Greece: Market for Sunflower-Seed And Safflower Oil 2024

Market Size for Sunflower-Seed And Safflower Oil in Greece

In 2022, the Greek sunflower-seed and safflower oil market increased by 37% to $X, rising for the third consecutive year after two years of decline. The market value increased at an average annual rate of +2.5% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Production of Sunflower-Seed And Safflower Oil in Greece

In value terms, sunflower-seed and safflower oil production surged to $X in 2022 estimated in export price. Overall, production saw a strong expansion. The pace of growth was the most pronounced in 2021 when the production volume increased by 83% against the previous year. Over the period under review, production hit record highs in 2022 and is likely to see steady growth in the near future.

Exports of Sunflower-Seed And Safflower Oil

Exports from Greece

In 2022, exports of sunflower-seed and safflower oil from Greece reduced remarkably to X tons, waning by -41.1% compared with the previous year. In general, exports, however, continue to indicate a significant increase. The growth pace was the most rapid in 2021 when exports increased by 545%. As a result, the exports attained the peak of X tons, and then fell rapidly in the following year.

In value terms, sunflower-seed and safflower oil exports fell notably to $X in 2022. Overall, exports, however, continue to indicate a significant expansion. The growth pace was the most rapid in 2021 when exports increased by 678%. As a result, the exports reached the peak of $X, and then shrank sharply in the following year.

Exports by Country

Italy (X tons) was the main destination for sunflower-seed and safflower oil exports from Greece, accounting for a 28% share of total exports. Moreover, sunflower-seed and safflower oil exports to Italy exceeded the volume sent to the second major destination, Israel (X tons), twofold. Spain (X tons) ranked third in terms of total exports with an 11% share.

From 2012 to 2022, the average annual growth rate of volume to Italy totaled +50.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Israel (+200.4% per year) and Spain (+110.2% per year).

In value terms, Italy ($X) remains the key foreign market for sunflower-seed and safflower oil exports from Greece, comprising 26% of total exports. The second position in the ranking was taken by Israel ($X), with a 12% share of total exports. It was followed by Spain, with a 12% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Italy amounted to +55.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Israel (+273.6% per year) and Spain (+114.9% per year).

Export Prices by Country

In 2022, the average sunflower-seed and safflower oil export price amounted to $X per ton, increasing by 44% against the previous year. Over the period under review, export price indicated a notable increase from 2012 to 2022: its price increased at an average annual rate of +3.4% 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 +90.0% against 2019 indices. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Germany ($X per ton), while the average price for exports to Malta ($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 Israel (+24.3%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Sunflower-Seed And Safflower Oil

Imports into Greece

In 2022, purchases abroad of sunflower-seed and safflower oil was finally on the rise to reach X tons for the first time since 2017, thus ending a four-year declining trend. In general, imports, however, saw a mild contraction. The most prominent rate of growth was recorded in 2017 with an increase of 29%. As a result, imports reached the peak of X tons. From 2018 to 2022, the growth of imports remained at a lower figure.

In value terms, sunflower-seed and safflower oil imports skyrocketed to $X in 2022. Overall, total imports indicated a modest expansion from 2012 to 2022: its value increased at an average annual rate of +1.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +98.0% against 2019 indices. The growth pace was the most rapid in 2021 with an increase of 44% against the previous year. Over the period under review, imports attained the maximum in 2022 and are expected to retain growth in years to come.

Imports by Country

In 2022, Bulgaria (X tons) constituted the largest supplier of sunflower-seed and safflower oil to Greece, accounting for a 77% share of total imports. Moreover, sunflower-seed and safflower oil imports from Bulgaria exceeded the figures recorded by the second-largest supplier, Romania (X tons), more than tenfold. Ukraine (X tons) ranked third in terms of total imports with a 5.2% share.

From 2012 to 2022, the average annual growth rate of volume from Bulgaria stood at +3.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Romania (-5.5% per year) and Ukraine (-9.0% per year).

In value terms, Bulgaria ($X) constituted the largest supplier of sunflower-seed and safflower oil to Greece, comprising 80% of total imports. The second position in the ranking was taken by Romania ($X), with a 4.4% share of total imports. It was followed by Ukraine, with a 4.2% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Bulgaria stood at +6.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Romania (-4.7% per year) and Ukraine (-7.5% per year).

Import Prices by Country

The average sunflower-seed and safflower oil import price stood at $X per ton in 2022, jumping by 22% against the previous year. In general, the import price recorded a measured expansion. The most prominent rate of growth was recorded in 2021 when the average import price increased by 61% against the previous year. Over the period under review, average import prices hit record highs in 2022 and is likely to see gradual growth in the near future.

Average prices varied somewhat amongst the major supplying countries. In 2022, amid the top importers, the highest price was recorded for prices from Belgium ($X per ton) and Russia ($X per ton), while the price for Estonia ($X per ton) and Ukraine ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by North Macedonia (+8.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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