The safflower oil market is likely to be worth USD 232.1 million by 2023, recording a 4.5% CAGR from 2023 to 2033. The safflower seed oil market is expected to hit USD 359 million by 2033.
The climate had a significant role in determining the fate of edible oils on the market. The fluctuating yield and scarcity of specific edible oil are typically compensated for by edible oil on the safflower oil market. In times of shortage of palm oil or other specialty oils such as olive oil, the supply of safflower seed oil has compensated for this lack and is likely to do so in the future.
Edible oil commodities brokers and traders play a significant role, resulting in consistent demand for safflower oil. Organic safflower oil is a healthier alternative to coconut oil and palm oil, which are heavy in saturated fats, and is likely to gain a larger client base from the health-conscious segment as well as the use of organic safflower oil as a lubricant is gaining traction.
The demand from millennial and emerging markets, which is outstripping supply, is predicted to drive the safflower oil market revenue to expand at a strong CAGR. Key growth drivers in the market are technological advancements that enable efficient production, an expanding product portfolio, sophisticated design and packaging, effective operational maintenance, and organic safflower oil sales monitoring.
One of the market restraints for organic safflower oil over the forecast period is complying with strict regulations and different standards around the world, as well as growing competition, inflation that is predicted to stay above the upper band in important countries for the short term, and fluctuating raw material prices.
| Attributes | Details |
|---|---|
| Market HCAGR (From 2017 to 2022) | 5% |
| Market CAGR (From 2023 to 2033) | 4.5% |
| Market Size (2022) | USD 220.5 million |
| Market Size (2023) | USD 232.1 million |
| Market Size (2033) | USD 359 million |
| Market Absolute Dollar Growth | USD 126.9 million |
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Understanding the historical market dynamics of safflower seed oil, including its medicinal value, the demand for high oleic and high linoleic safflower oil among health-conscious consumers, and other factors like the changing agricultural landscape, and how these dynamics had influenced the market, with projected CAGR of 5.0% from 2017 to 2022.
Safflower oil's increased nutritional value, particularly its high oleic acid and linoleic acid content, is helping it to be used more frequently in a variety of end-use businesses, including those that prepare food and beverages and make dietary supplements, among others.
Safflower oil consumption is rising, particularly among those who are health-conscious and prefer high oleic and cold-pressed edible oils in their meals.
Safflower oil has taken the place of traditional oils in processed food products like salad dressings, which also helps them, achieve the desired consistency and flavor in different recipes. This in turn surges the safflower oil market tends.
The agricultural sector has been able to adopt new strains thanks to biotechnology, and work is intensifying to develop improved strains that outperform the limitations of the original safflower seed oil.
The beneficial properties of safflower oil should be enhanced to equal those of olive oil, and safflower oil yield should be increased, to name a couple of the key traits that researchers are focusing on. Pure safflower oil capsules are also attracting consumers, as they help in preventing blood clots, low blood pressure, and others.
In underdeveloped countries, where local farmers have started growing other competitive crops due to the reduced yield of safflower, which is less profitable, making a strain with higher safflower oil production is very crucial.
Safflower farmers may benefit from higher oleic acid content in safflower oil by receiving a better price, which may increase the area under safflower cultivation.
The paint and biodiesel industries both rely heavily on safflower oil. Yet, over the past few years, the sector's use of specialty fats and oils has decreased. This is primarily due to the ambiguity around biofuel legislation and the encouragement of using other vegetable oils, including used vegetable oil, in some nations.
The expansion of the electric vehicle market has reduced the chances for the biodiesel market, thus limiting the growth of the safflower oil market in this field of application, on top of the regulatory scenario's unpredictability.
Safflower is farmed and processed in significant numbers in developing countries, where urbanization is growing and the agricultural area is drastically declining. This element has a significant effect on the safflower oil market.
This aspect is further complicated by the low yield of safflower seed oil, which has forced many farmers to forgo the safflower oil industry and focus on growing other lucrative crops.
| Attributes | Details |
|---|---|
| Top Nature | Conventional |
| CAGR % 2017 to 2022 | 5.8% |
| CAGR % 2023 to End of Forecast (2033) | 5.4% |
The nature segment of the market projects that between 2023 and 2033, the conventional category to climb at a CAGR of 5.4%. The safflower seed oil market has been shaped by rising consumer interest in organic food ingredients, rising health consciousness, and sharply rising sales of convenience foods. Research indicates that there has been a sharp increase in the use of organic safflower seed oils for purposes other than food, which has a big impact on the global demand for these products.
One of the most sought-after non-food applications is encouraging the manufacture of biodiesel from organic safflower oils, which is more likely to enhance the possibilities for revenue development for suppliers of organic safflower oils.
| Attributes | Details |
|---|---|
| Top Product Type | High Oleic |
| CAGR % 2017 to 2022 | 5.2% |
| CAGR % 2023 to End of Forecast (2033) | 4.8% |
The high oleic safflower oil segment in the market is anticipated to expand by product type at a CAGR of 4.8% from 2023 to 2033.
Due to the presence of omega-3 and omega-6 fatty acids, high oleic safflower oil is advantageous in lowering the risk of cardiovascular disorders, among other health advantages.
The safflower seed oil market is expanding as a result of the rising demand for high oleic safflower oil in personal care products. This oil has anti-aging qualities that help prevent, among other things, blemishes, wrinkles, acne, and fine lines.
