The safflower oil market(홍화유 시장) is anticipated to achieve US$ 232.1 million by 2023, expanding at a CAGR of 4.5% from 2023 to 2033. By 2033, the market is forecast to reach US$ 359 million.
The main factors propelling the market growth are the expanding list of safflower’s skin benefits and the rising demand for safflower seed oil in the food and beverage sector. During the forecast period of 2023 to 2033, the demand for organic and natural ingredients in processed foods is anticipated to boost the overall market demand for safflower oil.
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Increasing Knowledge of Safflower Oil’s Nutritional Properties
In the upcoming years, the global safflower oil market has a significant chance of being driven by factors like rising health consciousness, rising income of consumers in developing regions like Asia Pacific, development and advancement in processing technologies, and increasing use of e-commerce in distribution networks.
Surging cases of heart disease, clotting, and strokes, all over the world have intensified the consumption of safflower, which is therefore supporting the safflower market growth. Increased elderly population disposable incomes brought on by certain nutrients are promoting market growth. The use of safflower oil as a lubricant is boosting safflower oil sales in the safflower seed oil market.
Market Constraints
Safflower, although, have multiple health benefits, it is discouraged by several medical authorities. As there aren’t enough claims and supporting data about safflower’s health advantages, this could potentially slow the market’s expansion of organic safflower oil. Safflower also contains a few negative effects that, when eaten in excess, might lead to allergies and other issues. Moreover, farmers in India are abandoning its cultivation due to unattractive prices and low market demand.
Regional Forecast for the Safflower Oil Market
Despite the dramatic drop in exports, the safflower market in Latin America and North America is now stable. One of the significant markets for organic safflower oil is in the Asia Pacific, where demand is expected to increase over the next few years.
The fact that regional consumption has increased without corresponding increases in local output is what accounts for the markets up to this point of growth. Organic safflower oil demand is being fueled by the rising occurrence of heart illnesses, which includes artery hardening and stroke, across all geographical areas. The adoption of safflower seed oil as pure safflower oil capsules boosts the regional market.
Key Takeaways
- From 2023 to 2033, the high linoleic safflower oil category in the marketis expected to record a CAGR of 4.8% by product type.
- The conventional category may expand at a CAGR of 5.4% between 2023 and 2033, according to the nature section of the market.
- Between 2023 and 2033, the United States safflower oil marketis expected to register a CAGR of 4.5%, reaching US$ 121.8 million.
- Safflower oil sales in India are expected to register a CAGR of 5.0% by 2033, reaching US$ 88.9 million by 2033.
- The Mexico safflower marketis estimated to develop at a CAGR of 3.4% to US$ 27.2 million by 2033.
- Russia’s market might expand at a CAGR of 4.9% by 2033, reaching US$ 17.8 million.
- The China safflower oil marketmight thrive at 8.8% CAGR to US$ 28.0 million by 2033.
Competitive Landscape
Among the top safflower oil manufacturers competing in the international safflower oil market are Adams Group, Aktivv LLP, Oil Seeds International Inc., Los Charitos, Galp Distribuición Oil Espaa, S.A.U., and Ciaberia International Inc. By focusing on research and development initiatives for various breakthroughs, market players attempt to remain relevant in the industry.
Recent Developments
- Acquisition
Louis Dreyfus Company, which owns and runs oilseeds crushing and refining facilities, was acquired by Oil Seeds International Inc. in April 2018.
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Key Segments
By Product Type:
- High Linoleic
- High Oleic
By Nature:
- Conventional
- Organic
By Sales Channel:
- Direct Sales
- Convenience Stores
- Modern Trade
- Online Stores
- Specialty Stores
- Other Channels
By End Use:
- Cosmetics & Personal Care
- Dietary Supplements
- Food & Beverage Industry
- Foodservice
- Pharmaceuticals
- Retail
- Others
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