ASEAN: Sunflower Oilcake Market 2024

Sunflower Oilcake Market Size in ASEAN

In 2021, the ASEAN sunflower oilcake market was finally on the rise to reach $X after two years of decline. The market value increased at an average annual rate of +2.9% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The level of consumption peaked at $X in 2018; however, from 2019 to 2021, consumption failed to regain momentum.

Sunflower Oilcake Production in ASEAN

In value terms, sunflower oilcake production reached $X in 2021 estimated in export price. The total output value increased at an average annual rate of +2.6% from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2014 when the production volume increased by 35%. As a result, production attained the peak level of $X. From 2015 to 2021, production growth remained at a lower figure.

Sunflower Oilcake Exports

Exports in ASEAN

For the fourth consecutive year, ASEAN recorded growth in shipments abroad of sunflower oilcake, which increased by 200% to X tons in 2021. In general, exports recorded a significant increase. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, sunflower oilcake exports skyrocketed to $X in 2021. Overall, exports recorded a significant increase. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

Thailand dominates exports structure, resulting at X tons, which was near 91% of total exports in 2021. It was distantly followed by Malaysia (X tons), making up a 5.7% share of total exports. Myanmar (X tons) took a little share of total exports.

Thailand was also the fastest-growing in terms of the sunflower oilcake exports, with a CAGR of +60.8% from 2012 to 2021. At the same time, Malaysia (+11.2%) displayed positive paces of growth. By contrast, Myanmar (-8.5%) illustrated a downward trend over the same period. While the share of Thailand (+79 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Malaysia (-15.1 p.p.) and Myanmar (-41.6 p.p.) displayed negative dynamics.

In value terms, Thailand ($X) emerged as the largest sunflower oilcake supplier in ASEAN, comprising 93% of total exports. The second position in the ranking was taken by Malaysia ($X), with a 4.8% share of total exports.

In Thailand, sunflower oilcake exports increased at an average annual rate of +54.4% over the period from 2012-2021. The remaining exporting countries recorded the following average annual rates of exports growth: Malaysia (+16.0% per year) and Myanmar (-7.1% per year).

Export Prices by Country

The export price in ASEAN stood at $X per ton in 2021, increasing by 17% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +4.9%. The growth pace was the most rapid in 2018 when the export price increased by 33%. The level of export peaked in 2021 and is expected to retain growth in years to come.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Malaysia (+4.3%), while the other leaders experienced mixed trends in the export price figures.

Sunflower Oilcake Imports

Imports in ASEAN

In 2021, overseas purchases of sunflower oilcake decreased by -29.6% to X tons, falling for the second year in a row after six years of growth. Over the period under review, imports, however, posted significant growth. The most prominent rate of growth was recorded in 2016 when imports increased by 222% against the previous year. Over the period under review, imports reached the maximum at X tons in 2019; however, from 2020 to 2021, imports remained at a lower figure.

In value terms, sunflower oilcake imports dropped to $X in 2021. In general, imports, however, continue to indicate a significant expansion. The pace of growth was the most pronounced in 2016 when imports increased by 187% against the previous year. Over the period under review, imports hit record highs at $X in 2019; however, from 2020 to 2021, imports remained at a lower figure.

Imports by Country

The purchases of the three major importers of sunflower oilcake, namely Vietnam, Malaysia and Thailand, represented more than two-thirds of total import. It was distantly followed by Myanmar (X tons), comprising a 7.6% share of total imports. Lao People's Democratic Republic (X tons) followed a long way behind the leaders.

From 2012 to 2021, the biggest increases were recorded for Lao People's Democratic Republic (with a CAGR of +134.4%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest sunflower oilcake importing markets in ASEAN were Vietnam ($X), Thailand ($X) and Malaysia ($X), together accounting for 90% of total imports. These countries were followed by Myanmar and Lao People's Democratic Republic, which together accounted for a further 9.5%.

Lao People's Democratic Republic, with a CAGR of +196.9%, recorded the highest growth rate of the value of imports, among the main importing countries 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, surging by 28% against the previous year. Over the last nine-year period, it increased at an average annual rate of +2.2%. Over the period under review, import prices attained the peak figure at $X per ton in 2014; however, from 2015 to 2021, import prices stood at a somewhat lower figure.

Prices varied noticeably country of destination: the country with the highest price was Lao People's Democratic Republic ($X per ton), while Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Lao People's Democratic Republic (+26.6%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform