Australia: 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 Australia

After three years of growth, the Australian market for sunflower-seed or safflower oil, refined, but not chemically modified decreased by -7.7% to $X in 2021. Overall, the total consumption indicated a temperate increase from 2012 to 2021: its value increased at an average annual rate of +2.4% 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 +69.7% against 2017 indices. Over the period under review, the market hit record highs at $X in 2020, and then contracted in the following year.

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

In value terms, production of sunflower-seed or safflower oil, refined, but not chemically modified declined to $X in 2021 estimated in export price. In general, the total production indicated a slight expansion from 2012 to 2021: its value increased at an average annual rate of +1.4% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +72.5% against 2017 indices. The pace of growth was the most pronounced in 2018 when the production volume increased by 58% against the previous year. Over the period under review, production of hit record highs at $X in 2020, and then contracted in the following year.

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

Exports from Australia

In 2021, the amount of sunflower-seed or safflower oil, refined, but not chemically modified exported from Australia declined remarkably to X tons, which is down by -81.6% compared with the year before. Overall, exports recorded a dramatic curtailment. The pace of growth appeared the most rapid in 2019 when exports increased by 235% against the previous year. Over the period under review, the exports of reached the maximum at X tons in 2014; however, from 2015 to 2021, the exports failed to regain momentum.

In value terms, exports of sunflower-seed or safflower oil, refined, but not chemically modified shrank rapidly to $X in 2021. Over the period under review, exports continue to indicate a sharp downturn. The most prominent rate of growth was recorded in 2019 with an increase of 173%. Over the period under review, the exports of reached the peak figure at $X in 2013; however, from 2014 to 2021, the exports remained at a lower figure.

Exports by Country

New Zealand (X tons) was the main destination for exports of sunflower-seed or safflower oil, refined, but not chemically modified from Australia, with a 58% share of total exports. Moreover, exports of sunflower-seed or safflower oil, refined, but not chemically modified to New Zealand exceeded the volume sent to the second major destination, Vanuatu (X tons), threefold. The third position in this ranking was taken by South Korea (X tons), with a 12% share.

From 2012 to 2021, the average annual growth rate of volume to New Zealand amounted to -7.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Vanuatu (+32.7% per year) and South Korea (-15.2% per year).

In value terms, New Zealand ($X) remains the key foreign market for sunflower-seed or safflower oil, refined, but not chemically modified exports from Australia, comprising 59% of total exports. The second position in the ranking was taken by Vanuatu ($X), with an 18% share of total exports. It was followed by South Korea, with a 9.2% share.

From 2012 to 2021, the average annual rate of growth in terms of value to New Zealand totaled -1.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Vanuatu (+30.4% per year) and South Korea (-17.7% per year).

Export Prices by Country

The average export price for sunflower-seed or safflower oil, refined, but not chemically modified stood at $X per ton in 2021, increasing by 37% against the previous year. Over the period under review, the export price saw a relatively flat trend pattern. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices for the major overseas markets. In 2021, the country with the highest price was the United States ($X per ton), while the average price for exports to South Korea ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Singapore (+21.7%), while the prices for the other major destinations experienced more modest paces of growth.

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

Imports into Australia

After nine years of growth, overseas purchases of sunflower-seed or safflower oil, refined, but not chemically modified decreased by -27.5% to X tons in 2021. In general, imports, however, enjoyed a buoyant increase. The most prominent rate of growth was recorded in 2014 with an increase of 89% against the previous year. Over the period under review, imports of reached the peak figure at X tons in 2020, and then dropped remarkably in the following year.

In value terms, imports of sunflower-seed or safflower oil, refined, but not chemically modified reached $X in 2021. Over the period under review, imports, however, posted a prominent expansion. The most prominent rate of growth was recorded in 2014 with an increase of 82% against the previous year. Over the period under review, imports of hit record highs in 2021 and are likely to see steady growth in the near future.

Imports by Country

Malaysia (X tons), Ukraine (X tons) and Turkey (X tons) were the main suppliers of imports of sunflower-seed or safflower oil, refined, but not chemically modified to Australia, together accounting for 92% of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Ukraine (with a CAGR of +248.4%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Malaysia ($X), Ukraine ($X) and Turkey ($X) appeared to be the largest sunflower-seed or safflower oil, refined, but not chemically modified suppliers to Australia, with a combined 91% share of total imports.

Ukraine, with a CAGR of +250.5%, saw the highest rates of growth with regard to the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average import price for sunflower-seed or safflower oil, refined, but not chemically modified stood at $X per ton in 2021, surging by 39% against the previous year. In general, the import price, however, showed a slight decrease. Over the period under review, average import prices attained the peak figure at $X per ton in 2012; however, from 2013 to 2021, import prices stood at a somewhat lower figure.

Prices varied noticeably country of origin: the country with the highest price was Spain ($X per ton), while the price for Romania ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Spain (+5.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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