Asia: 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 Asia

In 2021, the Asian market for sunflower-seed or safflower oil, refined, but not chemically modified decreased by -2.5% to $X for the first time since 2017, thus ending a three-year rising trend. The total consumption indicated noticeable growth from 2012 to 2021: its value increased at an average annual rate of +3.0% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +49.2% against 2015 indices. The level of consumption peaked at $X in 2020, and then fell slightly in the following year.

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

In value terms, production of sunflower-seed or safflower oil, refined, but not chemically modified fell slightly to $X in 2021 estimated in export price. The total production indicated notable growth from 2012 to 2021: its value increased at an average annual rate of +2.2% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +47.4% against 2015 indices. The most prominent rate of growth was recorded in 2013 when the production volume increased by 21%. Over the period under review, production of hit record highs at $X in 2020, and then shrank in the following year.

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

Exports in Asia

In 2021, overseas shipments of sunflower-seed or safflower oil, refined, but not chemically modified decreased by -14.1% to X tons for the first time since 2018, thus ending a two-year rising trend. Total exports indicated tangible growth from 2012 to 2021: its volume increased at an average annual rate of +4.6% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +19.1% against 2018 indices. The growth pace was the most rapid in 2014 when exports increased by 62%. As a result, the exports reached the peak of X tons. From 2015 to 2021, the growth of the exports of failed to regain momentum.

In value terms, exports of sunflower-seed or safflower oil, refined, but not chemically modified skyrocketed to $X in 2021. Total exports indicated a temperate expansion from 2012 to 2021: its value increased at an average annual rate of +3.8% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +66.0% against 2018 indices. The pace of growth appeared the most rapid in 2020 with an increase of 34%. The level of export peaked in 2021 and is expected to retain growth in the immediate term.

Exports by Country

Turkey was the key exporter of sunflower-seed or safflower oil, refined, but not chemically modified in Asia, with the volume of exports accounting for X tons, which was near 69% of total exports in 2021. Malaysia (X tons) took the second position in the ranking, followed by Oman (X tons). All these countries together took near 18% share of total exports. The following exporters - Saudi Arabia (X tons) and Kazakhstan (X tons) - each resulted at an 8.1% share of total exports.

Exports from Turkey increased at an average annual rate of +6.5% from 2012 to 2021. At the same time, Kazakhstan (+14.4%), Malaysia (+9.1%) and Saudi Arabia (+1.6%) displayed positive paces of growth. Moreover, Kazakhstan emerged as the fastest-growing exporter exported in Asia, with a CAGR of +14.4% from 2012-2021. Oman experienced a relatively flat trend pattern. Turkey (+10 p.p.), Malaysia (+3.8 p.p.) and Kazakhstan (+2 p.p.) significantly strengthened its position in terms of the total exports, while Oman saw its share reduced by -3.5% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Turkey ($X) remains the largest sunflower-seed or safflower oil, refined, but not chemically modified supplier in Asia, comprising 70% of total exports. The second position in the ranking was taken by Malaysia ($X), with an 11% share of total exports. It was followed by Oman, with a 5.3% share.

In Turkey, exports of sunflower-seed or safflower oil, refined, but not chemically modified increased at an average annual rate of +6.5% over the period from 2012-2021. The remaining exporting countries recorded the following average annual rates of exports growth: Malaysia (+8.0% per year) and Oman (-2.9% per year).

Export Prices by Country

In 2021, the export price in Asia amounted to $X per ton, growing by 44% against the previous year. Over the period under review, the export price, however, recorded a relatively flat trend pattern. Over the period under review, the export prices reached the peak figure at $X per ton in 2012; however, from 2013 to 2021, the export prices remained at a lower figure.

Average prices varied somewhat amongst the major exporting countries. In 2021, major exporting countries recorded the following prices: in Saudi Arabia ($X per ton) and Turkey ($X per ton), while Oman ($X per ton) and Malaysia ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Turkey (-0.1%), 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 Asia

In 2021, purchases abroad of sunflower-seed or safflower oil, refined, but not chemically modified decreased by -20.1% to X tons for the first time since 2018, thus ending a two-year rising trend. Total imports indicated a buoyant expansion from 2012 to 2021: its volume increased at an average annual rate of +6.2% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2014 with an increase of 51%. Over the period under review, imports of attained the maximum at X tons in 2020, and then contracted rapidly in the following year.

In value terms, imports of sunflower-seed or safflower oil, refined, but not chemically modified skyrocketed to $X in 2021. The total import value increased at an average annual rate of +5.6% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2014 when imports increased by 25% against the previous year. The level of import peaked in 2021 and is likely to see gradual growth in the immediate term.

Imports by Country

In 2021, Uzbekistan (X tons), followed by Yemen (X tons), Syrian Arab Republic (X tons), the United Arab Emirates (X tons), Kazakhstan (X tons) and Jordan (X tons) were the major importers of sunflower-seed or safflower oil, refined, but not chemically modified, together committing 45% of total imports. The following importers - South Korea (X tons), Israel (X tons), Lebanon (X tons), Iraq (X tons), Tajikistan (X tons), Georgia (X tons) and Afghanistan (X tons) - together made up 22% of total imports.

From 2012 to 2021, the biggest increases were in Yemen (with a CAGR of +33.7%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Uzbekistan ($X), Yemen ($X) and Syrian Arab Republic ($X) appeared to be the countries with the highest levels of imports in 2021, with a combined 31% share of total imports.

In terms of the main importing countries, Yemen, with a CAGR of +33.0%, recorded the highest growth rate of 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 Asia amounted to $X per ton, jumping by 49% against the previous year. In general, the import price, however, saw a relatively flat trend pattern. Over the period under review, import prices hit record highs at $X per ton in 2012; however, from 2013 to 2021, import prices failed to regain momentum.

Average prices varied noticeably amongst the major importing countries. In 2021, major importing countries recorded the following prices: in Jordan ($X per ton) and Lebanon ($X per ton), while Kazakhstan ($X per ton) and Yemen ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Uzbekistan (+13.8%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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