Sunflower Oil Global Market Report 2024

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 observed in the historical period can be attributed to several factors, including the diversification of applications, increased availability and affordability, marketing and promotional efforts, and expansion in 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 anticipated growth in the forecast period can be attributed to several factors, including the rise in population and urbanization, a preference for plant-based products, expansion in the food processing industry, the adoption of healthier cooking alternatives, and a focus on sustainable sourcing and production methods. Major trends expected in the forecast period include a shift towards healthier oils, diversification of applications, premiumization of products, considerations of climate change impacts, and ongoing product innovation.

The sunflower oil market is poised for growth, driven by the expansion of the food service sector. This sector comprises businesses engaged in preparing, serving, and vending food and beverages to consumers for immediate consumption. Its expansion is attributed to evolving lifestyles, cultural changes, the demand for convenience, a variety of culinary choices, and the influence of social media. Sunflower oil's popularity and versatility make it a preferred option for food preparation in restaurants, cafes, and fast-food chains, owing to its high smoke point and healthier fat profile. For example, according to the United States Department of Agriculture, food expenditures accounted for 12.8% of spending for U.S. households in 2022, up from 12.4% in 2021, indicating a growing trend. Hence, the expansion of the food service sector is fostering the growth of the sunflower oil market.

Leading companies in the sunflower oil market are concentrating on innovating their product offerings to gain a competitive advantage. One such innovation is Fiona Refined Sunflower Oil, which promises up to 50% higher transfer of vitamins from the oil to food compared to regular sunflower oils. For instance, Bunge India Private Ltd., an India-based agribusiness and food company, introduced Fiona Refined Sunflower Oil in Odisha in November 2023 as part of its expansion strategy. Enriched with essential vitamins A, D, E, and K, this oil is essential for maintaining good health. Its high smoke point makes it suitable for roasting, stir-frying, and deep-frying, rendering it a versatile choice for various cooking techniques.

In February 2024, Bunge Global SA, a US-based food company, acquired Aceitera Martínez S.A., an Argentina-based company specializing in providing edible oils, including sunflower oil. This strategic acquisition is expected to bolster Bunge Global's presence and offerings in the edible oil market.

Major companies operating in the sunflower oil market are 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.

Europe was the largest region in the sunflower oil market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the sunflower oil market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the sunflower oil market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Sunflower oil, extracted from the seeds of the sunflower plant (Helianthus annuus), is a popular cooking oil known for its mild flavor, light texture, and high smoke point, making it suitable for frying, baking, and salad dressings. Rich in vitamin E and low in saturated fats, it is often considered a healthier option compared to other cooking oils.

The primary types of sunflower oil include linoleic oil, mid-oleic oil, and high-oleic oil. Linoleic oil, abundant in linoleic acid - an essential omega-6 fatty acid - is beneficial for heart health and overall well-being. It is distributed through various channels such as online platforms, supermarkets, and convenience stores, catering to diverse applications including cooking, cosmetics, personal care, and more. End users encompass industrial, food services, and household sectors.

The sunflower oil market research report is one of a series of new reports that provides sunflower oil market statistics, including sunflower oil industry global market size, regional shares, competitors with a sunflower oil market share, detailed sunflower oil market segments, market trends and opportunities, and any further data you may need to thrive in the sunflower oil industry. This sunflower oil market research report delivers a complete perspective on everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The sunflower oil market consists of sales of refined sunflower oil, unrefined sunflower oil, and organic sunflower oil. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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