Estonia: Market for Crude Sunflower-Seed And Safflower Oil 2024

Market Size for Crude Sunflower-Seed And Safflower Oil in Estonia

In 2022, the Estonian market for crude sunflower-seed and safflower oil increased by 55% to $X, rising for the third consecutive year after two years of decline. In general, consumption, however, recorded a relatively flat trend pattern. As a result, consumption attained the peak level of $X. From 2014 to 2022, the growth of the market remained at a lower figure.

Production of Crude Sunflower-Seed And Safflower Oil in Estonia

In value terms, crude sunflower-seed and safflower oil production reduced modestly to $X in 2022 estimated in export price. Overall, production showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2016 with an increase of 55%. Over the period under review, production attained the peak level at $X in 2019; afterwards, it flattened through to 2022.

Exports of Crude Sunflower-Seed And Safflower Oil

Exports from Estonia

In 2022, overseas shipments of crude sunflower-seed and safflower oil increased by 4,457% to X tons, rising for the third consecutive year after five years of decline. Overall, exports continue to indicate a significant increase. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, crude sunflower-seed and safflower oil exports skyrocketed to $X in 2022. In general, exports enjoyed significant growth. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

Greece (X tons) was the main destination for crude sunflower-seed and safflower oil exports from Estonia, with a 81% share of total exports. Moreover, crude sunflower-seed and safflower oil exports to Greece exceeded the volume sent to the second major destination, Bulgaria (X tons), ninefold. The third position in this ranking was taken by Finland (X tons), with a 3.1% share.

From 2012 to 2022, the average annual growth rate of volume to Greece was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Bulgaria (0.0% per year) and Finland (+79.4% per year).

In value terms, Greece ($X) emerged as the key foreign market for crude sunflower-seed and safflower oil exports from Estonia, comprising 81% of total exports. The second position in the ranking was taken by Bulgaria ($X), with a 7.8% share of total exports. It was followed by Finland, with a 3.7% share.

From 2012 to 2022, the average annual growth rate of value to Greece was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Bulgaria (0.0% per year) and Finland (+79.6% per year).

Export Prices by Country

The average export price for crude sunflower-seed and safflower oil stood at $X per ton in 2022, reducing by -26.8% against the previous year. Over the period under review, the export price showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2019 an increase of 41% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2020 to 2022, the average export prices remained at a somewhat lower figure.

Average prices varied somewhat for the major foreign markets. In 2022, amid the top suppliers, the highest price was recorded for prices to Latvia ($X per ton) and Lithuania ($X per ton), while the average price for exports to Poland ($X per ton) and Bulgaria ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Latvia (+2.3%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Crude Sunflower-Seed And Safflower Oil

Imports into Estonia

In 2022, the amount of crude sunflower-seed and safflower oil imported into Estonia surged to X tons, increasing by 387% on the year before. Over the period under review, imports posted a prominent expansion. The pace of growth appeared the most rapid in 2013 with an increase of 518%. As a result, imports reached the peak of X tons. From 2014 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, crude sunflower-seed and safflower oil imports surged to $X in 2022. In general, imports enjoyed a resilient expansion. Imports peaked at $X in 2013; however, from 2014 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, Ukraine (X tons) constituted the largest supplier of crude sunflower-seed and safflower oil to Estonia, accounting for a 56% share of total imports. Moreover, crude sunflower-seed and safflower oil imports from Ukraine exceeded the figures recorded by the second-largest supplier, Latvia (X tons), twofold. The third position in this ranking was taken by Lithuania (X tons), with a 14% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Ukraine stood at +19.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Latvia (+68.9% per year) and Lithuania (+24.3% per year).

In value terms, Ukraine ($X) constituted the largest supplier of crude sunflower-seed and safflower oil to Estonia, comprising 50% of total imports. The second position in the ranking was taken by Latvia ($X), with a 22% share of total imports. It was followed by Lithuania, with a 15% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Ukraine stood at +19.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Latvia (+65.8% per year) and Lithuania (+41.1% per year).

Import Prices by Country

The average import price for crude sunflower-seed and safflower oil stood at $X per ton in 2022, reducing by -4.5% against the previous year. Overall, the import price continues to indicate a perceptible shrinkage. The growth pace was the most rapid in 2021 when the average import price increased by 54%. Over the period under review, average import prices hit record highs at $X per ton in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Germany ($X per ton), while the price for Ukraine ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Lithuania (+13.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform