Asia: Market for Sunflower-Seed And Safflower Oil 2024

Market Size for Sunflower-Seed And Safflower Oil in Asia

In 2022, the Asian sunflower-seed and safflower oil market increased by 1.1% to $X, rising for the sixth consecutive year after two years of decline. The market value increased at an average annual rate of +3.8% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The level of consumption peaked in 2022 and is expected to retain growth in years to come.

Production of Sunflower-Seed And Safflower Oil in Asia

In value terms, sunflower-seed and safflower oil production fell sharply to $X in 2022 estimated in export price. In general, production saw a prominent expansion. The pace of growth was the most pronounced in 2021 when the production volume increased by 63%. Over the period under review, production hit record highs at $X in 2019; however, from 2020 to 2022, production stood at a somewhat lower figure.

Exports of Sunflower-Seed And Safflower Oil

Exports in Asia

In 2022, approx. X tons of sunflower-seed and safflower oil were exported in Asia; rising by 65% compared with 2021. In general, exports showed a prominent expansion. The growth pace was the most rapid in 2014 with an increase of 66% against the previous year. The volume of export peaked in 2022 and is likely to see steady growth in the near future.

In value terms, sunflower-seed and safflower oil exports soared to $X in 2022. Over the period under review, exports continue to indicate a strong increase. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

Turkey represented the major exporting country with an export of about X tons, which amounted to 71% of total exports. Kazakhstan (X tons) took the second position in the ranking, distantly followed by Malaysia (X tons). All these countries together took approx. 21% share of total exports. The following exporters - Oman (X tons) and Saudi Arabia (X tons) - each reached a 3.5% share of total exports.

From 2012 to 2022, average annual rates of growth with regard to sunflower-seed and safflower oil exports from Turkey stood at +14.9%. At the same time, Kazakhstan (+39.2%) and Malaysia (+7.0%) displayed positive paces of growth. Moreover, Kazakhstan emerged as the fastest-growing exporter exported in Asia, with a CAGR of +39.2% from 2012-2022. Saudi Arabia experienced a relatively flat trend pattern. By contrast, Oman (-4.5%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Turkey and Kazakhstan increased by +16 and +14 percentage points, respectively.

In value terms, Turkey ($X) remains the largest sunflower-seed and safflower oil supplier in Asia, comprising 75% of total exports. The second position in the ranking was taken by Kazakhstan ($X), with a 13% share of total exports. It was followed by Malaysia, with a 4.4% share.

In Turkey, sunflower-seed and safflower oil exports expanded at an average annual rate of +16.3% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: Kazakhstan (+37.8% per year) and Malaysia (+5.7% per year).

Export Prices by Country

The export price in Asia stood at $X per ton in 2022, increasing by 15% against the previous year. Over the period under review, the export price continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2021 an increase of 43%. The level of export peaked in 2022 and is likely to see gradual growth in years to come.

Average prices varied somewhat amongst the major exporting countries. In 2022, major exporting countries recorded the following prices: in Turkey ($X per ton) and Saudi Arabia ($X per ton), while Oman ($X per ton) and Malaysia ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Turkey (+1.2%), while the other leaders experienced a decline in the export price figures.

Imports of Sunflower-Seed And Safflower Oil

Imports in Asia

In 2022, purchases abroad of sunflower-seed and safflower oil decreased by -1.1% to X tons, falling for the second consecutive year after five years of growth. Total imports indicated a remarkable increase from 2012 to 2022: its volume increased at an average annual rate of +5.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports decreased by -24.0% against 2020 indices. The most prominent rate of growth was recorded in 2014 when imports increased by 38%. Over the period under review, imports attained the peak figure at X tons in 2020; however, from 2021 to 2022, imports remained at a lower figure.

In value terms, sunflower-seed and safflower oil imports expanded significantly to $X in 2022. Total imports indicated a resilient expansion from 2012 to 2022: its value increased at an average annual rate of +7.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +66.0% against 2014 indices. The pace of growth appeared the most rapid in 2020 with an increase of 19%. Over the period under review, imports attained the maximum in 2022 and are likely to continue growth in years to come.

Imports by Country

India (X tons) and Turkey (X tons) were the major importers of sunflower-seed and safflower oil in 2022, resulting at approx. 32% and 25% of total imports, respectively. China (X tons) took a 10% share (based on physical terms) of total imports, which put it in second place, followed by Iraq (7.9%). Uzbekistan (X tons), the United Arab Emirates (X tons), Malaysia (X tons), Syrian Arab Republic (X tons), Kazakhstan (X tons) and Iran (X tons) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by China (with a CAGR of +19.0%), while imports for the other leaders experienced more modest paces of growth.

In value terms, India ($X), Turkey ($X) and China ($X) constituted the countries with the highest levels of imports in 2022, with a combined 71% share of total imports.

China, with a CAGR of +20.6%, recorded the highest growth rate of the value of imports, in terms of 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, with an increase of 13% against the previous year. Import price indicated a modest increase from 2012 to 2022: its price increased at an average annual rate of +1.1% 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 +88.6% against 2019 indices. The most prominent rate of growth was recorded in 2021 an increase of 52%. The level of import peaked in 2022 and is likely to see gradual growth in the near future.

Prices varied noticeably by country of destination: 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 Uzbekistan (+9.6%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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