Brazil: Market for Sunflower-Seed And Safflower Oil 2024

Market Size for Sunflower-Seed And Safflower Oil in Brazil

The Brazilian sunflower-seed and safflower oil market shrank notably to $X in 2022, declining by -16% against the previous year. Overall, consumption, however, posted a strong increase. Over the period under review, the market reached the peak level at $X in 2019; however, from 2020 to 2022, consumption remained at a lower figure.

Production of Sunflower-Seed And Safflower Oil in Brazil

In value terms, sunflower-seed and safflower oil production fell to $X in 2022 estimated in export price. Over the period under review, production, however, recorded a prominent expansion. The most prominent rate of growth was recorded in 2017 with an increase of 431% against the previous year. Sunflower-seed and safflower oil production peaked at $X in 2019; however, from 2020 to 2022, production stood at a somewhat lower figure.

Exports of Sunflower-Seed And Safflower Oil

Exports from Brazil

In 2022, overseas shipments of sunflower-seed and safflower oil increased by 76% to X tons, rising for the fourth consecutive year after three years of decline. In general, exports showed slight growth. The pace of growth was the most pronounced in 2015 with an increase of 528%. As a result, the exports attained the peak of X tons. From 2016 to 2022, the growth of the exports failed to regain momentum.

In value terms, sunflower-seed and safflower oil exports soared to $X in 2022. Over the period under review, exports enjoyed strong growth. The pace of growth appeared the most rapid in 2015 with an increase of 262% against the previous year. Over the period under review, the exports attained the maximum in 2022 and are likely to see gradual growth in the immediate term.

Exports by Country

Italy (X tons) was the main destination for sunflower-seed and safflower oil exports from Brazil, with a 53% share of total exports. Moreover, sunflower-seed and safflower oil exports to Italy exceeded the volume sent to the second major destination, Argentina (X tons), threefold. The third position in this ranking was taken by Suriname (X tons), with a 6.7% share.

From 2012 to 2022, the average annual growth rate of volume to Italy amounted to +890.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Argentina (+110.6% per year) and Suriname (+37.0% per year).

In value terms, Italy ($X) emerged as the key foreign market for sunflower-seed and safflower oil exports from Brazil, comprising 56% of total exports. The second position in the ranking was held by Argentina ($X), with a 16% share of total exports. It was followed by Suriname, with a 5.5% share.

From 2012 to 2022, the average annual growth rate of value to Italy amounted to +1,094.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Argentina (+123.4% per year) and Suriname (+40.3% per year).

Export Prices by Country

In 2022, the average sunflower-seed and safflower oil export price amounted to $X per ton, picking up by 60% against the previous year. Over the period under review, the export price recorded a strong expansion. The pace of growth was the most pronounced in 2021 when the average export price increased by 60% against the previous year. Over the period under review, the average export prices reached the maximum in 2022 and is likely to see gradual growth in the near future.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Liberia ($X per ton), while the average price for exports to Peru ($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 South Africa (+41.3%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Sunflower-Seed And Safflower Oil

Imports into Brazil

In 2022, purchases abroad of sunflower-seed and safflower oil decreased by -36.7% to X tons, falling for the second year in a row after two years of growth. Over the period under review, imports continue to indicate a slight setback. The most prominent rate of growth was recorded in 2017 with an increase of 58% against the previous year. Imports peaked at X tons in 2020; however, from 2021 to 2022, imports remained at a lower figure.

In value terms, sunflower-seed and safflower oil imports contracted to $X in 2022. In general, imports, however, enjoyed measured growth. The pace of growth was the most pronounced in 2017 with an increase of 51% against the previous year. Imports peaked at $X in 2021, and then shrank in the following year.

Imports by Country

In 2022, Argentina (X tons) constituted the largest sunflower-seed and safflower oil supplier to Brazil, accounting for a 74% share of total imports. Moreover, sunflower-seed and safflower oil imports from Argentina exceeded the figures recorded by the second-largest supplier, Bolivia (X tons), fourfold. Uruguay (X tons) ranked third in terms of total imports with a 5.3% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Argentina totaled +2.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Bolivia (+455.9% per year) and Uruguay (+232.1% per year).

In value terms, Argentina ($X) constituted the largest supplier of sunflower-seed and safflower oil to Brazil, comprising 74% of total imports. The second position in the ranking was taken by Bolivia ($X), with a 16% share of total imports. It was followed by Uruguay, with a 6.8% share.

From 2012 to 2022, the average annual growth rate of value from Argentina amounted to +5.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Bolivia (+603.8% per year) and Uruguay (+337.8% per year).

Import Prices by Country

In 2022, the average sunflower-seed and safflower oil import price amounted to $X per ton, jumping by 41% against the previous year. Over the period under review, the import price recorded perceptible growth. The most prominent rate of growth was recorded in 2021 an increase of 45% against the previous year. The import price peaked in 2022 and is expected to retain growth in the near future.

Average prices varied somewhat amongst the major supplying countries. In 2022, amid the top importers, the countries with the highest prices were Uruguay ($X per ton) and Spain ($X per ton), while the price for Bolivia ($X per ton) and Argentina ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Uruguay (+31.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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