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The global demand for vegetable oils is rising due to a wide range of applications in energy and chemicals industries along with huge consumption demand from household and food industry. Growing population and changing food habits (consumption of ready to eat meals and snack food products) across the world is demanding for the increased volume of vegetable oil, especially for the oils that contain low cholesterol & fat and offering additional health benefits compared to other competitive vegetable oils.
Sunflower oil is the fourth largest vegetable oil available and consumed globally and the consumption is growing rapidly due to the additional benefits sunflower oil offers over the other cheap vegetable oils. According to the FAO, the global production of sunflower oil is expected to reach 60 million tonnes by the year 2050 which also implies a significant growth in the per capita consumption of the oil across the globe.
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The sunflower oil market is projected to grow at a decent pace during the forthcoming years, owing to increasing demand for vegetable oil across countries, such as India, China, South Korea, and, others. Rapid expansion in population and growing food industries in emerging markets such as China and India are projected to support the growth of sunflower oil market during the forecast period.
Key companies operating in the global sunflower oil market are focusing on the launch of the novel, healthy, and affordable products to maintain their prominence in the global market. Companies are also centering on packaging of the product and hence revamping their product packaging materials and sizes to attract consumers. Bunge Limited, Marico Ltd., and Cargill Incorporated are some of the leading companies operating in the global sunflower oil market.
Basic steps involved in the production of sunflower oil are cleaning and grinding of sunflower seeds, cold/heat pressing, solvent extraction, removal of solvent traces, and refining of oil. Sunflower oil contains crucial fatty acids, such as oleic (14-40%), linoleic (7-48%), stearic (1-7%), and palmitic (4-9%). Increasing export of sunflower oil from major producing countries, such as Russia, Ukraine, and others is anticipated to positively impact the sunflower oil market size during the forecast years.
Increasing launch of novel products, coupled with the launch of products in a wide range of packages and sizes is expected to fuel the sunflower oil market growth in the forthcoming years. Adoption of premiumization strategy by various significant market players due to growing demand for high-quality and labeled edibles by consumers is estimated to further drive the growth of global sunflower oil market.
However, increasing demand for less saturated vegetable oils such as corn oil, canola oil, olive oil, and others due to increasing health concerns among people is projected to hinder the market growth of sunflower oil during the forecast period.
Some of the major companies that are present in the global sunflower oil market are ConAgra Foods Inc., Colorado Mills, Archer Daniels Midland Company, Marico Ltd., Bunge Limited, Cargill Inc., PPB Group Berhad, Rusagro Group of Companies LLC, Rein Oil CC, and Mcjerry Sunflower Oil.
Among applications, the demand for sunflower oil in the food segment is anticipated to be the highest as it is an affordable and healthy edible oil that is used in the preparation of various food products and cuisines. Introduction of refined and high oleic sunflower oil in the global market is expected to boost their adoption by food manufacturers as well as households during the forecast years. The demand for sunflower oil in cosmetics preparation is anticipated to witness considerable growth as the oil is a rich source of vitamin E, A, and various antioxidants that can promote skin health and hair health.
The demand for sunflower oil is projected to grow significantly in the foodservice industry, especially in developing countries of Asia Pacific and countries of Europe due to various health benefits associated with the oil. Furthermore, increasing consumer awareness regarding the health benefits of sunflower oil is expected to propel its demand for household uses in the forthcoming years.
The sunflower oil market in Europe is projected to witness significant growth in the upcoming years, owing to escalating demand for high oleic sunflower oil in the region. Increasing imports of sunflower oil in prominent European countries, such as the Netherlands, Italy, Spain, and Belgium is expected to further boost the market growth of the region in the upcoming years. According to the CBI Ministry of Foreign Affairs, the total imports of sunflower oil reached 2.9 million tonnes in the year 2015. The sunflower oil market in Asia Pacific is projected to grow at a rapid pace during the foreseeable years, due to rising consumption of sunflower oil in the region, attributed by the growing population in prominent economies of Asia, such as China, India, and others. Growing foodservice industry of Asia Pacific, coupled with increasing demand for refined sunflower oil by households are some another prominent reasons that are expected to contribute to the growth of the Asia Pacific sunflower oil market during the forecast years.
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