Global Sunflower Oil Market 2019-2023
About this market
The increasing exports of sunflower oil can accelerate the growth of the market during the forecast period. The growing exports of sunflower have encouraged vendors to enhance sunflower oil production. The demand for sunflower oil imports is rising in many countries, including Iraq, India, and China. Sunflower oil exports from Ukraine to Iraq tripled during 2017-2018 from 2016-2017. Overall, sunflower oil exports to India increased by more than 20% in January 2019 from January 2018. From 2017 to 2018, the total exports of sunflower oil from Russian Federation registered an increase. Likewise, the overall exports of sunflower oil from Ukraine increased in 2018. Hence, a continuous rise in the exports of sunflower oil can have a positive influence on the global sunflower oil market during the forecast period. Technavio’s analysts have predicted that the sunflower oil market will register a CAGR of almost 5% by 2023.
One of the major factors expected to have a positive influence on the global sunflower oil market is the increasing number of product launches. Several market players are focusing on launching chemical-free processed sunflower oil. The company uses a patented chemical-free process to retain natural vitamins during processing. Furthermore, several companies are launching its new premium brand, Virgin Gold sunflower oil, and claim it is unadulterated, untainted, and chemical -free. This oil is also available in one-liter, three-liter, five-liter, ten-liter, and twenty-liter packs. Vendors operating in this market are trying to attract consumers by introducing new types of sunflower oils. The launch of new products, therefore, can increase the overall sales of sunflower oil and drive the growth of the market during the forecast period.
The vulnerability of sunflower seed to changes in climatic conditions
Changes in climatic conditions have a significant impact on the production of oilseeds such as sunflower seed. These changes include elevated atmospheric carbon dioxide concentrations, high temperature, and water shortage due to rainfall fluctuations. Sunflower seed, the source of sunflower oil, is vulnerable to the direct impact of heat stress and drought during the growth cycle. These factors can lead to a severe yield loss in sunflower seed production farms. Changes in climatic conditions can reduce oil content and alter fatty acid concentrations, thereby affecting the quality of sunflower oil extracted from such seeds. Therefore, climatic changes have adversely affected the production of sunflower oil in some of the critical sunflower oil producing countries.
For the detailed list of factors that will drive and challenge the growth of the sunflower oil market during 2019-2023, view our report.
The market appears to be moderately fragmented. The presence of several companies, including Archer Daniels Midland Co. and Bunge Ltd. makes the competitive environment quite intense. Factors such as the increasing preference for healthy food ingredients and the growing exports of sunflower oil will provide considerable growth opportunities to the sunflower oil manufacturers. Cargill Inc., Conagra Brands Inc., and Rusagro Group of Companies LLC. are some of the major companies covered in this report.
Technavio Announces the Publication of its Research Report – Global Sunflower Oil Market 2019-2023
Technavio recognizes the following companies as the key players in the global sunflower oil market: Archer Daniels Midland Co., Bunge Ltd., Cargill Inc., Conagra Brands Inc., and Rusagro Group of Companies LLC.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is the introduction of new packaging for sunflower oil.”
According to the report, one of the major drivers in this market is the increasing preference for healthy food ingredients.
Further, the report states that one of the major factors hindering the growth of this market is the high import tax on sunflower oil.
Archer Daniels Midland Co.
Conagra Brands Inc.
Rusagro Group of Companies LLC