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Sunflower Market Report 2024-2033 - Size, Growth, Trends & Competitive Outlook
Sunflower Market Report
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According to The Business Research Company's, The sunflower market size has grown strongly in recent years. It will grow from $21.89 billion in 2023 to $23.01 billion in 2024 at a compound annual growth rate (CAGR) of 5.1%. The growth in the historic period can be attributed to a rise in population and urbanization, high demand for biofuels and renewable energy sources, rising disposable incomes in emerging markets, increased focus on sustainable agricultural practices, and growing preference for plant-based oils over animal fats.
The sunflower market size is expected to see strong growth in the next few years. It will grow to $28.16 billion in 2028 at a compound annual growth rate (CAGR) of 5.2%. The growth in the forecast period can be attributed to growing health consciousness among consumers, rising applications in food and cosmetic industries, favorable climatic conditions for sunflower cultivation, expansion of sunflower cultivation areas, and increasing government subsidies and support for sunflower farming. Major trends in the forecast period include advancements in breeding technologies, technological innovations in oil extraction, the development of new sunflower varieties, the integration of digital technologies in farming, and the emergence of new processing technologies.
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Market Drivers and Trends:
The increasing demand for healthy edible oils is expected to propel the growth of the sunflower market going forward. Healthy edible oils are plant-based oils rich in unsaturated fats, essential nutrients, and antioxidants that support heart health and overall well-being. The rising demand for healthy edible oils is driven by growing consumer awareness of heart health, nutritional benefits, and the need for healthier dietary fats. Sunflower seeds are used to produce sunflower oil, which is rich in heart-healthy unsaturated fats and vitamin E, making it a nutritious choice for cooking. For instance, in June 2023, according to the United States Department of Agriculture, a US-based government administration, in 2021, the United States imported large volumes of vegetable oils for various uses, with import values surpassing $8.0 billion and rising to $10.9 billion in 2022. Therefore, the increasing demand for healthy edible oils is driving the growth of the sunflower market.
Major companies operating in the sunflower market are focusing on developing advanced farming technologies, such as agroecological innovation, to increase crop yields and promote sustainable practices to meet the growing global food demand. Agroecological innovation refers to the development and application of sustainable agricultural practices that enhance biodiversity, optimize resource use, and promote ecological balance. For instance, in September 2023, Elicit Plant, a France-based biotechnology company, introduced EliSun-a, a groundbreaking agroecological innovation aimed at increasing sunflower yields. Utilizing phytosterol technology, EliSun-a enhances the resilience of sunflower crops, particularly during periods of water stress. The innovation is designed to be sprayed on sunflower crops, allowing phytosterols to penetrate the plants and stimulate root growth. This innovative approach not only aims to boost sunflower yields but also reflects a growing trend in agriculture towards sustainable practices that leverage natural plant mechanisms to enhance productivity.
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Major Key Players of the Market:
Cargill Incorporated, Archer Daniels Midland Co, Wilmar International Limited, Bunge Ltd., Louis Dreyfus Company B.V., Corteva Inc., Conagra Brands Inc., UPL Ltd., Kernel Holding S.A., Emami Agrotech Limited, Marico Limited, Euralis Semences S.A.S., Olam International Limited, KS Oils Limited, NMGK Group, Nuziveedu Seeds Ltd., Parakh Group, Mahyco Pvt Ltd., Olenex, Delta Wilmar CIS LLC, Aveno N.V., Giant Snacks Inc., Kaissa Oil, Gemini Edibles and Fats India Pvt. Ltd.
Sunflower Market 2024 Key Insights:
• The sunflower market size is expected to see strong growth in the next few years. It will grow to $28.16 billion in 2028 at a compound annual growth rate (CAGR) of 5.2%.
• Rising Demand For Healthy Edible Oils Drives Growth In The Sunflower Market
• Ag-Tech Innovations Transforming Sunflower Farming For Sustainable Growth
• Europe was the largest region in the sunflower market in 2023
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