Increasing health consciousness, consistently growing preference for organic food ingredients, and rapidly soaring sales of convenience foods have been shaping the market for edible vegetable oils in recent years. Research also points to a significant surge in non-food applications of vegetable oils that contributes significantly to growing demand worldwide.
One of the most sought after non-food applications includes fostering biodiesel production from vegetable oils, which is more likely to improve revenue growth prospects of producers of edible vegetable oils such as safflower oil, according to a recently published market research outlook by Future Market Insights. The research intelligence presented by FMI forecasts steady growth in the global revenue of safflower oil landscape. In 2019, the safflower oil market value is slated for a just-under 5% growth over that attained in 2018.
Food Industry Continues to Register High Safflower Oil Consumption: While the vegetable oil landscape is expanding at a robust pace primarily owing to food industry applications, the safflower oil space is more likely to be driven by non-food applications in the near future such as manufacturing of detergents and soaps, and lubricants and greases. Candles manufacturers also register substantial volume consumption of safflower oil, according to the report.
However, the study also reaffirms that the applications of safflower oil in food industry will continue to represent a relatively larger share in the total market revenue. An approximate 10-12% value share currently belongs to the foodservice sector, as indicated by the report.
With rich content of Omega-6 fatty acids, safflower has been a popularly recommended health supplement over the decades. As deficiency of Omega-6 fatty acid prevails among masses, it is more likely that safflower oil would continue to witness considerable demand over coming years. Safflower oil makes a strong contender in the specialized edible oils line-up and serves a vital role in maintaining the cholesterol balance, thereby aids in improvement of atherosclerosis.
Research also proves the role of safflower oil in the regulation of blood sugar levels, which highlights its excellent consumption potential within the expanding diabetic population. Moreover, the report points to growing recommendation of incorporation of safflower oil in daily diet of obese people, creating another high potential opportunity of safflower oil consumption. Other applications of safflower oil including hair care, skincare, immunity management, and regulation of muscle contraction continue to further drive the revenue growth of safflower oil market on a global level.
Asian Market Reflects Significant Revenue Growth Potential: High linoleic acid content marked in the nutritional profile continues to push adoption of safflower oil across consumers in developed regions such as Western Europe, North America, and Japan. Increasing consumer preference for clean labeled packaged/processed food products is providing a strong impetus to organic food ingredients, which is in turn boosting consumption of organic safflower oil by food manufacturers.
Constantly rising demand for edible oils in populous developing countries such as India and China is identified to be a major driving force pinpointing the growth of safflower oil market across Asia Pacific. Evident increase in the awareness about health concerns related to trans-fat is another strong factor accounting for the soaring safflower oil consumption in the region.
Shrinking Cultivation Land Remains a Longstanding Barrier: Shrinking area of oilseeds cultivation land is widening the scope of alternative edible oils other than the popular options such as palm oil, coconut oil, sunflower oil, and soybean oil thereby enhancing revenue growth prospects of safflower cultivators and safflower oil producers across Asian economies.
Indian safflower farmers are facing the competition in recent years owing to contracting cultivation land area. The report says that despite land pressure and the subsequently curtailed safflower oil yield, traditional safflower farmers continue farming with an objective to continue the legacy of safflower oil as a unique edible oil alternative. Leading safflower oil manufacturers based in India are thus projected to focus on health product positioning, according to the report.
Global Safflower Oil Market Remains a Consolidated Landscape: India-based Marico Ltd. is the global leader in safflower oil landscape, accounting for over 60% share in the total revenue. The company has been actively focusing on new product launches under the edible oils category to resonate with existing consumer trends. Recently, Marico added a new product to its safflower oil range by Saffola. While this safflower oil has been launched in the premium oil segment, it strategically targets consumers seeking healthful, value-added ingredients.
In a highly consolidated landscape of safflower oil, Connolis LLC, Oilseeds International Ltd., and Spectrum Organic Products LLC also mark the positions of important players. Besides the aforementioned market leaders, the report provides valued insights on company profiles and strategic developments of a number of smaller players, collectively accounting for a mere revenue share of around 5-6% in the global safflower oil marketplace.
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