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Sunflower Oil Market Share And Growth Analysis Report 2024-2033
Sunflower Oil Market Share
According to The Business Research Company's, The sunflower oil market size has grown strongly in recent years. It will grow from $25.12 billion in 2023 to $28.81 billion in 2024 at a compound annual growth rate (CAGR) of 6.7%. The growth in the historic period can be attributed to the diversification of applications, availability, and affordability, marketing and promotion, and international trade.
The sunflower oil market size is expected to see strong growth in the next few years. It will grow to $35.26 billion in 2028 at a compound annual growth rate (CAGR) of 7.1%. The growth in the forecast period can be attributed to rising population and urbanization, preference for plant-based products, expansion in the food processing industry, healthier cooking alternatives, and sustainable sourcing and production. Major trends in the forecast period include a shift towards healthier oils, diversification of applications, premiumization, climate change impacts, and product innovation.
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Market Drivers and Trends:
The expansion of the food service sector is expected to propel the growth of the sunflower oil market going forward. The food service sector encompasses businesses involved in preparing, serving, and selling food and beverages to consumers for immediate consumption. The expansion of the food service sector is due to the changing lifestyles, cultural shifts, demand for convenience, diverse culinary offerings, and social media influence. Sunflower oil's popularity and versatility make it a top choice for food preparation in restaurants, cafes, and fast-food chains, with its high smoke point and healthier fat profile contributing to its widespread use. For instance, in February 2024, according to the United States Department of Agriculture, a US-based federal agency, in 2022, food expenditures represented 12.8% of spending for U.S. households, marking a rise from 12.4% in 2021. Therefore, the expansion of the food service sector is driving the growth of the sunflower oil market.
Major companies operating in the sunflower oil market are focusing on developing innovative products, such as Fiona Refined Sunflower Oil, to gain a competitive edge in the market. Fiona Refined Sunflower Oil is designed to ensure up to a remarkable 50% higher transfer of vitamins from the oil to food compared to regular sunflower oils available on the market. For instance, in November 2023, Bunge India Private Ltd., an India-based agribusiness and food company, launched Fiona Refined Sunflower Oil in Odisha as part of its expansion strategy. This oil is enriched with essential vitamins A, D, E, and K, crucial in maintaining good health and well-being. Due to its high smoke point, this oil is suitable for roasting, stir-frying, and deep-frying, making it a versatile choice for various cooking methods.
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Major Key Players of the Market:
Cargill Incorporated, Archer Daniels Midland Company, Procter & Gamble (P&G), Wilmar International Limited, Bunge Global SA, Unilever PLC, Louis Dreyfus Company, COFCO Corporation, CHS Inc., Liuhe Corporation, Seaboard, Avril Group, The J.M. Smucker Company, Gruppo Cremonini, Kernel Holding S.A, Aceitera General Deheza, PPB Group Berhad, Molinos Río de la Plata, Gavilon's, Oleon, AA International Inc., Risoil SA , ACH Food Companies, EFKO Group
Sunflower Oil Market 2024 Key Insights:
• The sunflower oil market size is expected to see strong growth in the next few years. It will grow to $35.26 billion in 2028 at a compound annual growth rate (CAGR) of 7.1%.
• Expansion Of Food Service Sector Driving Growth Of Sunflower Oil Market
• Fiona Refined Sunflower Oil With Enhanced Vitamin Transfer For Health-Conscious Consumers.
• Europe was the largest region in the sunflower oil market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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