Project report for Safflower Cultivation

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Introduction

The Indian safflower oil consumption is growing rapidly, mainly as a result of the rising health consciousness among consumers across the world. Safflower oil is a popular cooking oil that comes from the seeds of the safflower plant. Safflower seeds are fruits of the safflower plant, which are produced majorly in the Middle Eastern and North American countries. There are two main types of safflower, one type of safflower produces seeds that are high in monounsaturated fatty acid, while the other produces seeds that are high in polyunsaturated fatty acid. With the minimal safflower seed production in the country, the Australian companies have developed one of the superior quality oil of all the other plant kind which has shown a considerable demand for the safflower seed in the Australian Market.

Safflower is a plant. The flower and oil from the seeds are used as medicine. Safflower seed oil is used for high cholesterol, heart disease, stroke, diabetes, to prevent scarring, and for many other conditions, but there is no good scientific evidence to support these uses. In foods, safflower seed oil is used as a cooking oil. In manufacturing, safflower flower is used to color cosmetics and dye fabrics. Safflower seed oil is used as a paint solvent.

Market potential & Strategy

The Safflower cultivation Market size is forecast to reach INR 2420.59 Crores by 2025, growing at a CAGR of 6.2% during the forecast period 2020-2025. The safflower plant is known for its bright yellow and orange flowers. Pure safflower oil is made from the seeds of the plant. Increasing the benefits of safflower for skin and rising demand of safflower oil in the food & beverage industry is the major factor driving the growth of the market. The increasing demand for organic and natural ingredients in processed foods is set to further enhance the overall market demand for the Safflower during the forecast period 2020-2025. India is the largest producer of safflower in the world with the production hovering around 0.2 million MT. The safflower crop is usually grown in India in Rabi season – September/October sowing and Feb/March harvesting. It is generally grown as an intercrop with crops such as wheat, gram and jowar. The cost of production for safflower is low at around 8000 Rs. / Ha (210 AUD/Hectare). The safflower productivity in India is very low at around 850-1000 kg. /Ha under rained conditions. With the majority usage of seeds into edible oils, the pricing of seeds is largely dependent on prevailing edible oil prices. With the easy substitutability and high price elasticity amongst oils, safflower oil prices are directly linked with the world edible oil market prices. The solvent extracted safflower meal in India is primarily used by cattle feed manufacturers whereas the expeller pressed meal are used directly by farmers for feeding cattle. While India has emerged as the largest importer of edible oil, its farmers are abandoning the cultivation of safflower, thanks to low market demand and unattractive price offered to the growers.

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