What Is The Overview Of The Global Sunflower Market?
The sunflower (Helianthus annuus) is a tall, annual plant known for its large, bright yellow flower head. Native to North America, it thrives in sunny environments and can grow over 10 feet tall. Sunflowers are cultivated for their seeds, which are used for oil production, food, and snacks. Sunflowers also play a role in improving soil health by removing toxins through a process known as phytoremediation.
Sunflower Global Market Report 2024 provides data on the global sunflower market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The sunflower market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
What Are The Expected Annual Growth Rates And Market Size Estimates For The Global Sunflower Sector?
The sunflower market has seen strong growth, expected to increase from $21.89 billion in 2023 to $23.01 billion in 2024, at a 5.1% compound annual growth rate (CAGR). The growth is attributed to rising population, urbanization, high demand for biofuels, and plant-based oils over animal fats. By 2028, the market is expected to reach $28.16 billion, driven by health consciousness, expanding food and cosmetic applications, favorable climatic conditions, and government support for sunflower farming. Key trends include advancements in breeding, oil extraction technologies, new sunflower varieties, digital technology in farming, and new processing methods.
Which Factors Are Boosting Growth In The Sunflower Market?
The increasing demand for healthy edible oils is driving growth in the sunflower market. These oils, rich in unsaturated fats, essential nutrients, and antioxidants, support heart health and overall well-being. Consumer awareness about nutrition and the need for healthier dietary fats is boosting the demand for sunflower oil, which is a heart-healthy cooking option. For instance, the United States Department of Agriculture reported in June 2023 that the U.S. imported vegetable oils valued at over $10.9 billion in 2022, up from $8.0 billion in 2021. This rising demand for healthy edible oils is propelling the sunflower market forward.
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What Key Areas Define The Segmentation Of The Global Sunflower Market?
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
How Are Emerging Trends Reshaping The Dynamics Of The Sunflower Market?
In the sunflower market, companies are introducing agroecological innovations to increase crop yields sustainably. For instance, in September 2023, Elicit Plant, a France-based biotechnology firm, launched EliSun-a, a product designed to boost sunflower resilience during water stress. This innovation uses phytosterol technology to stimulate root growth, aligning with sustainable agricultural practices.
Which Region Has The Fastest Expansion In The Sunflower Market?
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 regions covered in the sunflower marker report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
