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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:-

  • Organic
  • Conventional

Based on Application, safflower seed can be segmented as:-

  • Food & Beverage
  • Pharmaceutical
  • Cosmetics
  • Industrial
  • Animal Feed
  • Nutraceuticals

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. 

COVID-19 Impact:

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.

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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Safflower Seed Market

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