Asia: Market for Crude Sunflower-Seed And Safflower Oil 2024

Market Size for Crude Sunflower-Seed And Safflower Oil in Asia

The Asian market for crude sunflower-seed and safflower oil stood at $X in 2022, with an increase of 4.1% against the previous year. The market value increased at an average annual rate of +3.9% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Over the period under review, the market hit record highs in 2022 and is expected to retain growth in years to come.

Production of Crude Sunflower-Seed And Safflower Oil in Asia

In value terms, crude sunflower-seed and safflower oil production dropped to $X in 2022 estimated in export price. Over the period under review, production saw a mild expansion. The pace of growth was the most pronounced in 2018 when the production volume increased by 43%. Over the period under review, production reached the peak level at $X in 2019; however, from 2020 to 2022, production remained at a lower figure.

Exports of Crude Sunflower-Seed And Safflower Oil

Exports in Asia

For the ninth year in a row, Asia recorded growth in overseas shipments of crude sunflower-seed and safflower oil, which increased by 199% to X tons in 2022. Over the period under review, exports enjoyed a significant increase. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, crude sunflower-seed and safflower oil exports skyrocketed to $X in 2022. Overall, exports saw a significant increase. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

Turkey was the largest exporter of crude sunflower-seed and safflower oil in Asia, with the volume of exports accounting for X tons, which was near 68% of total exports in 2022. It was distantly followed by Kazakhstan (X tons), making up a 29% share of total exports.

Turkey was also the fastest-growing in terms of the crude sunflower-seed and safflower oil exports, with a CAGR of +104.6% from 2012 to 2022. At the same time, Kazakhstan (+66.5%) displayed positive paces of growth. Turkey (+66 p.p.) and Kazakhstan (+23 p.p.) significantly strengthened its position in terms of the total exports, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Turkey ($X) remains the largest crude sunflower-seed and safflower oil supplier in Asia, comprising 71% of total exports. The second position in the ranking was taken by Kazakhstan ($X), with a 26% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value in Turkey stood at +109.2%.

Export Prices by Country

In 2022, the export price in Asia amounted to $X per ton, jumping by 26% against the previous year. Overall, the export price recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 an increase of 41%. The level of export peaked in 2022 and is likely to continue growth in years to come.

Average prices varied noticeably amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Turkey ($X per ton), while Kazakhstan totaled $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Turkey (+2.3%).

Imports of Crude Sunflower-Seed And Safflower Oil

Imports in Asia

In 2022, purchases abroad of crude sunflower-seed and safflower oil decreased by -0.2% to X tons, falling for the second consecutive year after five years of growth. Over the period under review, imports, however, recorded a resilient increase. The most prominent rate of growth was recorded in 2014 when imports increased by 35%. Over the period under review, imports reached the maximum at X tons in 2020; however, from 2021 to 2022, imports remained at a lower figure.

In value terms, crude sunflower-seed and safflower oil imports surged to $X in 2022. Overall, imports, however, continue to indicate resilient growth. The most prominent rate of growth was recorded in 2020 when imports increased by 19%. The level of import peaked in 2022 and is expected to retain growth in years to come.

Imports by Country

In 2022, India (X tons) and Turkey (X tons) were the largest importers of crude sunflower-seed and safflower oil in Asia, together resulting at approx. 67% of total imports. China (X tons) held the next position in the ranking, followed by Iraq (X tons). All these countries together held near 21% share of total imports. The following importers - Iran (X tons) and Malaysia (X tons) - each recorded a 3.5% share of total imports.

From 2012 to 2022, the biggest increases were recorded for Iraq (with a CAGR of +64.2%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest crude sunflower-seed and safflower oil importing markets in Asia were India ($X), Turkey ($X) and China ($X), together accounting for 84% of total imports. Iraq, Iran and Malaysia lagged somewhat behind, together accounting for a further 8.2%.

Iraq, with a CAGR of +58.3%, 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 2022, the import price in Asia amounted to $X per ton, rising by 17% against the previous year. Import price indicated mild growth from 2012 to 2022: its price increased at an average annual rate of +1.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, crude sunflower-seed and safflower oil import price increased by +97.2% against 2019 indices. The most prominent rate of growth was recorded in 2021 when the import price increased by 53%. Over the period under review, import prices reached the maximum in 2022 and is likely to continue growth in years to come.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was India ($X per ton), while Iraq ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by India (+2.6%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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