The sunflower market has witnessed strong growth in recent years. It is projected to grow from $21.89 billion in 2023 to $23.01 billion in 2024, with a CAGR of 5.1%. Factors driving this growth include population growth, urbanization, increased demand for biofuels and renewable energy, rising disposable incomes in emerging markets, the growing focus on sustainable agricultural practices, and the increasing preference for plant-based oils over animal fats.
The sunflower market is projected to grow to $28.16 billion by 2028, with a CAGR of 5.2%. The market expansion is driven by growing health consciousness, increasing applications in food and cosmetics, favorable cultivation conditions, expanding farming areas, and rising government subsidies. Key trends include advancements in breeding technologies, innovations in oil extraction, new sunflower varieties, digital farming integration, and new processing technologies.
Major Driver In The Sunflower Market
The growing demand for healthy edible oils is expected to propel the sunflower market. Healthy oils, rich in unsaturated fats and essential nutrients, are increasingly sought after due to consumer awareness of nutritional benefits. Sunflower oil, derived from sunflower seeds, is a nutritious cooking choice. The USDA reported that U.S. vegetable oil imports exceeded $8.0 billion in 2021, increasing to $10.9 billion in 2022. Therefore, the rising demand for healthy oils is driving the growth of the sunflower market.
Request A Free Sample Of The Sunflower Market Report
Sunflower Market Competitive Landscape
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.
Key Sunflower Market Trend
Companies in the sunflower market are focused on developing advanced farming technologies, such as agroecological innovation, to increase crop yields and promote sustainable practices to meet the rising global food demand. Agroecological innovation involves applying sustainable agricultural practices that improve biodiversity, optimize resources, and support ecological balance. For example, in September 2023, France-based biotechnology company Elicit Plant launched EliSun-a, an agroecological innovation designed to boost sunflower yields. The product uses phytosterol technology, which improves crop resilience during water stress by stimulating root growth when sprayed on sunflower plants. This approach highlights a growing trend in sustainable farming, utilizing natural plant mechanisms for improved productivity.
Purchase The Global Sunflower Market Report Directly And Get A Swift Delivery
Global Sunflower Market Segmentation
The sunflower market covered in this report is segmented –
1) By Product: Sunflower Seeds, Sunflower Oil, Other Products
2) By Distribution Channel: Supermarkets, Retail Shops, Online
3) By Application: Food And Beverages, Ornaments, Pharmaceuticals, Cosmetics, Other Applications
By Geography:The regions covered in the sunflower marker report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Europe was the largest region in the sunflower market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The Sunflower Global Market Report 2024 furnishes information about the global sunflower market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
