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

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

The Asia-Pacific sunflower-seed and safflower oil market reached $X in 2022, almost unchanged from the previous year. The total consumption indicated a perceptible expansion from 2012 to 2022: its value increased at an average annual rate of +4.7% 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 -8.3% against 2020 indices. As a result, consumption reached the peak level of $X. From 2021 to 2022, the growth of the market remained at a lower figure.

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

In value terms, sunflower-seed and safflower oil production rose modestly to $X in 2022 estimated in export price. Overall, production showed a drastic downturn. The pace of growth was the most pronounced in 2020 with an increase of 18% against the previous year. Over the period under review, production attained the peak level at $X in 2013; however, from 2014 to 2022, production failed to regain momentum.

Exports of Sunflower-Seed And Safflower Oil

Exports in Asia-Pacific

In 2022, shipments abroad of sunflower-seed and safflower oil decreased by -1% to X tons, falling for the second consecutive year after three years of growth. Total exports indicated resilient growth from 2012 to 2022: its volume increased at an average annual rate of +5.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports decreased by -6.2% against 2020 indices. The growth pace was the most rapid in 2014 with an increase of 51%. Over the period under review, the exports attained the maximum at X tons in 2020; however, from 2021 to 2022, the exports remained at a lower figure.

In value terms, sunflower-seed and safflower oil exports totaled $X in 2022. Total exports indicated a notable increase from 2012 to 2022: its value increased at an average annual rate of +4.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +49.8% against 2014 indices. The pace of growth was the most pronounced in 2020 with an increase of 30% against the previous year. The level of export peaked in 2022 and is expected to retain growth in the immediate term.

Exports by Country

Malaysia dominates exports structure, amounting to X tons, which was near 77% of total exports in 2022. India (X tons) ranks second in terms of the total exports with a 9.1% share, followed by China (4.9%). The following exporters - Indonesia (X tons), Thailand (X tons) and Nepal (X tons) - each amounted to a 5.7% share of total exports.

Exports from Malaysia increased at an average annual rate of +7.0% from 2012 to 2022. At the same time, India (+22.3%), Nepal (+17.4%), China (+16.6%) and Thailand (+16.0%) displayed positive paces of growth. Moreover, India emerged as the fastest-growing exporter exported in Asia-Pacific, with a CAGR of +22.3% from 2012-2022. By contrast, Indonesia (-12.1%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Malaysia, India, China and Nepal increased by +11, +7, +3.1 and +1.7 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Malaysia ($X) remains the largest sunflower-seed and safflower oil supplier in Asia-Pacific, comprising 68% of total exports. The second position in the ranking was held by India ($X), with a 12% share of total exports. It was followed by China, with an 8.7% share.

In Malaysia, sunflower-seed and safflower oil exports expanded at an average annual rate of +5.7% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: India (+22.8% per year) and China (+19.9% per year).

Export Prices by Country

In 2022, the export price in Asia-Pacific amounted to $X per ton, surging by 6.2% against the previous year. Overall, the export price, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 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 stood at a somewhat lower figure.

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 Nepal (+3.4%), while the other leaders experienced more modest paces of growth.

Imports of Sunflower-Seed And Safflower Oil

Imports in Asia-Pacific

In 2022, purchases abroad of sunflower-seed and safflower oil decreased by -16.2% to X tons, falling for the second year in a row after nine years of growth. In general, imports, however, recorded buoyant growth. The most prominent rate of growth was recorded in 2014 when imports increased by 35% against the previous year. The volume of import peaked at X tons in 2020; however, from 2021 to 2022, imports failed to regain momentum.

In value terms, sunflower-seed and safflower oil imports reached $X in 2022. Over the period under review, imports, however, saw resilient growth. The pace of growth was the most pronounced in 2020 when imports increased by 30% against the previous year. The level of import peaked in 2022 and is expected to retain growth in years to come.

Imports by Country

India represented the major importer of sunflower-seed and safflower oil in Asia-Pacific, with the volume of imports finishing at X tons, which was approx. 64% of total imports in 2022. It was distantly followed by China (X tons), generating a 20% share of total imports. Malaysia (X tons), Australia (X tons) and Afghanistan (X tons) took a little share of total imports.

From 2012 to 2022, average annual rates of growth with regard to sunflower-seed and safflower oil imports into India stood at +5.9%. At the same time, China (+19.0%), Afghanistan (+14.1%), Malaysia (+10.8%) and Australia (+6.0%) 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. While the share of China (+13 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of India (-10 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, India ($X) constitutes the largest market for imported sunflower-seed and safflower oil in Asia-Pacific, comprising 65% of total imports. The second position in the ranking was held by China ($X), with a 19% share of total imports. It was followed by Malaysia, with a 2.8% share.

From 2012 to 2022, the average annual growth rate of value in India totaled +8.7%. In the other countries, the average annual rates were as follows: China (+20.6% per year) and Malaysia (+9.4% per year).

Import Prices by Country

The import price in Asia-Pacific stood at $X per ton in 2022, increasing by 25% against the previous year. Import price indicated a modest expansion from 2012 to 2022: its price increased at an average annual rate of +1.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, sunflower-seed and safflower oil import price increased by +99.6% against 2019 indices. The growth pace was the most rapid in 2021 when the import price increased by 47%. The level of import peaked in 2022 and is likely to see gradual growth in years to come.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Australia ($X per ton), while Afghanistan ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Australia (+3.2%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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