Global Covid-19 Impact on Sunflower Oil Market is estimated to be valued at USD 20,960.1 Million by 2024, expanding at a CAGR of 5.06% during the forecast period. Sunflower oil is a non-volatile oil pressed from the seeds of the sunflower plant. The demand for sunflower oil has increased over the last few years to meet the widespread applications in the food processing industry. Moreover, rising consumer inclination toward organic products is expected to offer market players lucrative opportunities for growth. However, the side effects of sunflower oil and the availability of substitute products are projected to hinder the growth of the market during the review period.
Global Covid-19 Impact on Sunflower Oil Market has been segmented based on Type, Application, and Region/Country. By Type, the market has been divided into linoleic acid, mid-oleic acid, and high-oleic acid. The linoleic acid segment accounted for the maximum market share in 2020 as well as expected to register a significant growth rate 4.79% during the forecast period. Linoleic acid is an essential fatty acid for the human diet and linoleic sunflower oil contains approximately 70% of polyunsaturated fat. The remainder consists of 20% monounsaturated fat and 10% saturated fat. Linoleic sunflower oil is used widely for frying. Moreover, it is used in the production of margarine and shortening. However, mid-oleic acid is expected to register the highest CAGR during the forecast period due to the economical pricing of the product and the various health benefits of low levels of trans fats. Moreover, mid-oleic sunflower oil is used in cosmetic formulations as an emollient.
Market Research Future recognizes Cargill, Incorporated (US), Bunge Limited (US), Kernel Holding S.A. (Ukraine), Adani Wilmar Limited (India), MHP SE (Ukraine), Shandong LUHUA Group Co., Ltd (China), NMGK Group (Russia), POLOGY OEP PJSC (Ukraine), Adams Group (US), NT Ltd (Hungary), EFKO Group (Russia), Aston JSC (Russia), OPTIMUSAGRO Corporate Group (Russia), DELIZIO (Belgium), DICLE Group (Turkey), TANONI SA (Turkey), RISOIL S.A. (Switzerland), and OLIYAR (Ukraine) as the Key Players in the Global Sunflower Oil Market.
Geographically, the Global Sunflower Oil Industry has been categorized into the US, Europe, China, India, Japan, South-East Asia, and the Rest of the World. As per MRFR analysis, Europe dominated the market accounting for the highest share in 2020. South-East Asia sunflower oil market accounted for the second-largest market share in 2020 and is expected to register the highest CAGR of 5.83% during the forecast period.
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Key Findings of the Study
Global Sunflower Oil Industry is expected to register a growth rate of 5.06% from 2019 to 2024. The widespread application of sunflower oil in the food processing industry and increasing use of sunflower oil in biofuel and personal care products are projected to propel the growth of the global sunflower oil market.
The linoleic acid segment is estimated to retain its prominent share by 2024. It is estimated to register a growth rate of 4.79% during the forecast period.
By application, the food & beverage segment is expected to hold a dominant share of the market by 2024, expanding at a growth rate of 5.33%.
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