According to Mordor intelligence report, the sunflower market was valued at USD 7020.5 million in 2018 and is estimated to reach a value of USD 9,971.3 million by 2024, registering a CAGR of 6.3% over the forecast period (2019-2024). The global sunflower oil consumption is growing rapidly, mainly as a result of the rising health consciousness among Indian consumers. Due to negative effects on health coming from the adoption of a modern lifestyle, the consumers now prefer light edible oils, in order to remain healthy. As a result, the share of sunflower oil in the total edible oil consumption is rising year on year.
Sunflower seeds are fruits of the sunflower plant, which are produced on a mass-scale in EU countries. Edible oils are prepared from sunflower seeds that are used in various food products. The report covers sunflower seeds (Helianthus annuus) production, consumption, trade, and price trend analysis. The sunflower seed is valued mainly for its oil. Sunflower seeds are also used as human food, as well as feed for birds.
Pre Covid-19 Market Trends
The largest importer of sunflowers seeds was France, which took up an 18% share in imported sunflower seeds, in volume, in 2018. France also actively participated in the intra-European trade of sunflower seeds, accounting for 8.5% of the market share of the intra-European sunflower seed import market. In the last five years, French imports of sunflower seeds increased at a sharp annual rate of +41% in volume and +34% in value, owing to a decrease in domestic production of French sunflower seeds. The largest developing country that supplies sunflower seeds to France is Argentina.
Asia Pacific Leads the Global Sunflowers Market
Asia-Pacific dominates the global sunflower market in terms of consumption, holding a 30% share of the global market. The market in this region driven by higher disposable incomes and increased health consciousness. Edible oil consumers in India are increasingly turning toward sunflower oil, which has witnessed an increase in the consumption by about five-fold rise, over the past 15 years. Solvent Extractors’ Association of India (SEA) noted a steady rise in sunflower oil imports, from 973,000 metric ton, in 2015-2016, to 1,516,000 metric ton, in 2017-2018.