ASEAN: Market for Sunflower-Seed Or Safflower Oil, Refined, But Not Chemically Modified 2024

Market Size for Sunflower-Seed Or Safflower Oil, Refined, But Not Chemically Modified in ASEAN

After three years of growth, the ASEAN market for sunflower-seed or safflower oil, refined, but not chemically modified decreased by -6.1% to $X in 2021. In general, consumption, however, showed a relatively flat trend pattern. As a result, consumption attained the peak level of $X, and then declined in the following year.

Production of Sunflower-Seed Or Safflower Oil, Refined, But Not Chemically Modified in ASEAN

In value terms, production of sunflower-seed or safflower oil, refined, but not chemically modified reduced slightly to $X in 2021 estimated in export price. Over the period under review, production, however, recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2020 when the production volume increased by 11%. As a result, production reached the peak level of $X, and then dropped in the following year.

Exports of Sunflower-Seed Or Safflower Oil, Refined, But Not Chemically Modified

Exports in ASEAN

In 2021, the amount of sunflower-seed or safflower oil, refined, but not chemically modified exported in ASEAN expanded remarkably to X tons, increasing by 8.6% against the year before. Total exports indicated buoyant growth from 2012 to 2021: its volume increased at an average annual rate of +8.1% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +101.4% against 2012 indices. The most prominent rate of growth was recorded in 2016 when exports increased by 19% against the previous year. The volume of export peaked in 2021 and is expected to retain growth in the near future.

In value terms, exports of sunflower-seed or safflower oil, refined, but not chemically modified soared to $X in 2021. Total exports indicated buoyant growth from 2012 to 2021: its value increased at an average annual rate of +6.4% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +111.5% against 2015 indices. The most prominent rate of growth was recorded in 2019 when exports increased by 18% against the previous year. The level of export peaked in 2021 and is expected to retain growth in years to come.

Exports by Country

Malaysia prevails in modified structure, finishing at X tons, which was near 93% of total exports in 2021. It was distantly followed by Thailand (X tons), generating a 4.6% share of total exports. Singapore (X tons) held a relatively small share of total exports.

Exports from Malaysia increased at an average annual rate of +9.1% from 2012 to 2021. At the same time, Thailand (+33.7%) displayed positive paces of growth. Moreover, Thailand emerged as the fastest-growing exporter exported in ASEAN, with a CAGR of +33.7% from 2012-2021. By contrast, Singapore (-10.4%) illustrated a downward trend over the same period. While the share of Malaysia (+7.2 p.p.) and Thailand (+3.9 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Singapore (-11.2 p.p.) displayed negative dynamics.

In value terms, Malaysia ($X) remains the largest sunflower-seed or safflower oil, refined, but not chemically modified supplier in ASEAN, comprising 91% of total exports. The second position in the ranking was taken by Thailand ($X), with a 6% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value in Malaysia amounted to +8.0%. The remaining exporting countries recorded the following average annual rates of exports growth: Thailand (+23.4% per year) and Singapore (-12.5% per year).

Export Prices by Country

The export price in ASEAN stood at $X per ton in 2021, rising by 7.8% against the previous year. Over the period under review, the export price, however, recorded a slight decline. The most prominent rate of growth was recorded in 2020 when the export price increased by 9.2%. Over the period under review, the export prices hit record highs at $X per ton in 2012; however, from 2013 to 2021, the export prices failed to regain momentum.

Average prices varied somewhat amongst the major exporting countries. In 2021, the country with the highest price was Thailand ($X per ton), while Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Malaysia (-1.0%), while the other leaders experienced a decline in the export price figures.

Imports of Sunflower-Seed Or Safflower Oil, Refined, But Not Chemically Modified

Imports in ASEAN

In 2021, after five years of growth, there was significant decline in supplies from abroad of sunflower-seed or safflower oil, refined, but not chemically modified, when their volume decreased by -41.4% to X tons. Over the period under review, imports, however, enjoyed prominent growth. The growth pace was the most rapid in 2016 when imports increased by 51% against the previous year. Over the period under review, imports of hit record highs at X tons in 2020, and then dropped sharply in the following year.

In value terms, imports of sunflower-seed or safflower oil, refined, but not chemically modified contracted notably to $X in 2021. Overall, imports, however, showed a prominent expansion. The most prominent rate of growth was recorded in 2016 with an increase of 36% against the previous year. The level of import peaked at $X in 2020, and then dropped notably in the following year.

Imports by Country

Malaysia (X tons), Myanmar (X tons), Thailand (X tons) and Singapore (X tons) represented roughly 75% of total imports in 2021. The Philippines (X tons) ranks next in terms of the total imports with an 8.9% share, followed by Vietnam (7.1%) and Indonesia (6.8%).

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Myanmar (with a CAGR of +67.8%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Malaysia ($X), Thailand ($X) and Myanmar ($X) constituted the countries with the highest levels of imports in 2021, together comprising 58% of total imports.

In terms of the main importing countries, Myanmar, with a CAGR of +62.7%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the import price in ASEAN amounted to $X per ton, rising by 38% against the previous year. In general, the import price, however, saw a mild slump. Over the period under review, import prices reached the peak figure at $X per ton in 2012; however, from 2013 to 2021, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2021, the country with the highest price was Indonesia ($X per ton), while Myanmar ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Vietnam (+1.3%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform