Sunflower Oil Market is expected to register a CAGR of 5.06% and reach USD 20,960.1 Million by 2024. Sunflower is grown annually in relatively warm areas such as Ukraine, Hungary, France, Romania, Bulgaria, Spain, Italy, and Russia. The application of sunflower oil in food & beverages is predominant in Spain, Germany, France, Italy, Romania, and the UK. The seeds of sunflower can yield up to 45% of sunflower oil, which is an excellent source of protein for the animal feed industry.
With the presence of various oil options at the grocery store, it can be a difficult decision to choose one. We are aware of multiple healthy oils, but we may not be well acquainted with sunflower oil. The oil is used as cooking oil as well as a medicine. Sunflower Oil Industry is primarily used to fight cholesterol and to prevent heart-related ailments. Further, the oil is also known for its high smoke point, which is why it is gaining prominence as a frying oil.
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Sunflowers are more than beautiful yellow flowers that offer you a fascinating sight to see. These flowers contain ample nutrition that is beneficial for the skin. The sunflower oil trade is expanding since the oil is being used as a natural skincare ingredient for hundreds of years across the world. The oil consists of Vitamin E & K, which are advantageous in maintaining radiant skin. The oil fights acne, prevents wrinkles, and acts as a natural skin moisturizer. Therefore, the product is gaining popularity among women. Also, there has been a rise in demand for organic beauty products, which will aid in boosting the sunflower oil industry.
Many of us are yet not aware of why Sunflower Oil Industry is a better choice than other cooking oils. Sunflower oil is very nutrient-dense. If consumed as a part of a balanced diet, it may prove to be beneficial for the human body. Hence, the oil is gaining importance among the growing health-conscious population, thereby benefitting the market. Besides, the low price and exceptional health benefits are expected to augment its demand, especially in developing countries. And the fluctuating prices of its’ competitors like soya bean, groundnut oil, and others will further aid in boosting the sunflower industry.
Innovation and novelty factor keep consumers engaged and curious. Likewise, the increasing number of new sunflower oil product launches by various key players is expected to grow the market. The oil is available in one-liter, three-liter, five-liter, ten-liter, and twenty-liter packs that can attract consumers by providing various options, which increases sales significantly. Also, Sunflower Oil Industry growing concern towards the environment has resulted in opting for eco-friendly and chemical-free methods that can enhance its importance in the coming period and augment the revenue of the sunflower oil industry.
Partnerships, joint ventures, and the growing interaction between various players have always significantly strengthened markets. The industry is expected to actuate in the coming period owing to the increasing initiatives to expand the commercial sunflower trade. For example, the first Cornish sunflower oil was produced in December 2020, which just hit the shelves of local retailers. The crop was a joint venture between Cornish farmer Nick DYMOND and Jack Baines of Hard-Pressed Cornwall, an artisan cooking oil producer based at CARNON Downs, England. The sunflowers were grown without chemicals. The on-going research and attempts to explore eco-friendly methods are likely to provide impetus to the sunflower oil market growth during the assessment period.
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