Estonia: Market for Sunflower-Seed And Safflower Oil 2024

Market Size for Sunflower-Seed And Safflower Oil in Estonia

The Estonian sunflower-seed and safflower oil market expanded rapidly to $X in 2022, growing by 11% against the previous year. In general, consumption continues to indicate resilient growth. Over the period under review, the market hit record highs in 2022 and is expected to retain growth in the near future.

Production of Sunflower-Seed And Safflower Oil in Estonia

In value terms, sunflower-seed and safflower oil production amounted to $X in 2022 estimated in export price. Over the period under review, production continues to indicate a abrupt descent. The pace of growth was the most pronounced in 2016 with an increase of 35%. Over the period under review, production hit record highs at $X in 2013; however, from 2014 to 2022, production failed to regain momentum.

Exports of Sunflower-Seed And Safflower Oil

Exports from Estonia

In 2022, the amount of sunflower-seed and safflower oil exported from Estonia skyrocketed to X tons, growing by 45% on the year before. Over the period under review, exports, however, recorded a noticeable shrinkage. Over the period under review, the exports hit record highs at X tons in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

In value terms, sunflower-seed and safflower oil exports surged to $X in 2022. In general, exports, however, continue to indicate a mild contraction. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

Latvia (X tons), Lithuania (X tons) and Greece (X tons) were the main destinations of sunflower-seed and safflower oil exports from Estonia, together comprising 59% of total exports. Angola, Norway, Israel and the Netherlands lagged somewhat behind, together accounting for a further 25%.

From 2012 to 2022, the biggest increases were recorded for Norway (with a CAGR of +185.0%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Latvia ($X), Lithuania ($X) and Greece ($X) constituted the largest markets for sunflower-seed and safflower oil exported from Estonia worldwide, with a combined 57% share of total exports. Angola, Norway, the Netherlands and Israel lagged somewhat behind, together comprising a further 26%.

The Netherlands, with a CAGR of +175.6%, recorded the highest growth rate of 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

The average sunflower-seed and safflower oil export price stood at $X per ton in 2022, increasing by 14% against the previous year. Over the period under review, export price indicated a temperate increase from 2012 to 2022: its price increased at an average annual rate of +2.7% 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 +87.5% against 2019 indices. The most prominent rate of growth was recorded in 2021 an increase of 55%. 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 foreign markets. In 2022, amid the top suppliers, the country with the highest price was the Netherlands ($X per ton), while the average price for exports to Greece ($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 the Netherlands (+39.8%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Sunflower-Seed And Safflower Oil

Imports into Estonia

In 2022, approx. X tons of sunflower-seed and safflower oil were imported into Estonia; with an increase of 22% against the previous year. Overall, imports recorded a resilient expansion. The pace of growth was the most pronounced in 2013 when imports increased by 136% against the previous year. Imports peaked in 2022 and are expected to retain growth in the near future.

In value terms, sunflower-seed and safflower oil imports soared to $X in 2022. Over the period under review, imports saw a strong expansion. The pace of growth appeared the most rapid in 2013 when imports increased by 109% against the previous year. Imports peaked in 2022 and are likely to see steady growth in the near future.

Imports by Country

Ukraine (X tons), Russia (X tons) and Lithuania (X tons) were the main suppliers of sunflower-seed and safflower oil imports to Estonia, with a combined 74% share of total imports. Latvia, Belarus, Poland and Argentina lagged somewhat behind, together comprising a further 19%.

From 2012 to 2022, the biggest increases were recorded for Belarus (with a CAGR of +1,086.3%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest sunflower-seed and safflower oil suppliers to Estonia were Ukraine ($X), Russia ($X) and Lithuania ($X), with a combined 70% share of total imports. Latvia, Poland, Belarus and Argentina lagged somewhat behind, together accounting for a further 20%.

In terms of the main suppliers, Belarus, with a CAGR of +1,214.5%, recorded the highest rates of growth with regard to the value of imports, 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, picking up by 13% against the previous year. In general, the import price showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when the average import price increased by 61% against the previous year. The import price peaked in 2022 and is expected to retain growth in years to come.

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 Argentina ($X per ton), while the price for Latvia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Belarus (+10.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform