Safflower Seeds Market Size, Share, Opportunities, And Trends By Applications (Food & Beverage, Healthcare, Dietary Supplements, Cosmetics, Others), By Distribution Channel (Online Mode, Offline Mode), By Forms (Cooking, Non-cooking), And By Geography - Forecasts From 2023 To 2028
- Published : Jun 2023
- Report Code : KSI061615538
- Pages : 146
The Safflower seeds market is estimated to grow at a CAGR of 6.52% during the forecast period.
The Safflower seeds market is anticipated to rise at a steady pace during the projected period. Safflower seed is a drought-tolerant oilseed that is in high demand due to its low production costs, ease of adaptation to different soil types, effectiveness in crop rotation, effectiveness in controlling weeds and diseases, low production risk, and simplicity in harvesting and storing.
Safflower seed use is developing quickly on a worldwide scale, mostly as a result of consumers' increased attention to their health. According to the Food and Agriculture Organisation (FAO), safflower plant seeds are the source of the widely used cooking oil known as safflower oil. Safflower seed oil is primarily produced for oil extraction rotating crops together with rice, wheat, and maize in Kazakhstan, India, the United States, Mexico, Argentina, and Australia,
Rising trade of safflower seeds
Safflower seeds were the 4240th most traded goods in the world in 2021, with trades for a total of $72.8M. Exports of safflower seeds increased by 21.1% between 2020 and 2021, from $60.1 million to $72.8 million. Safflower seed commerce makes up 0.00035% of all global trade. Russia ($32.5M), Kazakhstan ($17.6M), the Netherlands ($6.02M), India ($3.21M), and Bulgaria ($2.42M) were the major exporters of safflower seeds in 2021, whereas Turkey ($16.2M), China ($14.2M), Belgium ($9.17M), the United States ($5.3M), and the Philippines ($2.32M) were the leading importers of safflower seeds in 2021.
Growth drivers for the safflower seeds market
The safflower seeds market is predicted to have significant growth, driven by millennials' phenomenal demand and the demand from emerging economies. The safflower seeds market size is being driven by technological advancements that enable effective operational maintenance, expanded product portfolio, advanced design and packaging, and sales monitoring. Rising health and environmental concern has led to increasing demand for organic, vegan, canned, and bio-based foods. These products and clean-label and sustainable.
Over the forecast period, leading players in the safflower seeds market will continue to focus on mergers and acquisitions as a means of acquiring new technologies, bolstering portfolios, and leveraging skills.
Rising demand for a healthy lifestyle
Consumer knowledge of the health advantages of safflower oil has grown in the safflower seed market. Safflower seed is becoming more and more popular as people's lifestyles and preferences for low-fat meals change. Safflower seed oil consumption is also significantly influenced by the fast-expanding cosmetic business, rising demand for organic foods, and a rise in global health consciousness. This is the major factor for safflower seeds market share.
Rising commercialization of safflower oil and by-products
According to the Agricultural Marketing Resource Centre (AgMRC), safflower oil, which is monounsaturated and polyunsaturated, is used in baby formula, cosmetics, salad, and cooking oils. Golden safflower has become a crucial crop for the production of vegetable oil, and both types of oil are regarded as "high-quality" food oils thanks to growing public knowledge of their health advantages. Safflower linoleic oil is generally used to make soft margarine and other edible oil products since it contains about 75% linoleic acid. Safflower meal, a by-product of oil extraction, is used as a protein supplement for cattle and poultry feed. It has a high level of fiber and roughly 24% protein.
Growing knowledge of the benefits of safflower for skin
The safflower seeds market size is expanding due to the rising advantages of safflower seed for skin and the rising demand for safflower oil in the food & beverage industry. Safflower oil's moisturizing properties led to it being used topically in several skincare and cosmetic products. The oil can soften and smooth the skin. Cooking oil made from the crushed seeds of the safflower plant is edible. It resembles vegetable oil in composition and is a viscous liquid. Although it may be applied to the skin, it is frequently used in cooking and medication. Safflower petals and other blooming plant components are crushed or distilled to create essential oils, leading to safflower seed market growth.
Europe is the fastest-growing market
Europe is one of the major users of safflower seed, thus safflower seed market growth in this area is anticipated to be the largest over the next several years. The market's growth to this point has frequently been explained by the fact that regional demand has increased without corresponding increases in domestic output. Golden safflower demand is being driven by the rising incidence of heart illnesses, which include stroke and artery hardening. This is a common occurrence across all European countries.
