment holds the largest market share in 2022 and is expected to dominate the sunflower oil market during the forecast period due to the increasing use of healthy cooking and frying oil in food production businesses and households, such as vegan mayonnaise, cheese, and spreads. Thus, it will fuel the growth of the global sunflower oil market during the forecast period.
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Europe is estimated to contribute 40% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. In Europe, the Russian Federation and Ukraine are some of the leading consumers of sunflower oil. Globally, these countries are also the largest exporters of sunflower oil. In Europe, a majority of the sunflower seeds produced are used to extract sunflower oil. In the European Union (EU), sunflower oil is one of the most consumed vegetable oils. According to the USDA, sunflower oil consumption in the EU has increased by 7.74% from 2020 to 2022. The increasing consumption, therefore, will drive the regional sunflower oil market during the forecast period. Bunge, Cargill, and Archer Daniels Midland are some prominent vendors that offer sunflower oil in the region.
This report forecasts the contribution of all the segments to the growth of the market. In addition, we have included the COVID-19 impact and the recovery strategies for each segment. COVID-19 led to an upsurge in the demand for Europe. However, in 2021, due to the availability of COVID-19 vaccines and vaccination drives carried out by governments of different countries in Europe, including the UK, France, Germany, and Spain, activities in offline retail channels that supplied sunflower oils gradually returned to normal. The demand for essential oils will continue to increase in the region during the forecast period. Thus, the increase in the launch of new products containing essential oils as an ingredient will drive the growth of the essential oils market in Europe during the forecast period.
The report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
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Sunflower Oil Market Scope |
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Report Coverage |
Details |
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Page number |
162 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 5.14% |
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Market growth 2023-2027 |
USD 5,251.78 million |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
4.87 |
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Regional analysis |
Europe, APAC, Middle East and Africa, South America, and North America |
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Performing market contribution |
Europe at 40% |
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Key countries |
China, Russia, Ukraine, Brazil, and Argentina |
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Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Abu Dhabi Vegetable Oil Co., Adani Wilmar Ltd., Archer Daniels Midland Co., Aveno NV, Avril SCA, Bunge Ltd., Cargill Inc., Colorado Mills, Conagra Brands Inc., Kaissa Oil, Kernel Holding S.A., M.K. Agrotech Pvt. Ltd., MK GROUP, Oliyar Co., Optimus Agro, Parakh Group, PPB Group Berhad, REIN Oil, Rusagro Group of Companies LLC, and ViOil Industrial Group |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Distribution Channel
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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