Azerbaijan: Market for Sunflower-Seed And Safflower Oil 2024

Market Size for Sunflower-Seed And Safflower Oil in Azerbaijan

For the fourth year in a row, the Azerbaijani sunflower-seed and safflower oil market recorded growth in sales value, which increased by 4.5% to $X in 2022. Overall, consumption, however, continues to indicate a buoyant increase. Sunflower-seed and safflower oil consumption peaked in 2022 and is expected to retain growth in the immediate term.

Production of Sunflower-Seed And Safflower Oil in Azerbaijan

In value terms, sunflower-seed and safflower oil production rose modestly to $X in 2022 estimated in export price. In general, production, however, continues to indicate a abrupt curtailment. The pace of growth was the most pronounced in 2020 with an increase of 18% against the previous year. Over the period under review, production reached the maximum level at $X in 2012; however, from 2013 to 2022, production remained at a lower figure.

Exports of Sunflower-Seed And Safflower Oil

Exports from Azerbaijan

In 2022, sunflower-seed and safflower oil exports from Azerbaijan shrank remarkably to X tons, declining by -25.1% against 2021. Overall, exports continue to indicate a abrupt curtailment. The growth pace was the most rapid in 2020 when exports increased by 79%. Over the period under review, the exports hit record highs at X tons in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, sunflower-seed and safflower oil exports dropped slightly to $X in 2022. Over the period under review, exports showed a deep reduction. The pace of growth appeared the most rapid in 2020 when exports increased by 84% against the previous year. The exports peaked at $X in 2012; however, from 2013 to 2022, 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 sunflower-seed and safflower oil exports from Azerbaijan, together accounting for 100% of total exports.

From 2012 to 2022, the biggest increases were recorded for Georgia (with a CAGR of -2.1%), while shipments for the other leaders experienced a decline.

In value terms, the largest markets for sunflower-seed and safflower oil exported from Azerbaijan were Iraq ($X), Georgia ($X) and Turkmenistan ($X), together comprising 100% of total exports.

Among the main countries of destination, Georgia, with a CAGR of +0.2%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced a decline.

Export Prices by Country

In 2022, the average sunflower-seed and safflower oil export price amounted to $X per ton, increasing by 29% against the previous year. Over the period under review, the export price, however, recorded a pronounced contraction. The pace of growth was the most pronounced in 2021 an increase of 53% against the previous year. Over the period under review, the average export prices reached the peak figure at $X per ton in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

Average prices varied noticeably for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Georgia ($X per ton), while the average price for exports to Turkmenistan ($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 Georgia (+2.3%), while the prices for the other major destinations experienced mixed trend patterns.

Imports of Sunflower-Seed And Safflower Oil

Imports into Azerbaijan

Sunflower-seed and safflower oil imports into Azerbaijan fell to X tons in 2022, declining by -14.6% compared with the year before. Over the period under review, imports, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 with an increase of 35% against the previous year. Imports peaked at X tons in 2019; however, from 2020 to 2022, imports stood at a somewhat lower figure.

In value terms, sunflower-seed and safflower oil imports contracted slightly to $X in 2022. Overall, imports, however, recorded a strong expansion. The pace of growth was the most pronounced in 2016 with an increase of 77%. Imports peaked at $X in 2021, and then dropped slightly in the following year.

Imports by Country

In 2022, Russia (X tons) constituted the largest supplier of sunflower-seed and safflower oil to Azerbaijan, accounting for a 90% share of total imports. Moreover, sunflower-seed and safflower oil imports from Russia exceeded the figures recorded by the second-largest supplier, Turkey (X tons), tenfold.

From 2012 to 2022, the average annual growth rate of volume from Russia amounted to +5.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Turkey (+31.0% per year) and Ukraine (-35.8% per year).

In value terms, Russia ($X) constituted the largest supplier of sunflower-seed and safflower oil to Azerbaijan, comprising 87% of total imports. The second position in the ranking was taken by Turkey ($X), with a 12% share of total imports.

From 2012 to 2022, the average annual growth rate of value from Russia stood at +12.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Turkey (+38.2% per year) and Ukraine (-30.7% per year).

Import Prices by Country

The average sunflower-seed and safflower oil import price stood at $X per ton in 2022, growing by 15% against the previous year. Overall, the import price enjoyed resilient growth. The pace of growth was the most pronounced in 2021 an increase of 61% against the previous year. Over the period under review, average import prices hit record highs in 2022 and is likely to continue growth in years to come.

Average prices varied somewhat amongst the major supplying countries. In 2022, amid the top importers, 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 2022, the most notable rate of growth in terms of prices was attained by Ukraine (+7.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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