Global Safflower Seed Market to Witness Steady Growth with CAGR of +1.4% from 2023-2030, Reaching $512M by 2030

IndexBox has just published a new report: World - Safflower Seed - Market Analysis, Forecast, Size, Trends and Insights.

Driven by increasing global demand, the safflower seed market is expected to experience significant growth, with a forecasted CAGR of +1.4% in volume and +2.9% in value from 2023 to 2030. This anticipated expansion reflects a growing market for safflower seed products on a global scale.

Market Forecast

Driven by increasing demand for safflower seed worldwide, the market is expected to continue an upward consumption trend over the next seven-year period. Market performance is forecast to accelerate, expanding with an anticipated CAGR of +1.4% for the period from 2023 to 2030, which is projected to bring the market volume to 811K tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +2.9% for the period from 2023 to 2030, which is projected to bring the market value to $512M (in nominal wholesale prices) by the end of 2030.

Consumption

World Consumption of Safflower Seed

Global safflower seed consumption shrank to 737K tons in 2023, reducing by -11.7% compared with the previous year's figure. Overall, consumption, however, continues to indicate a relatively flat trend pattern. Global consumption peaked at 946K tons in 2016; however, from 2017 to 2023, consumption failed to regain momentum.

The global safflower seed market revenue dropped to $418M in 2023, reducing by -11.1% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, consumption saw a mild descent. Over the period under review, the global market reached the maximum level at $514M in 2016; however, from 2017 to 2023, consumption stood at a somewhat lower figure.

Consumption By Country

The countries with the highest volumes of consumption in 2023 were China (145K tons), Turkey (133K tons) and Russia (106K tons), with a combined 52% share of global consumption.

From 2013 to 2023, the most notable rate of growth in terms of consumption, amongst the main consuming countries, was attained by Russia (with a CAGR of +15.2%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, the United States ($63M), Turkey ($48M) and China ($47M) appeared to be the countries with the highest levels of market value in 2023, together accounting for 38% of the global market.

China, with a CAGR of +13.7%, saw the highest growth rate of market size among the main consuming countries over the period under review, while market for the other global leaders experienced more modest paces of growth.

The countries with the highest levels of safflower seed per capita consumption in 2023 were Turkey (1,544 kg per 1000 persons), Uzbekistan (1,194 kg per 1000 persons) and Russia (740 kg per 1000 persons).

From 2013 to 2023, the biggest increases were recorded for Russia (with a CAGR of +15.1%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Safflower Seed

In 2023, the amount of safflower seed produced worldwide declined rapidly to 790K tons, dropping by -15.2% on the previous year's figure. Overall, production, however, continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2022 when the production volume increased by 45% against the previous year. Over the period under review, global production hit record highs at 955K tons in 2016; however, from 2017 to 2023, production remained at a lower figure. The general positive trend in terms output was largely conditioned by a relatively flat trend pattern of the harvested area and a relatively flat trend pattern in yield figures.

In value terms, safflower seed production contracted to $455M in 2023 estimated in export price. In general, production continues to indicate a slight contraction. The pace of growth appeared the most rapid in 2022 with an increase of 15%. Global production peaked at $523M in 2016; however, from 2017 to 2023, production stood at a somewhat lower figure.

Production By Country

The countries with the highest volumes of production in 2023 were Russia (254K tons), Kazakhstan (231K tons) and the United States (68K tons), together accounting for 70% of global production.

From 2013 to 2023, the biggest increases were recorded for Russia (with a CAGR of +19.8%), while production for the other global leaders experienced more modest paces of growth.

Yield

In 2023, the global average safflower seed yield reduced to 846 kg per ha, declining by -11.1% compared with the previous year. Overall, the yield, however, continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2022 when the yield increased by 31% against the previous year. The global yield peaked at 1.1 tons per ha in 2018; however, from 2019 to 2023, the yield stood at a somewhat lower figure.

Harvested Area

In 2023, approx. 935K ha of safflower seed were harvested worldwide; with a decrease of -4.7% on the previous year's figure. Over the period under review, the harvested area, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 when the harvested area increased by 21% against the previous year. Over the period under review, the harvested area dedicated to safflower seed production reached the maximum at 1.2M ha in 2016; however, from 2017 to 2023, the harvested area remained at a lower figure.

