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

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

In 2022, the Asia-Pacific market for crude sunflower-seed and safflower oil decreased by -0.6% to $X, falling for the second year in a row after four years of growth. The total consumption indicated a temperate expansion from 2012 to 2022: its value increased at an average annual rate of +4.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -7.8% against 2020 indices. As a result, consumption attained the peak level of $X. From 2021 to 2022, the growth of the market failed to regain momentum.

Production of Crude Sunflower-Seed And Safflower Oil in Asia-Pacific

In value terms, crude sunflower-seed and safflower oil production dropped to $X in 2022 estimated in export price. Overall, production, however, saw a deep slump. The pace of growth was the most pronounced in 2013 with an increase of 37%. As a result, production reached the peak level of $X. From 2014 to 2022, production growth remained at a somewhat lower figure.

Exports of Crude Sunflower-Seed And Safflower Oil

Exports in Asia-Pacific

Crude sunflower-seed and safflower oil exports contracted remarkably to X tons in 2022, declining by -20.3% compared with the year before. Over the period under review, exports saw a abrupt shrinkage. The pace of growth was the most pronounced in 2014 when exports increased by 320%. The volume of export peaked at X tons in 2016; however, from 2017 to 2022, the exports failed to regain momentum.

In value terms, crude sunflower-seed and safflower oil exports dropped to $X in 2022. Overall, exports recorded a abrupt descent. The pace of growth appeared the most rapid in 2014 with an increase of 237%. As a result, the exports reached the peak of $X. From 2015 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Malaysia was the major exporting country with an export of around X tons, which accounted for 52% of total exports. Indonesia (X tons) held the second position in the ranking, distantly followed by India (X tons) and China (X tons). All these countries together held near 44% share of total exports. Nepal (X tons) followed a long way behind the leaders.

Malaysia experienced a relatively flat trend pattern with regard to volume of exports of crude sunflower-seed and safflower oil. At the same time, India (+33.7%) displayed positive paces of growth. Moreover, India emerged as the fastest-growing exporter exported in Asia-Pacific, with a CAGR of +33.7% from 2012-2022. By contrast, China (-4.6%), Nepal (-11.2%) and Indonesia (-12.5%) illustrated a downward trend over the same period. While the share of Malaysia (+22 p.p.), India (+12 p.p.) and Nepal (+2.3 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Indonesia (-25.9 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Malaysia ($X) remains the largest crude sunflower-seed and safflower oil supplier in Asia-Pacific, comprising 45% of total exports. The second position in the ranking was held by Indonesia ($X), with a 19% share of total exports. It was followed by China, with a 15% share.

In Malaysia, crude sunflower-seed and safflower oil exports contracted by an average annual rate of -4.2% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Indonesia (-16.0% per year) and China (-1.8% per year).

Export Prices by Country

The export price in Asia-Pacific stood at $X per ton in 2022, growing by 7.2% against the previous year. Over the period under review, the export price, however, recorded a perceptible curtailment. The pace of growth appeared the most rapid in 2018 when the export price increased by 13% against the previous year. Over the period under review, the export prices attained the maximum at $X per ton in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was China ($X per ton), while Indonesia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+3.0%), while the other leaders experienced more modest paces of growth.

Imports of Crude Sunflower-Seed And Safflower Oil

Imports in Asia-Pacific

In 2022, purchases abroad of crude sunflower-seed and safflower oil decreased by -17.8% to X tons, falling for the second consecutive year after nine years of growth. Over the period under review, imports, however, showed a resilient expansion. The most prominent rate of growth was recorded in 2014 when imports increased by 35% against the previous year. Over the period under review, imports attained the maximum at X tons in 2020; however, from 2021 to 2022, imports stood at a somewhat lower figure.

In value terms, crude sunflower-seed and safflower oil imports rose to $X in 2022. In general, imports, however, posted a resilient expansion. The pace of growth was the most pronounced in 2020 with an increase of 30%. Over the period under review, imports attained the peak figure in 2022 and are expected to retain growth in the immediate term.

Imports by Country

India was the key importer of crude sunflower-seed and safflower oil in Asia-Pacific, with the volume of imports resulting at X tons, which was approx. 71% of total imports in 2022. It was distantly followed by China (X tons), creating a 22% share of total imports. Malaysia (X tons) followed a long way behind the leaders.

Imports into India increased at an average annual rate of +5.9% from 2012 to 2022. At the same time, China (+19.0%) and Malaysia (+8.7%) displayed positive paces of growth. Moreover, China emerged as the fastest-growing importer imported in Asia-Pacific, with a CAGR of +19.0% from 2012-2022. From 2012 to 2022, the share of China increased by +14 percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, India ($X) constitutes the largest market for imported crude sunflower-seed and safflower oil in Asia-Pacific, comprising 73% of total imports. The second position in the ranking was taken by China ($X), with a 21% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value in India totaled +8.7%. In the other countries, the average annual rates were as follows: China (+20.8% per year) and Malaysia (+7.5% per year).

Import Prices by Country

The import price in Asia-Pacific stood at $X per ton in 2022, increasing by 27% against the previous year. Import price indicated a measured expansion from 2012 to 2022: its price increased at an average annual rate of +2.1% 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 +104.2% against 2019 indices. The most prominent rate of growth was recorded in 2021 when the import price increased by 48% against the previous year. The level of import peaked in 2022 and is expected to retain growth in the near future.

Average prices varied somewhat amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was India ($X per ton), while Malaysia ($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 mixed trends in the import price figures.

Source: IndexBox Platform

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