Market Research Report
Sunflower Seed Market (Seed for Sowing) - Growth, Trends, and Forecast (2020 - 2025)
|Published by||Mordor Intelligence LLP||Product code||851137|
|Published||Content info||124 Pages
Delivery time: 2-3 business days
|Sunflower Seed Market (Seed for Sowing) - Growth, Trends, and Forecast (2020 - 2025)|
|Published: April 1, 2020||Content info: 124 Pages||
The sunflower seed market (seed for sowing) has witnessed unprecedented vertical growth in recent years. The market value is projected to grow from USD 1,337.0 million in the year 2018 to USD 2,017.8 million by 2024, witnessing a CAGR of 7.10% during the forecasted period 2019-2024. The market for sunflower seed used for sowing purpose forms a small part of the sunflower seed commodity industry and accounts for only 2% of the market share.
The major sunflower seed companies are focusing on developing sunflower seeds, which have traits such as high oleic acid and high performance sunflower hybrid, tolerant to biotic stress, disease tolerant hybrid seeds, and tolerant to biotic stress.
Increase in Crop Area
The sunflower crop area has been increasing at a CAGR of 2.7% in the past five years and the area under sunflower is estimated to continuously increase in the forecasted period. The major factors for an increase in the crop area are increasing demand for sunflower crop in the European and Asia-Pacific region, increasing the demand for vegetable oil, high prices for sunflower crop, and low cost of sunflower seed. The increasing area of sunflower crop and increasing demand for vegetable oil is driving the growth the sunflower seed market for sowing purpose.
Increasing Sunflower Seed Production in the European Region
Sunflower is grown on more than 11 million hectares in Europe and is used for food, feed, fuel, and industrial purposes. Major sunflower producing countries, such as France, Spain, Romania, and Bulgaria reduced the harvested areas, except Hungary, which increased its area by 5.5%. Italy, Portugal, Germany, Austria, Croatia, and the Czech Republic had no changes in sunflower plantings in 2016. The demand for sunflower meal is expected to be lower than usual, owing to less crush and availability. However, the demand is still stable due to projected better competitiveness compared to the rapeseed meal.
Companies are adopting strategies, such as forming joint ventures and agreements in order to exploit the current sunflower seed demand. Syngenta has acquired the 100% sunflower seed business unit of Monsanto hybrid sunflower seed activities, including all germplasm and the development and breeding activities of hybrid sunflower seeds. Syngenta also has acquired Sunfield In., a US based company. This acquisition helps in strengthening their supply chain capabilities and in expanding into new geographies. The sunflower seed market is highly consolidated.