Technavio's latest market research report on the global sunflower oil marketprovides an analysis on the most important trends expected to impact the market outlook from 2017-2021. Technaviodefines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
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Technavio has published a new market research report on the global sunflower oil market from 2017-2021. (Graphic: Business Wire)
Global sunflower oil market overview
Sunflower is an important oilseed crop worldwide. Over the years, the crop has gained significant importance, mainly in the form of edible oil and feed meal and for industrial applications. In addition to this, the negative perception about palm oil has also helped increase the sunflower oil demand in regions like North America and Western Europe. Due to its popularity as an edible oil, sunflower oil accounts for more than 75% of the revenue from sunflower crops.
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The top three emerging market trends driving the global sunflower oil market according to Technavio research analysts are:
- Growing demand for organic sunflower oil
- New product launches
- Trend of sunflower oil spray
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Growing demand for organic sunflower oil
With growing awareness about the negative effects of synthetic products on human health and the environment, most informed consumers have started looking for organic products. This scenario can be seen across the board and applies to the oil segment as well. Organic foods are often perceived as healthy and are gaining traction in the market as consumers are becoming increasingly concerned about the origin and quality of the ingredients that are used in manufacturing the food products. In 2014, countries like the US accounted for more than 40% of the retail sales share of the global organic food product market. Seeing this, many sunflower oil players (like 24 MANTRA ORGANIC, Spectrum Naturals (Hain Celestial), Clearspring, Green Sense, PUREHARVEST, LA TOURANGELLE, and others) are coming up with organic sunflower oil offerings, which do not use extreme refining processes and thus preserve the nutrients.
New product launches
Factors like new product development, improved taste, and versatility, along with high levels of marketing support, often help in increasing the overall demand for the product in the market. Thus, several players are currently launching new sunflower oil offerings to expand their product portfolios. For instance, in 2016, Cargill launched a new line of sunflower oil certified as non-GMO, while South India Krishna Oil and Fats launched its new brand Goldivia Refined Sunflower Oil with an aim to diversify its product range.
According to Manjunath Reddy, a lead analyst at Technavio for food research, "Various players are looking to blend sunflower oil with other healthy oils in the coming years. For instance, in 2017, KLF Nirmal announced its plans to come up with a range of blended cooking oils made by blending coconut oil and sunflower oil to compete against adulterated oil products in the market with a label of 100% coconut oil. It is expected that more players will launch new sunflower oil varieties during the forecast period, which will increase the sales and sustain market growth."
Trend of sunflower oil spray
Cooking sprays are being introduced by many players as a healthy product that offers lower calorie content than oil. As the spray will introduce only a small amount of oil, the food will be less greasy and will have fewer radicals. Currently, many players like Frylight, RAY COOKING SPRAY, Hain Celestial, WINONA PURE, and others are offering sunflower oil sprays. These sunflower oil sprays are usually preferred by health-conscious consumers who believe in their ability to cook less greasy food and lessen the overall time spent on cleaning bakeware and dishes.
"Western countries are likely to have more demand for these cooking sprays as compared to emerging countries like India and China. This is because cooking sprays are expensive when compared to conventional bottled vegetable oil. Consumers in emerging countries are often price-sensitive when it comes to purchasing day-to-day commodities. During the forecast period, more players are expected to launch sunflower oil sprays to attract consumers looking for less greasy cooking options while buying day-to-day commodities like sunflower oil," says Manjunath
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