Eastern Asia: Market for Sunflower-Seed And Safflower Oil 2024

Market Size for Sunflower-Seed And Safflower Oil in Eastern Asia

In 2022, the East Asian sunflower-seed and safflower oil market decreased by -26.1% to $X, falling for the second consecutive year after two years of growth. In general, consumption, however, saw a tangible increase. As a result, consumption attained the peak level of $X. From 2021 to 2022, the growth of the market failed to regain momentum.

Production of Sunflower-Seed And Safflower Oil in Eastern Asia

In value terms, sunflower-seed and safflower oil production expanded to $X in 2022 estimated in export price. Overall, production, however, showed a abrupt shrinkage. The pace of growth was the most pronounced in 2018 when the production volume increased by 23%. The level of production peaked at $X in 2013; however, from 2014 to 2022, production stood at a somewhat lower figure.

Exports of Sunflower-Seed And Safflower Oil

Exports in Eastern Asia

Sunflower-seed and safflower oil exports surged to X tons in 2022, picking up by 85% on the previous year. In general, exports saw prominent growth. The most prominent rate of growth was recorded in 2016 when exports increased by 146%. The volume of export peaked in 2022 and is likely to see gradual growth in the immediate term.

In value terms, sunflower-seed and safflower oil exports surged to $X in 2022. Overall, exports posted prominent growth. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

In 2022, China (X tons) represented the largest exporter of sunflower-seed and safflower oil, committing 80% of total exports. It was distantly followed by Taiwan (Chinese) (X tons), creating a 16% share of total exports.

China was also the fastest-growing in terms of the sunflower-seed and safflower oil exports, with a CAGR of +16.6% from 2012 to 2022. At the same time, Taiwan (Chinese) (+7.7%) displayed positive paces of growth. From 2012 to 2022, the share of China increased by +21 percentage points.

In value terms, China ($X) remains the largest sunflower-seed and safflower oil supplier in Eastern Asia, comprising 85% of total exports. The second position in the ranking was taken by Taiwan (Chinese) ($X), with a 9.8% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value in China stood at +19.9%.

Export Prices by Country

The export price in Eastern Asia stood at $X per ton in 2022, rising by 18% against the previous year. Export price indicated a modest increase from 2012 to 2022: its price increased at an average annual rate of +1.4% 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 +113.7% against 2016 indices. The pace of growth was the most pronounced in 2015 when the export price increased by 23%. The level of export peaked in 2022 and is expected to retain growth in the near future.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was China ($X per ton), while Taiwan (Chinese) stood at $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+2.9%).

Imports of Sunflower-Seed And Safflower Oil

Imports in Eastern Asia

In 2022, overseas purchases of sunflower-seed and safflower oil decreased by -49.7% to X tons, falling for the second consecutive year after two years of growth. Over the period under review, imports, however, enjoyed resilient growth. The pace of growth was the most pronounced in 2013 when imports increased by 180%. The volume of import peaked 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 shrank sharply to $X in 2022. In general, imports, however, saw a strong increase. The most prominent rate of growth was recorded in 2013 with an increase of 144% against the previous year. The level of import peaked at $X in 2020; however, from 2021 to 2022, imports stood at a somewhat lower figure.

Imports by Country

China dominates imports structure, accounting for X tons, which was near 87% of total imports in 2022. It was distantly followed by South Korea (X tons), achieving a 6.1% share of total imports. The following importers - Japan (X tons) and Taiwan (Chinese) (X tons) - each accounted for a 6.4% share of total imports.

China was also the fastest-growing in terms of the sunflower-seed and safflower oil imports, with a CAGR of +19.0% from 2012 to 2022. At the same time, South Korea (+7.0%) and Taiwan (Chinese) (+4.0%) displayed positive paces of growth. By contrast, Japan (-3.3%) illustrated a downward trend over the same period. While the share of China (+27 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Taiwan (Chinese) (-4.9 p.p.), South Korea (-6.1 p.p.) and Japan (-15.3 p.p.) displayed negative dynamics.

In value terms, China ($X) constitutes the largest market for imported sunflower-seed and safflower oil in Eastern Asia, comprising 83% of total imports. The second position in the ranking was taken by South Korea ($X), with a 10% share of total imports. It was followed by Japan, with a 4% share.

From 2012 to 2022, the average annual rate of growth in terms of value in China stood at +20.6%. The remaining importing countries recorded the following average annual rates of imports growth: South Korea (+10.4% per year) and Japan (-3.9% per year).

Import Prices by Country

In 2022, the import price in Eastern Asia amounted to $X per ton, rising by 38% against the previous year. Overall, the import price saw a relatively flat trend pattern. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was South Korea ($X per ton), while Taiwan (Chinese) ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by South Korea (+3.2%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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