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Sunflower oil is a popular edible oil that is rich in linoleic acid, oleic acid, and other essential nutrients. A native crop of Central and North America, the oil is widely used in household and commercial cooking purposes. It is widely cultivated for its flowers, seeds, and oil extraction. Increasing awareness toward the positive health effects of Polyunsaturated Fatty Acids (PUFA) will boost the consumption of the oil in the coming years. According to the Food and Agriculture Organization (FAO), sunflower seed oil production is expected to reach 60 million tons by 2050.
Fortune Business Insights™ states that the global market for sunflower oil was USD 18.50 billion in 2020 and it is expected to reach USD 29.59 billion by 2028, displaying a CAGR of 6.12% during the forecast period (2021-2028). Factors contributing to the market growth are rising demand for healthy cooking and frying oil in households & food manufacturing sectors.
The outbreak of the COVID-19 pandemic heavily impacted supply chains and economic growth worldwide, impacting the growth of the sunflower market. Strict government restrictions, such as lockdowns and trade barriers, led to negative growth of the industry. In addition, the closure of the foodservice and HoReCa (Hotel, Restaurant, & Café) sectors reduced the demand globally. An increasing number of coronavirus cases also caused a surge in edible oil prices.
According to the Solvent Extractors’ Association of India (SEA), edible oil exports witnessed a 5% decline. However, the lifting of trade bans across countries will promote the recovery of the industry in the forthcoming years.
Fortune Business Insights™ Presents Top 10 manufacturers in Sunflower Oil Industry
Cargill Incorporated is one of the prominent players in the market with experience of 155 years in the business. The company is focusing on expanding its global presence to increase its market share. In addition, the company has a dedicated Research & Development (R&D) team for manufacturing high-quality cooking oils.
In December 2021, Cargill acquired an edible oil manufacturing factory in Andhra Pradesh. The motive behind this strategy was to strengthen and expand its supply chain network across India. This acquisition will allow Cargill to boost the production capacity of sunflower, palm, and other edible oil products.
Archer Daniels Midland Company produces and manufactures ingredients for multiple industries & sectors such as food & beverages, industrials, animal nutrition, and fuel. It has a global supply chain of reliable suppliers, 450 crop procurement locations, over 330 food & feed ingredient manufacturing facilities, and 62 innovation centers. The annual revenue of the company was 64.35 billion in 2020.
In August 2018, it expanded its presence in Brazil by acquiring a new oilseed processing facility from Algar Agro. This acquisition allowed the company to reinforce its presence in the South America market.
Bunge Ltd is one of the major players in the market with experience of almost 200 years. The company is among the largest exporters of agriculture products in Brazil and has around 51 oilseed producing plants, 32 terminals, and over 117 food and ingredient facilities. The annual revenue of the company was USD 41.40 billion in 2020.
In March 2020, the company launched a cooking oil portfolio that is specially designed for plant-based meat alternatives.
Conagra Brands is one of the pioneers in the food manufacturing industry and has experience of over 100 years. The company owns different brands such as BIGS, Frontera, PAM, and others. The annual revenue generated by the company was estimated at USD 11.18 billion in 2021.
In September 2019, non-GMO condiments and enhancers brand ‘Earth Balance’ was introduced by the company.
Adani Wilmar Limited is one of the leading market players in edible oils business. The company has 10 consumer FMCG companies in India, reaching over 91 million households. The annual revenue of the company was estimated to be around USD 5.27 billion during 2020-2021.
In January 2018, Adani Wilmar invested around USD 9.9 million for doubling the edible oil production capacity at its facility in West Bengal, India.
Parakh Group is one of Asia Pacific’s most renowned and fastest-growing FMCG products manufacturers. The company was established in 1969, Pune. It has a strong distribution network of more than 120,000 distributors in Asia Pacific and 1,500+ distributors across India.
Abu Dhabi Vegetable Oil Company (ADVOC) is one of the top sunflower oil manufacturers of high-quality edible oils in the Middle East. Established in 1998, the company has presence in 25 countries coupled with partners that distribute its 17 edible oil brands around the region.
In November 2018, ADVOC partnered with Patanjali Ayurved Ltd. The main motive was to produce various edible oils for the Middle East countries and to expand production capacity.
Kernel is one of Ukraine’s largest sunflower oil producers and exporters. The company exports its products across 80 countries globally and holds a prominent position in Europe. The company owns 5 crushing plants and over 11 offices across Ukraine.
In July 2019, Kernel Company started exporting winterized sunflower oil to China.
Macjerry Sunflower Co. Ltd is one of the leading companies in Ukraine. It has 3 facilities that produce high-quality oils for household and food manufacturing companies. The company has a production capacity of 3,000 tons per day. The company is adopting various strategies to strengthen its foothold in Ukraine and other European countries.
Kaissa Oil is one of the leading sunflower oil manufacturers in Ukraine and has been in this business for 19 years. The company primarily focuses on the production of vitamin-fortified sunflower oil. It has a production capacity of 500 tons per day, with 258 partners worldwide. The company also has international certifications for quality management.
Sunflower Oil to Remain a Popular Food Ingredient due to Countless Health Benefits
As sunflower oil is natural and organic, its health benefits are immense. It is good for skin and hair, low in fat, and helps improve immunity, making it a healthy choice for cooking. According to the Food and Drug Administration (FDA), edible oils that contain at least 70% oleic acid help to reduce the chance of coronary heart disease. Growing awareness of the public toward these benefits will increase the consumption of the oil in the forthcoming years.