Safflower Seed: Market Outlook
Safflower seeds are minor commercial crops predominantly grown in the Indian subcontinent, and the North American and European regions. The safflower was initially cultivated for its flowers for making dyes for food and clothing but recently the crop’s seeds are used for making food oils, bird feed, and industrial oil. The safflower seeds are also budding in the pharmaceutical, nutraceutical, and cosmetic markets.
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Multiple Benefits and Applications to Propel the Growth of Safflower Seed Market
Safflower seeds with a high concentration of linoleic acid contain over 75% linoleic acid, which is considerably higher than olive oils, soybean, cottonseed, or corn. Edible oil products such as margarine and salad oils are manufactured from these type of seeds. The other variant of seed containing a high concentration of oleic acid is used for manufacturing high-cost heat-stable cooking oil generally used for frying chips.
The safflower seed oil is considered a drying or semi-drying oil in industrial applications and, therefore, is used for making paints and other types of surface coatings. The seeds can also be used as a biodiesel fuel but are avoided due to its high price. The meal that remains after safflower seed oil extraction is used as a protein feed supplement. This meal, if decorticated, can contain up to 40% of protein.
The foot is a residue from oil processing and is used for manufacturing of soap. The safflower seed extracts are used in creams, balms, and lip care products owing to its moisturizing and nourishing properties. The seed extracts are clinically proven in lowering serum cholesterol levels and, therefore, are used in organic skincare products. The safflower seeds have a fair share in the birdseed market as well.
The oil extracted from safflower seeds can be used for preventing heart diseases. It can also be used to treat fever, coughs, body pain, and breathing problems. Thus, owing to the seeds’ multiple benefits and application in different fields, the market is expected to project a steady growth trajectory.
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Global Safflower Seed: Market Segmentation
Based on Type, safflower seed can be segmented as:-
- Monounsaturated Fatty Acid (Oleic Acid)
- Polyunsaturated Fatty Acids (Linoleic Acid)
Based on Nature, safflower seed can be segmented as:-
Based on Application, safflower seed can be segmented as:-
- Food & Beverage
- Animal Feed
Global Safflower Seed: Key Players
Some of the key players manufacturing safflower seed are as follows – Asa Agrotech Pv Ltd, Deve Herbes, Greenwood Essential, Spectrum Culinary, Connoils, Wagner's, Hagen, BioNutrition, and Henry Lamotte OILS GmbH
Opportunities for Global Safflower Seed Market Participants:
The European region is the largest producer and exporter of safflower seeds. The European market holds a dominant share in the safflower seed market and poses as a leader in food and feed applications. The South Asian region holds commendable second position in the market share and uses the safflower seeds for cooking, skincare, and industrial purposes. The North American region is expected to be the fastest-growing market owing to its interest in the pharmaceutical ad nutraceutical properties of safflower seeds. East Asia and Oceania can also provide business opportunities for local players. The Safflower seeds pose as an exotic species in the Middle Eastern & African market, hence can be considered a potential business opportunity for market players.
The deadly COVID-19 pandemic had stalled the global production of consumer goods in the first quarter of 2020. Although the lockdown relaxed in several countries, the manufacturers were struggling to streamline their production. Moreover, the global supply chain was adversely disrupted, stalling trade of many products for a brief period. The pandemic is expected to hinder operations of various safflower seed market segments. Although the recovery is expected to be slow, the safflower seed market will continue to grow at a stagnant trajectory considering the conservative case scenario.
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