Sunflower Seed Market to reach $75.9 Bn by 2032, Says Global Market Insights Inc.
Major sunflower seed market participants include Syngenta AG (acquired by ChemChina), Corteva Agriscience, BASF SE, Advanta Seeds (acquired by UPL Limited), Nuseed Pty Ltd (a subsidiary of Nufarm Limited), Groupe Limagrain Holding SA, Land O’Lakes, Inc., Sakata Seed Corporation, and Agrofy Seeds.
Selbyville, Delaware, Sept. 26, 2023 (GLOBE NEWSWIRE) —
The sunflower seed market valuation is estimated to be valued at USD 75.9 billion by 2032, as reported in a research study by Global Market Insights Inc.
The globally emerging demand for plant-based diets and the subsequent popularity of plant-based protein sources will influence the industry growth. The rapid expansion of the vegan population has made way for the surging consumption of plant-based snacks and dairy alternatives.
As per Stats of 2023 from the World Animal Foundation, there are nearly 88 million vegans around the world. The growing preference for meat substitutes to cater to the rising health-conscious consumers will also prove favourable for the product uptake. For instance, Israeli start-up More Foods, in March 2022, produced protein- as well as fibre-rich meaty products from pumpkin and sunflower seeds.
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Based on product type, the sunflower seed market from the oilseed segment is anticipated to witness notable CAGR from 2023-2032 driven by increasing consumption of dietary supplements and the rising interest in personal care products, such as skincare creams, lotions, and hair conditioners. On account of its oil-rich properties, sunflower oilseeds account for vital components in livestock and poultry diets to render essential nutrients.
Rising government support to match the surging production requirements will also add impetus to the industry growth. For instance, in September 2022, the Indian government unveiled an oilseed mission for boosting the domestic production of oilseeds while reducing the import dependence.
Sunflower seed market size from the confectionary application segment is slated to witness significant traction through 2032 owing to benefits, such as texture, flavor, and nutritional value. Sunflower seeds are increasingly used as alternatives to tree nuts in confectionery as they are less likely to trigger nut allergies, offering safer options for individuals. The growing focus on innovations to meet to the rising requirement for candies and chocolates will also assist in the segment expansion. To cite an instance, in July 2022, well-known healthy butter brand SunButter® rolled out its new sunflower butter variety, Chocolate SunButter® in Whole Foods and on Amazon in the U.S.
Asia Pacific sunflower seed market size is poised to record significant remuneration by the end of 2032 driven by the presence of large and rapidly growing population along with diversification of food offerings. As per the UN’s World Population Prospects, India is anticipated to emerge as the most populous nation worldwide by the end of the decade, reaching 1.515 billion in 2030 compared to 1.417 billion in 2022.
The emergence of snacking culture in the region has compelled consumers to look for portable, convenient and healthy snack options. The surging focus on improving heart and skin health is further adding to the demand for sunflower seeds to offer nutrients, such as vitamin E, magnesium, and selenium, further contributing to the regional market growth.
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Leading sunflower seed market players include Monsanto Company (acquired by Bayer AG), Syngenta AG (acquired by ChemChina), BASF SE, Corteva Agriscience, Advanta Seeds (acquired by UPL Limited), Nuseed Pty Ltd (a subsidiary of Nufarm Limited), Groupe Limagrain Holding SA, Land O’Lakes, Inc., Sakata Seed Corporation, and Agrofy Seeds among others.
These firms are placing targeted efforts on investment and expansion initiatives for reinforced global presence. For instance, in May 2022, Corteva Agriscience completed a $14.7 million (14 million euro) investment in its production facility in Afumati, southern Romania for catering to the surging domestic and international needs for high-quality sunflower seeds from farmers.
Partial chapters of report table of contents (TOC):
Chapter 1 Methodology & Scope
1.1 Industry coverage
1.2 Market scope & definition
1.3 Base estimates & calculations
1.3.1 Data collection
1.4 Forecast parameters
1.5 COVID-19 impact analysis at the global level
1.6 Data validation
1.7 Data sources
1.7.1 Primary
1.7.2 Secondary
1.7.2.1 Paid sources
1.7.2.2 Unpaid sources
Chapter 2 Executive Summary
2.1 Sunflower Seed industry 3600 synopsis, 2018 – 2032
2.2 Business trends
2.3 Type trends
2.4 Application trends
2.5 Regional trends
Chapter 3 Sunflower Seed Industry Insights
3.1 Industry ecosystem analysis
3.2 Industry impact forces
3.2.1 Growth drivers
3.2.1.1 Growing Demand for Healthy Snacks
3.2.1.2 Expanding application in food industry
3.2.1.3 Expanding application in food industry
3.2.1.4 Shift in agricultural practices
3.2.2 Industry pitfalls & challenges
3.2.2.1 Pests and Diseases
3.2.2.2 Climate Change and Weather Volatility
3.2.2.3 Cost and affordability
3.3 Growth potential analysis
3.3.1 By type
3.3.2 By application
3.4 COVID-19 impact analysis
3.5 Impact of Russia Ukraine war
3.6 Regulatory landscape
3.6.1 U.S.
3.6.2 Europe
3.7 Pricing analysis, 2022
3.8 Technology landscape
3.8.1 Future market trends
3.9 Porter’s analysis
3.10 PESTEL analysis
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
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