Greece: Sunflower Oilcake Market 2024

Sunflower Oilcake Market Size in Greece

The Greek sunflower oilcake market skyrocketed to $X in 2021, picking up by 84% against the previous year. Overall, consumption showed significant growth. Sunflower oilcake consumption peaked in 2021 and is expected to retain growth in years to come.

Sunflower Oilcake Production in Greece

In value terms, sunflower oilcake production shrank to $X in 2021 estimated in export price. Over the period under review, the total production indicated a resilient increase from 2012 to 2021: its value increased at an average annual rate of +7.3% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +88.4% against 2012 indices. The most prominent rate of growth was recorded in 2020 when the production volume increased by 24%. As a result, production attained the peak level of $X, and then declined in the following year.

Sunflower Oilcake Exports

Exports from Greece

In 2021, approx. X tons of sunflower oilcake were exported from Greece; which is down by -73.3% compared with 2020 figures. Over the period under review, exports recorded a abrupt setback. The growth pace was the most rapid in 2020 when exports increased by 57% against the previous year. Over the period under review, the exports attained the peak figure at X tons in 2015; however, from 2016 to 2021, the exports remained at a lower figure.

In value terms, sunflower oilcake exports contracted notably to $X in 2021. Overall, exports continue to indicate a deep reduction. The growth pace was the most rapid in 2020 when exports increased by 77%. The exports peaked at $X in 2014; however, from 2015 to 2021, the exports failed to regain momentum.

Exports by Country

Cyprus (X tons) was the main destination for sunflower oilcake exports from Greece, accounting for a 68% share of total exports. Moreover, sunflower oilcake exports to Cyprus exceeded the volume sent to the second major destination, Bulgaria (X tons), threefold. North Macedonia (X tons) ranked third in terms of total exports with a 6.1% share.

From 2012 to 2021, the average annual growth rate of volume to Cyprus was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Bulgaria (+70.1% per year) and North Macedonia (+14.7% per year).

In value terms, Cyprus ($X) emerged as the key foreign market for sunflower oilcake exports from Greece, comprising 74% of total exports. The second position in the ranking was held by Bulgaria ($X), with a 16% share of total exports. It was followed by North Macedonia, with a 5.1% share.

From 2012 to 2021, the average annual growth rate of value to Cyprus amounted to +2.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Bulgaria (+89.2% per year) and North Macedonia (+15.8% per year).

Export Prices by Country

The average sunflower oilcake export price stood at $X per ton in 2021, rising by 70% against the previous year. Over the period under review, export price indicated a buoyant increase from 2012 to 2021: its price increased at an average annual rate of +5.4% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, sunflower oilcake export price increased by +127.7% against 2017 indices. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices for the major export markets. In 2021, the country with the highest price was Serbia ($X per ton), while the average price for exports to Bulgaria ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Serbia (+75.3%), while the prices for the other major destinations experienced more modest paces of growth.

Sunflower Oilcake Imports

Imports into Greece

In 2021, the amount of sunflower oilcake imported into Greece skyrocketed to X tons, surging by 40% on 2020 figures. Over the period under review, imports posted prominent growth. The growth pace was the most rapid in 2014 with an increase of 41% against the previous year. Over the period under review, imports attained the peak figure in 2021 and are expected to retain growth in years to come.

In value terms, sunflower oilcake imports surged to $X in 2021. Overall, imports recorded buoyant growth. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, Bulgaria (X tons) constituted the largest sunflower oilcake supplier to Greece, accounting for a 77% share of total imports. Moreover, sunflower oilcake imports from Bulgaria exceeded the figures recorded by the second-largest supplier, Russia (X tons), fourfold.

From 2012 to 2021, the average annual growth rate of volume from Bulgaria stood at +15.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Russia (+26.9% per year) and Italy (-57.6% per year).

In value terms, Bulgaria ($X) constituted the largest supplier of sunflower oilcake to Greece, comprising 73% of total imports. The second position in the ranking was taken by Russia ($X), with a 25% share of total imports.

From 2012 to 2021, the average annual growth rate of value from Bulgaria amounted to +15.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Russia (+30.1% per year) and Italy (-54.5% per year).

Import Prices by Country

In 2021, the average sunflower oilcake import price amounted to $X per ton, jumping by 62% against the previous year. Overall, the import price saw a relatively flat trend pattern. The import price peaked at $X per ton in 2014; however, from 2015 to 2021, import prices stood at a somewhat lower figure.

Prices varied noticeably country of origin: the country with the highest price was Italy ($X per ton), while the price for Bulgaria ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Italy (+7.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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