The global sunflower oil market size is expected to reach USD 29.59 billion by 2028, exhibiting a CAGR of 6.12% during the forecast period. The increasing production and consumption of vegan mayonnaise will spur demand for this oil in the forthcoming years, states Fortune Business Insights, in a report, titled “Sunflower Oil Market, 2021 – 2028.” the market size stood at USD 18.50 billion in 2020.
The increasing utilization of sunflower type of oil in food, energy, and chemical industries can have an outstanding effect on the sunflower oil market growth during the forecast period. According to the research paper published on Oilseeds & fats Crops and Lipids (OCL) in 2020, sunflower seed oil was the fourth largest consumed vegetable oil globally. The oil is rich in oleic acid, linoleic acid, and other essential nutrients that lower cholesterol levels. The growing awareness regarding health benefits of this oil will boost its consumption, especially during the global crisis. Moreover, the propensity towards healthy food and lifestyle will improve the prospects in the time of COVID-19
Launch of Five New Cooking Oils Brands by Hanoon Oil to Consolidate Business
Hanoon Oil Factory, a major oil manufacturing company based in the Sultanate, introduced 5 new cooking oil brands. The new cooking oils from Hanoon will offer consumers healthy cooking options. The company has formed a team of experts in the industry and added sophisticated technologies and equipment to produce high-quality cooking oils. The cooking brands of vegetable oils are as follows: Wazha, Hawa, Al Nakhi, Kaizoot and Zuhur. The company has fulfilled its obligations of being a healthy oil brand through its product offerings. Hawa is Palm Olein, which is produced sustainably. Wazha, a unified oil, has gone through a vigorous treatment before it is processed and preserved with antibiotics, anti-inflammatory characteristics, and antioxidants. Al Nakhi, natural sunflower oil extracted from sunflower seeds with quality control procedures.
Kaizoot is virgin coconut oil. Zuhur is an oil extracted from handpicked sunflower seeds, which will be used for cooking. The launch of five brands will enhance the development of the market in the foreseeable future.
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Increased Demand Healthy Cooking Oils to Influence Growth
The growing awareness regarding the health benefits of polyunsaturated fatty acids (PUFA) in sunflower oil will bolster the market’s growth. The high demand for cooking oils with monounsaturated fatty acids (MUFA) and PUFA will accelerate the sunflower oil industry. The consumption of MUFA can increase high-density lipoproteins (HDL) or ‘good cholesterol’ in the body. The increasing heart disease cases will spur demand for healthy cooking oils, thus uplifting the market share. The Food and Drug Administration (FDA) also supports the claim that edible oils containing at least 70% of oleic acid may reduce the chance of coronary heart disease. Moreover, the surging population will increase demand for food, thus enabling the market’s speedy expansion. According to the Food and Agriculture Organization (FAO), sunflower seed oil production is expected to reach 60 million tonnes by 2050.
The Foodservice/HORECA to Hold the Largest Share
Based on type, the market is classified into high-oleic, mid-oleic, and linoleic. The mid- oleic segment is expected to hold the largest share during the forecast period. The lower trans fats and health benefits of this segment will boost the segment’s growth. According to the National Sunflower Association (NSA), the mid-oleic type has proven to lower cholesterol levels.
Based on end-users, the market is divided into household/retail, foodservice/HORECA, and industrial. The foodservice/HORECA is expected to hold the lion’s share during the forecast period. The increasing consumer inclination towards dine-outs and flourishing restaurants chains will influence the segment’s growth. According to the Agriculture and Agri-Food Canada report, 80.5% of edible cooking oils in India in 2018 were consumed through food restaurants, while 6.4% of sales through pubs, bars, and clubs.
Geographically, the market is divided into North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa.
Growing Demand for Confectionery Products to Aid Market in Asia Pacific
- The market in Europe stood at USD 6.28 billion. The high consumption of sunflower oil will foster growth in the region.
- Asia Pacific is expected to hold the largest share during the forecast period due to the growing consumption of bakery and confectionery products in the region.
- High investment in food processing facilities by Prominent companies to propel the market in the Middle East and Africa.
- South America is expected to hold a significant share during the forecast period due to the region’s high sunflower cultivation and production.
- North America is expected to experience steady growth due to its extensive application in culinary and animal feed.
Product Launches by Major Companies to Consolidate Business
The global sunflower oil market is dominated by prominent companies such as Conagra Brands, Inc., Bunge Ltd., Cargill, Inc., Hanoon Oil Factory, and Archer Daniels Midland. Key players are focused on expanding their brand presence through product launches, acquisitions and partnerships to remain at the forefront. For instance, in November 2018, Abu Dhabi Vegetable Oil Co. (ADVOC) announced a collaboration with Patanjali Ayurved Limited to produce a range of edible oils for the middle-eastern market.
The Report Lists the Key Companies in the Global Market:
- Abu Dhabi Vegetable Oil Company (ADVOC) (Abu Dhabi, UAE)
- Conagra Brands, Inc. (Illinois, United States)
- Colorado Mills (Colorado, United States)
- Archer Daniels Midland Company (Illinois, United States)
- Bunge Ltd. (Missouri, United States)
- Cargill, Incorporated (Missouri, United States)
- Parakh Group (Maharashtra, India)
- Rein Oil CC (Western Cape, South Africa)
- Macjerry Sunfloweroil Co. Ltd. (Ukraine)
- Kaissaoil (Ukraine)