Sunflower Seeds Market Witnesses High Growth Owing to Rising Health Consciousness and Growing Demand for Protein-rich Foods
The sunflower seeds market is estimated to be valued at USD 1.09 Bn in 2024 and exhibit a CAGR of 5.6% over the forecast period 2024-2031. Changing consumer preferences towards nutrient-rich food items is fueling the demand for sunflower seeds. Furthermore, rising health awareness and growing adoption of active lifestyles among people have positively influenced the growth of sunflower seeds market.
Market Dynamics:
The growth of the sunflower seeds market is driven by two key factors. Firstly, there is a rising health consciousness among consumers regarding the health benefits of sunflower seeds such as its high protein and vitamin E content. Sunflower seeds are an excellent source of protein and help support muscle growth and weight management. Secondly, sunflower seeds have witnessed increased demand from the food processing industry for applications in snacks and packaged food products due to their nutty flavor. Leading food manufacturers such as Nufarm are introducing innovative products integrated with sunflower seeds to meet consumer demand for healthy and protein-rich snacks. However, price volatility of raw materials required for sunflower seeds cultivation could hamper the market growth during the forecast period.
Increasing Health Consciousness among Consumers
Sunflower seeds are highly nutritious and contain various vitamins, minerals, plant-based proteins, and fibers that are beneficial for health and well-being. With rising health awareness, consumers are increasingly preferring foods that provide multiple nutritional benefits. Sunflower seeds are rich in nutrients like vitamins E and B1, copper, magnesium, phosphorus and fiber which help manage weight, lower cholesterol levels and regulate blood sugar levels. The health aspect is a major driver boosting demand for sunflower seeds.
Growth in Snacking Industry
Busy lifestyles and work schedules are prompting consumers to opt for convenient snack foods that can be consumed on-the-go. Sunflower seeds are highly portable and make for an ideal snacking option. They are also available in various flavors that appeal to different tastes. The flourishing snacking industry worldwide is fueling sales of sunflower seeds as they are widely consumed as snack foods. Various processed sunflower seed products like sunflower seed butter and seasoned sunflower seeds have further augmented their popularity as snacking items.
Price Volatility of Raw Materials
Sunflower seeds are an agricultural commodity and their prices fluctuate owing to various factors impacting production levels like changing weather conditions, crops diseases and availability of arable land. Any supply constraints directly affect sunflower seed prices in the market. Unpredictable raw material costs pose challenges for sunflower seed producers and processors in maintaining stable product pricing for customers.
Strong Competition from Alternative Snacks
While demand is growing for healthier snack foods, sunflower seeds also face competition from a wide variety of snacks in the market. Popular snacks range from roasted/spiced nuts and dried fruits to protein bars, yogurt and oatmeal. This competitive landscape pressures sunflower seed manufacturers to focus on unique flavors, attributes and quality to make their products more appealing amidst alternatives. Significant marketing efforts are also required to promote sunflower seeds’ nutritional advantages.
Product Innovation and New Product Launches
In order to appeal to evolving consumer preferences, sunflower seed producers are coming up with innovative product varieties, forms and packaging. Some examples include flavored sunflower seeds, sunflower butter, seasoned sunflower snacks, and sunflower seed milk. Launching new products helps boost sales revenues and also attract younger health-conscious demographics. There exists opportunity to explore more plant-based sea milk and yogurt alternatives using sunflower seeds.
Growth in Online Retail Platforms
With rising internet and smartphone penetration worldwide, online retail platforms are gaining widespread usage, especially post-COVID-19. This presents an opportunity for sunflower seed brands to sell directly to customers and expand their reach through online marketplaces and brand websites. Effective marketing strategies on digital media can boost online visibility and sales of sunflower seed products. Companies need to leverage the potential of e-commerce to drive the market.
Key Developments:
- In May 2022, Corteva invested USD 14.1 million in its sunflower seed production facility in Afumati, Romania, to meet the increasing domestic and international demand from farmers for high-quality sunflower seeds.
- In July 2020, Barenbrug Australia Pty Ltd signed a licensing agreement with Nuseed Pty Ltd, enabling Barenbrug to access Nuseed's collection of sorghum and sunflower germplasm. The agreement outlined responsibilities for research and development, plant breeding, and commercialization. Furthermore, Barenbrug received rights to sell and distribute Nuseed's grain sorghum, forage sorghum, and sunflower, strengthening its market presence in Australia.
- In April 2020, S&W acquired Pasture Genetics Pty Ltd, the third-largest pasture seed company in Australia. This acquisition expanded S&W's product range and strengthened its sales and distribution partnerships in the Australian market.
Link: https://www.coherentmarketinsights.com/market-insight/sunflower-seeds-market-2510
Key Player:
Corteva, Inc., Groupe Limagrain, Kws Saat Se & Co. Kga, Takii Co. Ltd., Nufarm, Sakata Seed Corporation, Syngenta AG, BASF S.E., Advanta Seeds, Pannar (Pty) Ltd., Nuziveedu Seeds, Euralis Semences, and Hazera