Imports

World Imports of Safflower Seed

In 2023, purchases abroad of safflower seed increased by 38% to 355K tons, rising for the fourth year in a row after three years of decline. Overall, imports saw a significant increase. The most prominent rate of growth was recorded in 2022 when imports increased by 92%. Global imports peaked in 2023 and are likely to continue growth in years to come.

In value terms, safflower seed imports reached $127M in 2023. Over the period under review, imports showed prominent growth. The growth pace was the most rapid in 2022 when imports increased by 65%. Global imports peaked in 2023 and are likely to continue growth in the near future.

Imports By Country

In 2023, Turkey (120K tons) and China (111K tons) represented the major importers of safflower seedacross the globe, together creating 65% of total imports. It was distantly followed by Uzbekistan (37K tons) and Kazakhstan (22K tons), together achieving a 17% share of total imports. The following importers - the United States (12K tons), Belgium (7.9K tons) and Poland (6.6K tons) - together made up 7.4% of total imports.

From 2013 to 2023, the biggest increases were recorded for Kazakhstan (with a CAGR of +108.8%), while purchases for the other global leaders experienced more modest paces of growth.

In value terms, the largest safflower seed importing markets worldwide were Turkey ($41M), China ($35M) and the United States ($11M), with a combined 68% share of global imports. Belgium, Uzbekistan, Poland and Kazakhstan lagged somewhat behind, together accounting for a further 13%.

Uzbekistan, with a CAGR of +59.2%, recorded the highest rates of growth with regard to the value of imports, in terms of the main importing countries over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices By Country

In 2023, the average safflower seed import price amounted to $359 per ton, which is down by -19.9% against the previous year. Overall, the import price saw a abrupt contraction. The most prominent rate of growth was recorded in 2019 an increase of 41% against the previous year. Global import price peaked at $610 per ton in 2013; however, from 2014 to 2023, import prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was the United States ($940 per ton), while Kazakhstan ($92 per ton) was amongst the lowest.

From 2013 to 2023, the most notable rate of growth in terms of prices was attained by Uzbekistan (+6.2%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Safflower Seed

In 2023, shipments abroad of safflower seed increased by 15% to 409K tons, rising for the fourth year in a row after three years of decline. Overall, exports saw a significant expansion. The pace of growth appeared the most rapid in 2022 with an increase of 147%. The global exports peaked in 2023 and are expected to retain growth in the near future.

In value terms, safflower seed exports skyrocketed to $129M in 2023. Over the period under review, exports enjoyed a resilient expansion. The pace of growth appeared the most rapid in 2022 with an increase of 41% against the previous year. The global exports peaked in 2023 and are likely to see steady growth in the immediate term.

Exports By Country

In 2023, Kazakhstan (231K tons) represented the key exporter of safflower seed, generating 57% of total exports. It was distantly followed by Russia (148K tons), generating a 36% share of total exports. Turkey (10K tons) followed a long way behind the leaders.

From 2013 to 2023, the biggest increases were recorded for Kazakhstan (with a CAGR of +28.3%), while shipments for the other global leaders experienced more modest paces of growth.

In value terms, the largest safflower seed supplying countries worldwide were Kazakhstan ($59M), Russia ($46M) and Turkey ($5.3M), together accounting for 85% of global exports.

Among the main exporting countries, Kazakhstan, with a CAGR of +26.3%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Export Prices By Country

In 2023, the average safflower seed export price amounted to $314 per ton, with an increase of 5.5% against the previous year. Over the period under review, the export price, however, showed a abrupt curtailment. The pace of growth appeared the most rapid in 2019 an increase of 46%. Over the period under review, the average export prices hit record highs at $619 per ton in 2013; however, from 2014 to 2023, the export prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Turkey ($523 per ton), while Kazakhstan ($253 per ton) was amongst the lowest.

From 2013 to 2023, the most notable rate of growth in terms of prices was attained by Kazakhstan (-1.6%), while the other global leaders experienced a decline in the export price figures.

Source: IndexBox Market Intelligence Platform