Sunflower Oil Market Scope, Global Analysis, Regional Trends, COVID-19 Impact, Industry Demand, Current and Future Plans by Forecast to 2024

Market Highlights

Global Sunflower Oil Market is estimated to be valued at USD 20,960.1 Million by 2024, expanding at a CAGR of 5.06% during the forecast period. Sunflower oil is a non-volatile oil pressed from the seeds of the sunflower plant. The demand for sunflower oil has increased over the last few years to meet the widespread applications in the food processing industry. Moreover, rising consumer inclination toward organic products is expected to offer market players lucrative opportunities for growth. However, the side effects of sunflower oil and the availability of substitute products are projected to hinder the growth of the market during the review period.

Europe held a dominant share of the sunflower oil market in 2020 owing to the high consumption of plant-based fat in the region, both at home as well as in foodservice outlets. Product development followed by expansion plans of market players has further boosted the sales of sunflower oil in Europe. The market in South-East Asia, China, and India are among the major consumers of sunflower oil due to the large population and growing consumption of sunflower oil in culinary and foodservice outlets. Other factors such as rapid urbanization, rising per capita disposable incomes, increasing demand for plant-based cooking fat, and growing number of unorganized and small-scale cafés, quick-service restaurants are expected to drive the growth of the market in these countries and is expected to provide lucrative opportunities to sunflower oil manufacturers in the coming years.

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Key Players

Market Research Future Recognizes Cargill, Incorporated (US), Bunge Limited (US), Kernel Holding S.A. (Ukraine), Adani Wilmar Limited (India), MHP SE (Ukraine), Shandong Luhua Group Co., Ltd (China), NMGK Group (Russia), Pology OEP PJSC (Ukraine), Adams Group (US), NT Ltd (Hungary), EFKO Group (Russia), Aston JSC (Russia), OptimusAgro Corporate Group (Russia), Delizio (Belgium), Dicle Group (Turkey), Tanoni SA (Turkey), Risoil S.A. (Switzerland), and Oliyar (Ukraine) as the Key Players in the Global Sunflower Oil Market.

Key Findings of the Study

The Global Sunflower Oil Market is expected to register a growth rate of 5.06% from 2019 to 2024. The widespread application of sunflower oil in the food processing industry and increasing use of sunflower oil in biofuel and personal care products are projected to propel the growth of the global sunflower oil market.

The linoleic acid segment is estimated to retain its prominent share by 2024. It is estimated to register a growth rate of 4.79% during the forecast period.

By application, the food & beverage segment is expected to hold a dominant share of the market by 2024, expanding at a growth rate of 5.33%.

Segment Analysis

Global Sunflower Oil Market has been segmented based on Type, Application, and Region/Country.

By Type, the market has been divided into linoleic acid, mid-oleic acid, and high-oleic acid. The linoleic acid segment accounted for the maximum market share in 2020 as well as expected to register a significant growth rate 4.79% during the forecast period. Linoleic acid is an essential fatty acid for the human diet and linoleic sunflower oil contains approximately 70% of polyunsaturated fat. The remainder consists of 20% monounsaturated fat and 10% saturated fat. Linoleic sunflower oil is used widely for frying. Moreover, it is used in the production of margarine and shortening. However, mid-oleic acid is expected to register the highest CAGR during the forecast period due to the economical pricing of the product and the various health benefits of low levels of trans fats. Moreover, mid-oleic sunflower oil is used in cosmetic formulations as an emollient.

By Application, the market has been divided into food & beverages, biofuel, personal care, and others. The food & beverage segment accounted for the maximum market share in 2020 as well as grow at the fastest rate during the forecast period. Sunflower oil is used widely in food & beverage applications, especially processed food products such as bakery and confectionery, ready-to-eat and ready-to-cook products, savory snacks, breakfast cereals, and salads and dressings. The demand for bakery products has been increasing at a high pace across the globe. Bakery foods offer convenience and provide a low-cost source of energy as they include high levels of fat, sugar, and sometimes fruit or nuts. A rise in the number of high-end bakeries is a key factor boosting the growth of the food & beverage segment.

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Regional Analysis

Geographically, the Global Sunflower Oil Market has been categorized into the US, Europe, China, India, Japan, South-East Asia, and the Rest of the World. As per MRFR analysis, Europe dominated the market accounting for the highest share in 2020. South-East Asia sunflower oil market accounted for the second-largest market share in 2020 and is expected to register the highest CAGR of 5.83% during the forecast period.

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NOTE: Our Team of Researchers are Studying Covid19 and its Impact on Various Industry Verticals and wherever required we will be considering Covid19 Footprints for Better Analysis of Market and Industries. Cordially get in Touch for More Details.

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This release was published on openPR.