Maximize Sales in the Safflower Oil Market: Projected to Reach US$ 359 Million by 2033 Amidst Rising Demand for Natural Ingredients

Safflower Oil Market
Safflower Oil Market

The safflower oil market 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.

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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

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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About the Author

Nikhil Kaitwade

Associate Vice President at Future Market Insights, Inc. has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.

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