Costa Rica: Market for Sunflower-Seed And Safflower Oil 2024

Market Size for Sunflower-Seed And Safflower Oil in Costa Rica

The Costa Rican sunflower-seed and safflower oil market rose rapidly to $X in 2022, picking up by 8.2% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, the total consumption indicated a measured expansion from 2012 to 2022: its value increased at an average annual rate of +2.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -6.9% against 2020 indices. Sunflower-seed and safflower oil consumption peaked at $X in 2020; however, from 2021 to 2022, consumption failed to regain momentum.

Exports of Sunflower-Seed And Safflower Oil

Exports from Costa Rica

In 2022, shipments abroad of sunflower-seed and safflower oil decreased by -2.3% to X tons for the first time since 2018, thus ending a three-year rising trend. Overall, exports, however, showed prominent growth. The pace of growth was the most pronounced in 2020 with an increase of 108%. Over the period under review, the exports attained the peak figure at X tons in 2021, and then shrank in the following year.

In value terms, sunflower-seed and safflower oil exports contracted significantly to $X in 2022. In general, exports, however, recorded a strong increase. The most prominent rate of growth was recorded in 2019 with an increase of 93%. The exports peaked at $X in 2021, and then declined rapidly in the following year.

Exports by Country

El Salvador (X tons), Nicaragua (X tons) and Honduras (X tons) were the main destinations of sunflower-seed and safflower oil exports from Costa Rica, with a combined 99.9% share 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 Nicaragua (with a CAGR of +60.7%), while the other leaders experienced mixed trend patterns.

In value terms, El Salvador ($X), Nicaragua ($X) and Honduras ($X) constituted the largest markets for sunflower-seed and safflower oil exported from Costa Rica worldwide, together comprising 99.9% of total exports.

Nicaragua, with a CAGR of +60.4%, saw the highest growth rate of the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced mixed trend patterns.

Export Prices by Country

The average sunflower-seed and safflower oil export price stood at $X per ton in 2022, which is down by -14.3% against the previous year. Overall, the export price continues to indicate a mild decline. The most prominent rate of growth was recorded in 2021 an increase of 42%. The export price peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

Average prices varied somewhat for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Nicaragua ($X per ton), while the average price for exports to El Salvador ($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 Panama (+4.2%), while the prices for the other major destinations experienced a decline.

Imports of Sunflower-Seed And Safflower Oil

Imports into Costa Rica

In 2022, sunflower-seed and safflower oil imports into Costa Rica stood at X tons, increasing by 14% compared with the previous year's figure. Overall, imports posted a moderate increase. The growth pace was the most rapid in 2019 when imports increased by 33%. Over the period under review, imports attained the maximum at X tons in 2020; however, from 2021 to 2022, imports stood at a somewhat lower figure.

In value terms, sunflower-seed and safflower oil imports amounted to $X in 2022. Over the period under review, total imports indicated a mild expansion from 2012 to 2022: its value increased at an average annual rate of +1.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports decreased by -3.0% against 2020 indices. The growth pace was the most rapid in 2020 when imports increased by 29% against the previous year. As a result, imports reached the peak of $X. From 2021 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2022, Bolivia (X tons) constituted the largest supplier of sunflower-seed and safflower oil to Costa Rica, with a 46% share of total imports. Moreover, sunflower-seed and safflower oil imports from Bolivia exceeded the figures recorded by the second-largest supplier, Ukraine (X tons), twofold. Argentina (X tons) ranked third in terms of total imports with an 18% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Bolivia amounted to +7.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Ukraine (+6.4% per year) and Argentina (+1.3% per year).

In value terms, Bolivia ($X), Ukraine ($X) and Argentina ($X) constituted the largest sunflower-seed and safflower oil suppliers to Costa Rica, with a combined 80% share of total imports. Uruguay, the United States and Spain lagged somewhat behind, together comprising a further 18%.

Uruguay, with a CAGR of +1,881.3%, recorded the highest growth rate of the value of imports, among 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 2022, the average sunflower-seed and safflower oil import price amounted to $X per ton, which is down by -9.3% against the previous year. Overall, the import price showed a pronounced decline. The pace of growth appeared the most rapid in 2021 an increase of 20% against the previous year. The import price peaked at $X per ton in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the United States ($X per ton), while the price for Bolivia ($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 (+0.7%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform