Chile: Market for Sunflower-Seed And Safflower Oil 2024

Market Size for Sunflower-Seed And Safflower Oil in Chile

In 2022, the Chilean sunflower-seed and safflower oil market decreased by -2.4% to $X for the first time since 2019, thus ending a two-year rising trend. In general, consumption, however, enjoyed a buoyant increase. As a result, consumption reached the peak level of $X. From 2018 to 2022, the growth of the market failed to regain momentum.

Production of Sunflower-Seed And Safflower Oil in Chile

In value terms, sunflower-seed and safflower oil production dropped to $X in 2022 estimated in export price. Over the period under review, production saw a pronounced downturn. The growth pace was the most rapid in 2017 with an increase of 313% against the previous year. Over the period under review, production attained the peak level at $X in 2013; however, from 2014 to 2022, production stood at a somewhat lower figure.

Exports of Sunflower-Seed And Safflower Oil

Exports from Chile

In 2022, shipments abroad of sunflower-seed and safflower oil increased by 125% to X tons, rising for the second consecutive year after two years of decline. Overall, exports posted a strong expansion. The most prominent rate of growth was recorded in 2017 when exports increased by 353% against the previous year. Over the period under review, the exports attained the peak figure at X tons in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

In value terms, sunflower-seed and safflower oil exports skyrocketed to $X in 2022. In general, exports enjoyed a resilient expansion. The most prominent rate of growth was recorded in 2017 when exports increased by 393% against the previous year. The exports peaked at $X in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

Exports by Country

Mexico (X tons), Argentina (X tons) and Peru (X tons) were the main destinations of sunflower-seed and safflower oil exports from Chile, together accounting for 99% of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Argentina (with a CAGR of +46.9%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for sunflower-seed and safflower oil exported from Chile were Mexico ($X), Peru ($X) and Argentina ($X), together comprising 100% of total exports.

Argentina, with a CAGR of +42.5%, recorded the highest rates of growth with regard to the value of exports, among 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

In 2022, the average sunflower-seed and safflower oil export price amounted to $X per ton, surging by 21% against the previous year. Overall, export price indicated moderate growth from 2012 to 2022: its price increased at an average annual rate of +4.6% 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 export price increased by +120.7% against 2020 indices. The most prominent rate of growth was recorded in 2021 an increase of 82%. The export price peaked in 2022 and is expected to retain growth in the immediate term.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was Peru ($X per ton), while the average price for exports to Venezuela ($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 Peru (+10.4%), while the prices for the other major destinations experienced a decline.

Imports of Sunflower-Seed And Safflower Oil

Imports into Chile

In 2022, the amount of sunflower-seed and safflower oil imported into Chile reduced to X tons, declining by -13.6% on the previous year. In general, imports, however, enjoyed a prominent increase. The pace of growth was the most pronounced in 2016 when imports increased by 99.9%. Imports peaked at X tons in 2017; however, from 2018 to 2022, imports remained at a lower figure.

In value terms, sunflower-seed and safflower oil imports rose to $X in 2022. Over the period under review, imports, however, showed a resilient expansion. The pace of growth appeared the most rapid in 2017 with an increase of 85% against the previous year. Imports peaked in 2022 and are expected to retain growth in the near future.

Imports by Country

In 2022, Argentina (X tons) was the main sunflower-seed and safflower oil supplier to Chile, with a approx. 98% share of total imports.

From 2012 to 2022, the average annual growth rate of volume from Argentina stood at +13.4%.

In value terms, Argentina ($X) constituted the largest supplier of sunflower-seed and safflower oil to Chile.

From 2012 to 2022, the average annual rate of growth in terms of value from Argentina stood at +15.0%.

Import Prices by Country

In 2022, the average sunflower-seed and safflower oil import price amounted to $X per ton, jumping by 18% against the previous year. Overall, import price indicated a modest increase from 2012 to 2022: its price increased at an average annual rate of +1.5% 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 +80.7% against 2019 indices. The most prominent rate of growth was recorded in 2021 when the average import price increased by 48% against the previous year. The import price peaked in 2022 and is likely to see steady growth in the near future.

As there is only one major supplying country, the average price level is determined by prices for Argentina.

From 2012 to 2022, the rate of growth in terms of prices for Argentina amounted to +1.4% per year.

Source: IndexBox Platform

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