Bangladesh: 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 Bangladesh

In 2021, after six years of growth, there was decline in the Bangladeshi market for sunflower-seed or safflower oil, refined, but not chemically modified, when its value decreased by -2.1% to $X. Overall, the total consumption indicated tangible growth from 2012 to 2021: its value increased at an average annual rate of +3.6% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +76.1% against 2014 indices. Over the period under review, the market attained the maximum level at $X in 2020, and then contracted slightly in the following year.

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

In value terms, production of sunflower-seed or safflower oil, refined, but not chemically modified declined slightly to $X in 2021 estimated in export price. Over the period under review, the total production indicated a noticeable expansion from 2012 to 2021: its value increased at an average annual rate of +3.5% 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 +91.2% against 2014 indices. The pace of growth appeared the most rapid in 2017 with an increase of 28%. Over the period under review, production of hit record highs at $X in 2020, and then shrank in the following year.

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

Exports from Bangladesh

In 2021, shipments abroad of sunflower-seed or safflower oil, refined, but not chemically modified decreased by -29.1% to X tons, falling for the second consecutive year after two years of growth. Over the period under review, exports, however, recorded a significant expansion. The pace of growth was the most pronounced in 2019 with an increase of 1,267% against the previous year. As a result, the exports reached the peak of X tons. From 2020 to 2021, the growth of the exports of failed to regain momentum.

In value terms, exports of sunflower-seed or safflower oil, refined, but not chemically modified plummeted to $X in 2021. In general, exports, however, recorded significant growth. The pace of growth was the most pronounced in 2019 with an increase of 1,284% against the previous year. As a result, the exports reached the peak of $X. From 2020 to 2021, the growth of the exports of failed to regain momentum.

Exports by Country

Cambodia (X tons) was the main destination for exports of sunflower-seed or safflower oil, refined, but not chemically modified from Bangladesh, with a approx. 100% share of total exports.

From 2013 to 2021, the average annual growth rate of volume to Cambodia was relatively modest.

In value terms, Cambodia ($X) emerged as the key foreign market for sunflower-seed or safflower oil, refined, but not chemically modified exports from Bangladesh.

From 2013 to 2021, the average annual growth rate of value to Cambodia was relatively modest.

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, which is down by -25% against the previous year. Overall, the export price, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2017 an increase of 67%. The export price peaked at $X per ton in 2019; however, from 2020 to 2021, the export prices failed to regain momentum.

As there is only one major export destination, the average price level is determined by prices for Cambodia.

From 2013 to 2021, the rate of growth in terms of prices for South Africa amounted to +21.6% per year.

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

Imports into Bangladesh

After two years of growth, supplies from abroad of sunflower-seed or safflower oil, refined, but not chemically modified decreased by -49.3% to X tons in 2021. Over the period under review, imports, however, enjoyed a resilient expansion. The growth pace was the most rapid in 2019 when imports increased by 108% against the previous year. Over the period under review, imports of hit record highs at X tons in 2020, and then fell notably in the following year.

In value terms, imports of sunflower-seed or safflower oil, refined, but not chemically modified contracted sharply to $X in 2021. In general, imports, however, showed a buoyant increase. The pace of growth was the most pronounced in 2019 with an increase of 94% against the previous year. Over the period under review, imports of hit record highs at $X in 2020, and then shrank sharply in the following year.

Imports by Country

Ukraine (X tons), Italy (X tons) and Turkey (X tons) were the main suppliers of imports of sunflower-seed or safflower oil, refined, but not chemically modified to Bangladesh, with a combined 89% share 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 +70.6%), while imports for the other leaders experienced more modest paces of growth.

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

Ukraine, with a CAGR of +74.7%, recorded 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

In 2021, the average import price for sunflower-seed or safflower oil, refined, but not chemically modified amounted to $X per ton, rising by 63% against the previous year. In general, import price indicated a moderate expansion from 2012 to 2021: its price increased at an average annual rate of +2.0% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Italy (+4.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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