High oleic safflower oil has a nice flavor and aroma that makes it ideal for a wide range of food applications, such as liquid flavor dispersants, spray oil for dry fruits, and dietary supplements. It is also used in infant formulae.
| Attributes | Details |
|---|---|
| India Market Size (USD million/billion) by End of Forecast Period (2033) | USD 88.9 million |
| India Market Absolute Dollar Growth (USD million/billion) | USD 34.2 million |
| CAGR % 2017 to 2022 | 5.5% |
| CAGR % 2023 to End of Forecast (2033) | 5.0% |
Farmers are Abandoning this Robust, Hardy Crop Because it has Few Buyers
Safflower oil sales in India are predicted to expand at a 5.0% CAGR to USD 88.9 million by 2033. Despite its numerous health benefits, safflower oil cultivation is falling across India due to farmers' inability to find a ready market. While India has emerged as a significant importer of edible oil, its farmers are quitting safflower cultivation due to low safflower oil market demand and unfavorable prices offered to growers.
It's improbable that safflower is going to become a common crop among farmers due to the low price it fetches for the growers, but given its nutritional and therapeutic benefits, a niche might be developed. Policymakers should consider this to stop the continued decline of the safflower seed oil market.
| Attributes | Details |
|---|---|
| United States Market Size (USD million/billion) by End of Forecast Period (2033) | USD 121.8 million |
| United States Market Absolute Dollar Growth (USD million/billion) | USD 43.2 million |
| CAGR % 2017 to 2022 | 5.0% |
| CAGR % 2023 to End of Forecast (2033) | 4.5% |
The United States safflower oil market is anticipated to increase at a CAGR of 4.5% between 2023 and 2033 to reach USD 121.8 million.
Due to the rising trend towards low-fat food consumption and people's shifting lifestyles, the United States dominated the global safflower seed oil market. The demand for safflower oil in this country is being driven by the rising occurrence of heart illnesses, which includes stroke and artery hardening.
| Attributes | Details |
|---|---|
| Mexico Market Size (USD million/billion) by End of Forecast Period (2033) | USD 27.2 million |
| Mexico Market Absolute Dollar Growth (USD million/billion) | USD 7.6 million |
| CAGR % 2017 to 2022 | 2.8% |
| CAGR % 2023 to End of Forecast (2033) | 3.4% |
The Mexican safflower oil market is expected to record a 3.4% CAGR to USD 27.2 million by 2033. Increasing public awareness of the negative health effects of consuming saturated and unrefined fat derived from animal sources is expected to propel the expansion of the safflower oils market in the coming years.
The increasing oil processing industry in Mexico, as well as market participants’ use of robust marketing methods to promote healthy safflower oil sales, is expected to drive safflower oil market expansion.
| Attributes | Details |
|---|---|
| Russia Market Size (USD million/billion) by End of Forecast Period (2033) | USD 17.8 million |
| Russia Market Absolute Dollar Growth (USD million/billion) | USD 6.8 million |
| CAGR % 2017 to 2022 | 6.0% |
| CAGR % 2023 to End of Forecast (2033) | 4.9% |
By 2033, Russia's safflower seed oil market might register a CAGR of 4.9%, reaching USD 17.8 million. Russia is expected to increase at a faster CAGR during the projected period due to decreased production risk, ease of harvesting, and storage.
The rapidly developing cosmetic sector, greater demand for organic food, and rising health consciousness among citizens worldwide are primary factors accelerating the demand for safflower oil.
| Attributes | Details |
|---|---|
| China Market Size (USD million/billion) by End of Forecast Period (2033) | USD 28.0 million |
| China Market Absolute Dollar Growth (USD million/billion) | USD 15.9 million |
| CAGR % 2017 to 2022 | 7.7% |
| CAGR % 2023 to End of Forecast (2033) | 8.8% |
By 2033, the China safflower seed oil market may increase by 8.8% CAGR to USD28.0 million. China is a key consumer of safflower oil, and the market in this area is expected to expand in the future years.
The market's success so far can be attributable to the fact that consumption in the region has increased without expanding local output. The increasing frequency of cardiac problems, such as stroke and artery hardening, has become a common occurrence in all regions, pushing demand for safflower seed oil.
The safflower oil market competitors primarily use product launches, mergers and acquisitions, and joint ventures. Market participants are focusing on research and development initiatives for new advancements to remain relevant in the market.
Recent Development:
Acquisition
| Date | April 2018 |
|---|---|
| Company | Louis Dreyfus Company |
| Details | Louis Dreyfus Company, which owns and runs oilseeds crushing and refining facilities, was acquired by Oil Seeds International Inc., a manufacturer, and supplier of specialty vegetable oil. |
Partnership
| Date | April 2020 |
|---|---|
| Company | Adani Group |
| Details | Due to the nationwide lockdown brought on by the COVID-19 pandemic in April 2020, the Adani Group subsidiary Adani Wilmar collaborated with the Indian startup Swiggy to provide food products, including oil products, to clients. With the support of this cooperation, the business has been able to market to its target market, sell items, and generate income. |
During 2018 to 2022, the market registered a CAGR of 5%.
The market is estimated to reach USD 359 million by 2033.
Conventional holds high revenue potential.
India, the United Kingdom, and Mexico dominate the global market.
The market is forecast to register a CAGR of 4.5% through 2033.
Safflower Oil Market
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