Russia leads in the export of safflower seeds
Safflower seed is included in the oil and fat business, which the Russian Federation government consolidated as one of the important causes for the expansion of overall trade turnover through 2024 in its national project "Export of Agricultural Products" in 2018. The export of oil and fat products is anticipated to virtually quadruple as a result of this initiative through 2024. Safflower seeds are a common crop in the area and are mostly used for the production of safflower oil. They are also used as bird food and in cosmetics. Safflower oil benefits include lowering cholesterol levels, controlling blood sugar, assisting with weight loss, and enhancing hair and skin health. As a result of its rising popularity, exporters are benefiting, and this influences the growth of the safflower seeds market size.
Asia Pacific to have a significant market share
India is the leading producer of safflower seeds in the Asia Pacific region. In India, safflower seeds are mostly utilized to make oil for home use. The growers themselves save a sizable amount of the seeds they produce for personal use. These seeds are expeller-pressed in nearby villagers' wooden and rotary Ghanis. These locations have utilized safflower oil for years, and it is thought to have beneficial medicinal characteristics.
Approximately 5–10% of seeds are exported directly, primarily to European nations. Averaging 14% of the overall cost, oilseed transportation from the field to the factory gate. The margins are mostly determined by the inelastic element of this cost, which is roughly 6% and includes transportation and middleman costs.
Market Key Developments
- In April 2023, the newest product from Australian cold-pressed oil producer Plenty Foods is expected to shake up the $920 million edible oil market with its improved cooking capabilities and health benefits.
- In January 2022, CSIRO and the Grains Research and Development Corporation, one of humanity's oldest crops have transformed, due to a partnership between cleantech firm GO Resources and Australian pioneers in cutting-edge plant innovation, Super high oleic (SHO) safflower is the end product, a sustainable plant oil that can replace several industrial uses for palm and petroleum-based oils, including plastics and cosmetics.
Safflower Seeds Market Scope:
|Growth Rate||CAGR of 6.52% from 2021 to 2028|
|Forecast Period||2023 – 2028|
|Forecast Unit (Value)||USD Billion|
|Segments Covered||Applications, Distribution Channel, Forms, and Geography|
|Regions Covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies Covered||Adams Group, Kinal Global Care, Oil Seeds International Inc., Ciaberia International Inc.|
|Customization Scope||Free report customization with purchase|
- By Applications
- Food & Beverage
- Dietary Supplements
- By Distribution Channel
- Online Mode
- Offline Mode
- By Forms
- By Geography
- North America
- United States
- South America
- United Kingdom
- Middle East and Africa
- Saudi Arabia
- Asia Pacific
- South Korea
- North America
1.1. Market Overview
1.2. Market Definition
1.3. Scope of the Study
1.4. Market Segmentation
1.7. Base, and Forecast Years Timeline
2. RESEARCH METHODOLOGY
2.1. Research Data
3. EXECUTIVE SUMMARY
3.1. Research Highlights
4. MARKET DYNAMICS
4.1. Market Drivers
4.2. Market Restraints
4.3. Porter’s Five Force Analysis
4.3.1. Bargaining Power of Suppliers
4.3.2. Bargaining Power of Buyers
4.3.3. Threat of New Entrants
4.3.4. Threat of Substitutes
4.3.5. Competitive Rivalry in the Industry
4.4. Industry Value Chain Analysis
5. SAFFLOWER SEEDS MARKET, BY APPLICATIONS
5.2. Food & Beverage
5.4. Dietary Supplements
6. SAFFLOWER SEEDS MARKET, BY DISTRIBUTION CHANNEL
6.2. Online Mode
6.3. Offline Mode
7. SAFFLOWER SEEDS MARKET, BY FORMS
8. SAFFLOWER SEEDS MARKET, BY GEOGRAPHY
8.2. North America
8.2.1. United States
8.3. South America
8.4.1. United Kingdom
8.5. The Middle East and Africa
8.5.1. Saudi Arabia
8.6. Asia Pacific
8.6.4. South Korea
9. COMPETITIVE ENVIRONMENT AND ANALYSIS
9.1. Major Players and Strategy Analysis
9.2. Emerging Players and Market Lucrativeness
9.3. Mergers, Acquisitions, Agreements, and Collaborations
9.4. Vendor Competitiveness Matrix
10. COMPANY PROFILES
10.1. Adams Group
10.2. Kinal Global Care
10.3. Oil Seeds International Inc.
10.4. Ciaberia International Inc.
Oil Seeds International Inc.
Ciaberia International Inc.
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