Australia: Market for Sunflower-Seed And Safflower Oil 2024

Market Size for Sunflower-Seed And Safflower Oil in Australia

The Australian sunflower-seed and safflower oil market surged to $X in 2022, jumping by 28% against the previous year. In general, the total consumption indicated strong growth from 2012 to 2022: its value 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, consumption increased by +84.4% against 2016 indices. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Production of Sunflower-Seed And Safflower Oil in Australia

In value terms, sunflower-seed and safflower oil production rose to $X in 2022 estimated in export price. Over the period under review, production, however, saw a deep slump. The pace of growth was the most pronounced in 2017 with an increase of 25%. 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 from Australia

After two years of decline, overseas shipments of sunflower-seed and safflower oil increased by 67% to X tons in 2022. Overall, exports, however, saw a abrupt decline. The most prominent rate of growth was recorded in 2019 when exports increased by 94%. Over the period under review, the exports reached the peak figure at X tons in 2016; however, from 2017 to 2022, the exports failed to regain momentum.

In value terms, sunflower-seed and safflower oil exports surged to $X in 2022. Over the period under review, exports, however, saw a deep contraction. The exports peaked at $X in 2013; however, from 2014 to 2022, the exports failed to regain momentum.

Exports by Country

The United States (X tons), New Zealand (X tons) and the Netherlands (X tons) were the main destinations of sunflower-seed and safflower oil exports from Australia, together comprising 94% of total exports. Vanuatu, South Korea, the Philippines, Singapore and Fiji lagged somewhat behind, together comprising a further 6%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Vanuatu (with a CAGR of +28.4%), while the other leaders experienced more modest paces of growth.

In value terms, the United States ($X), New Zealand ($X) and the Netherlands ($X) appeared to be the largest markets for sunflower-seed and safflower oil exported from Australia worldwide, with a combined 95% share of total exports. Vanuatu, South Korea, Singapore, the Philippines and Fiji lagged somewhat behind, together accounting for a further 4.8%.

Vanuatu, with a CAGR of +32.0%, recorded the highest growth rate of the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average sunflower-seed and safflower oil export price stood at $X per ton in 2022, growing by 76% against the previous year. Overall, the export price showed resilient growth. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Fiji ($X per ton), while the average price for exports to the Philippines ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Fiji (+20.9%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Sunflower-Seed And Safflower Oil

Imports into Australia

In 2022, approx. X tons of sunflower-seed and safflower oil were imported into Australia; surging by 9.3% against 2021 figures. Over the period under review, total imports indicated strong growth from 2012 to 2022: its volume increased at an average annual rate of +6.0% 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 -14.0% against 2020 indices. The pace of growth was the most pronounced in 2013 when imports increased by 44%. Imports peaked at X tons in 2020; however, from 2021 to 2022, imports stood at a somewhat lower figure.

In value terms, sunflower-seed and safflower oil imports skyrocketed to $X in 2022. Overall, imports continue to indicate prominent growth. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2022, Argentina (X tons) constituted the largest sunflower-seed and safflower oil supplier to Australia, with a 59% share of total imports. Moreover, sunflower-seed and safflower oil imports from Argentina exceeded the figures recorded by the second-largest supplier, Malaysia (X tons), threefold. Ukraine (X tons) ranked third in terms of total imports with an 8.6% share.

From 2012 to 2022, the average annual growth rate of volume from Argentina stood at +3.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (+10.0% per year) and Ukraine (+29.4% per year).

In value terms, Argentina ($X) constituted the largest supplier of sunflower-seed and safflower oil to Australia, comprising 58% of total imports. The second position in the ranking was held by Malaysia ($X), with a 25% share of total imports. It was followed by Ukraine, with a 7.8% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Argentina stood at +7.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (+11.8% per year) and Ukraine (+36.1% per year).

Import Prices by Country

The average sunflower-seed and safflower oil import price stood at $X per ton in 2022, rising by 27% against the previous year. Over the period under review, import price indicated a tangible increase from 2012 to 2022: its price increased at an average annual rate of +3.2% 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 +105.3% against 2016 indices. The pace of growth was the most pronounced in 2021 an increase of 38% against the previous year. Over the period under review, average import prices reached the maximum in 2022 and is expected to retain growth in the immediate term.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the highest price was recorded for prices from Turkey ($X per ton) and Malaysia ($X per ton), while the price for Ukraine ($X per ton) and Argentina ($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 (+7.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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