Dublin, Jan. 11, 2024 (GLOBE NEWSWIRE) -- The "Safflower Seeds Market - Forecasts from 2023 to 2028" report has been added to ResearchAndMarkets.com's offering.
The Safflower seeds market is estimated to grow at a CAGR of 6.52% during the forecast period
Safflower seed demand is increasing 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. 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,
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.
Market Drivers:
Growing end-user demand
The safflower seeds market is predicted to have significant growth, driven by the demand from emerging economies. Also, 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 healthy lifestyle adoption
Consumer knowledge of the health advantages of safflower oil has positively impacted 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.
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.
Europe is the fastest-growing regional market
Europe is projected to remain one of the leading regional safflower seeds markets. Golden safflower demand is being driven in the region by the rising incidence of heart illnesses, which include stroke and artery hardening. This is a common occurrence across all European countries.
Asia Pacific to show significant growth
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.
Segmentation:
By Applications
- Food & Beverage
- Healthcare
- Dietary Supplements
- Cosmetics
- Others
By Distribution Channel
- Online Mode
- Offline Mode
By Forms
- Cooking
- Non-cooking
Companies Profiled
- Adams Group
- Kinal Global Care
- Oil Seeds International
- Ciaberia International
For more information about this report visit https://www.researchandmarkets.com/r/og88gj
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