Azerbaijan: 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 Azerbaijan

In 2021, after three years of growth, there was significant decline in the Azerbaijani market for sunflower-seed or safflower oil, refined, but not chemically modified, when its value decreased by -10.6% to $X. The market value increased at an average annual rate of +1.1% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, consumption reached the peak level of $X, and then contracted in the following year.

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

In value terms, production of sunflower-seed or safflower oil, refined, but not chemically modified reduced to $X in 2021 estimated in export price. Overall, production continues to indicate a pronounced downturn. The most prominent rate of growth was recorded in 2020 with an increase of 28%. Over the period under review, production of reached the maximum level at $X in 2012; however, from 2013 to 2021, production failed to regain momentum.

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

Exports from Azerbaijan

In 2021, exports of sunflower-seed or safflower oil, refined, but not chemically modified from Azerbaijan reduced to X tons, falling by -6.7% compared with the previous year's figure. In general, exports continue to indicate a abrupt curtailment. The pace of growth appeared the most rapid in 2020 when exports increased by 79% against the previous year. Over the period under review, the exports of hit record highs at X tons in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

In value terms, exports of sunflower-seed or safflower oil, refined, but not chemically modified surged to $X in 2021. Overall, exports faced a drastic downturn. The pace of growth appeared the most rapid in 2020 when exports increased by 84%. The exports peaked at $X in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

Exports by Country

Iraq (X tons), Georgia (X tons) and Turkmenistan (X tons) were the main destinations of exports of sunflower-seed or safflower oil, refined, but not chemically modified from Azerbaijan, together accounting for 99% of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Turkmenistan (with a CAGR of +6.7%), while the other leaders experienced mixed trend patterns.

In value terms, Iraq ($X), Georgia ($X) and Turkmenistan ($X) appeared to be the largest markets for sunflower-seed or safflower oil, refined, but not chemically modified exported from Azerbaijan worldwide, with a combined 99% share of total exports.

In terms of the main countries of destination, Turkmenistan, with a CAGR of +7.5%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced mixed trend patterns.

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, jumping by 53% against the previous year. In general, the export price, however, continues to indicate a deep slump. Over the period under review, the average 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 noticeably for the major external markets. In 2021, the country with the highest price was Turkmenistan ($X per ton), while the average price for exports to Iraq ($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 Turkmenistan (+0.8%), while the prices for the other major destinations experienced mixed trend patterns.

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

Imports into Azerbaijan

In 2021, overseas purchases of sunflower-seed or safflower oil, refined, but not chemically modified decreased by -5.3% to X tons, falling for the second year in a row after three years of growth. In general, imports, however, saw significant growth. The growth pace was the most rapid in 2015 when imports increased by 1,625% against the previous year. As a result, imports attained the peak of X tons. From 2016 to 2021, the growth of imports of remained at a somewhat lower figure.

In value terms, imports of sunflower-seed or safflower oil, refined, but not chemically modified skyrocketed to $X in 2021. Over the period under review, imports, however, continue to indicate a significant increase. The most prominent rate of growth was recorded in 2015 with an increase of 979% against the previous year. Over the period under review, imports of hit record highs in 2021 and are expected to retain growth in the immediate term.

Imports by Country

In 2021, Russia (X tons) was the main supplier of sunflower-seed or safflower oil, refined, but not chemically modified to Azerbaijan, accounting for a 92% share of total imports. Moreover, imports of sunflower-seed or safflower oil, refined, but not chemically modified from Russia exceeded the figures recorded by the second-largest supplier, Turkey (X tons), more than tenfold.

From 2012 to 2021, the average annual rate of growth in terms of volume from Russia stood at +39.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Turkey (+10.0% per year) and Ukraine (-2.0% per year).

In value terms, Russia ($X) constituted the largest supplier of sunflower-seed or safflower oil, refined, but not chemically modified to Azerbaijan, comprising 90% of total imports. The second position in the ranking was taken by Turkey ($X), with a 7% share of total imports.

From 2012 to 2021, the average annual rate of growth in terms of value from Russia totaled +41.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Turkey (+16.4% per year) and Ukraine (+2.6% per year).

Import Prices by Country

In 2021, the average import price for sunflower-seed or safflower oil, refined, but not chemically modified amounted to $X per ton, rising by 59% against the previous year. Overall, import price indicated a modest increase from 2012 to 2021: its price increased at an average annual rate of +1.9% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, import price for sunflower-seed or safflower oil, refined, but not chemically modified increased by +75.6% against 2019 indices. The most prominent rate of growth was recorded in 2016 when the average import price increased by 65% against the previous year. Over the period under review, average import prices attained the peak figure in 2021 and is likely to see steady growth in years to come.

Average prices varied noticeably amongst the major supplying countries. In 2021, the country with the highest price was Turkey ($X per ton), while the price for Russia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Turkey (+5.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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