The safflower oil market is projected to grow in value by just under 5% from 2018 to 2019 and by US$8.2M from 2017 to 2018, according to recent Future Market Insights (FMI) report.
“By type, the high oleic segment is expected to register a CAGR of 5.4% in the safflower oil market. The organic segment is expected to register a CAGR of 4.8% over the forecast period,” FMI said.
Safflower oil was high in omega 6 fatty acids and its high content of oleic acid and linoleic acid was contributing to its increased utilisation in the food and beverage and dietary supplement industries, according to the ‘Safflower Oil Market: Enhanced Linoleic Acid Content to Drive Utilization in Health Supplements: Global Industry Analysis (2013-2017) & Opportunity Assessment (2018-2027)’ report.
“Safflower oil usage is becoming increasingly common, especially among the health-conscious demographic preferring high oleic and cold pressed edible oils in their food. Producers of processed food products such as salad dressings have replaced traditional oils with safflower oil which also contributes to the consistency and flavour desired in various recipes.”
Research was targeting improved yields and a nutritional profile to match that of olive oil.
“A higher oleic acid content from safflower oil is likely to help farmers get a better price, and thus, augment the cultivation acreage of safflower.”
The report said India-based Marico Ltd was the global leader in the safflower oil landscape, accounting for more than a 60% share in total revenue, and had recently launched a new product as part of its Saffola safflower oil range.
Connolis LLC, Oilseeds International Ltd and Spectrum Organic Products LLC were also important players in the market.