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

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

The Hungarian market for crude sunflower-seed and safflower oil reduced to $X in 2022, waning by -3.9% against the previous year. Overall, consumption continues to indicate a buoyant expansion. Crude sunflower-seed and safflower oil consumption peaked at $X in 2016; however, from 2017 to 2022, consumption failed to regain momentum.

Production of Crude Sunflower-Seed And Safflower Oil in Hungary

In value terms, crude sunflower-seed and safflower oil production fell remarkably to $X in 2022 estimated in export price. Over the period under review, production, however, recorded resilient growth. The pace of growth appeared the most rapid in 2015 when the production volume increased by 558%. Crude sunflower-seed and safflower oil production peaked at $X in 2018; however, from 2019 to 2022, production failed to regain momentum.

Exports of Crude Sunflower-Seed And Safflower Oil

Exports from Hungary

In 2022, approx. X tons of crude sunflower-seed and safflower oil were exported from Hungary; picking up by 30% on the previous year's figure. In general, total exports indicated a buoyant expansion from 2012 to 2022: its volume increased at an average annual rate of +9.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +40.1% against 2020 indices. The most prominent rate of growth was recorded in 2013 with an increase of 78%. Over the period under review, the exports reached the maximum in 2022 and are expected to retain growth in the immediate term.

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

Exports by Country

The Netherlands (X tons), Italy (X tons) and Germany (X tons) were the main destinations of crude sunflower-seed and safflower oil exports from Hungary, together comprising 79% of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Germany (with a CAGR of +121.4%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for crude sunflower-seed and safflower oil exported from Hungary were the Netherlands ($X), Italy ($X) and Germany ($X), together comprising 77% of total exports.

Germany, with a CAGR of +127.8%, 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

In 2022, the average export price for crude sunflower-seed and safflower oil amounted to $X per ton, growing by 35% against the previous year. Overall, export price indicated a pronounced expansion from 2012 to 2022: its price increased at an average annual rate of +2.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, crude sunflower-seed and safflower oil export price increased by +110.3% against 2019 indices. The growth pace was the most rapid in 2021 an increase of 36% against the previous year. Over the period under review, the average export prices hit record highs in 2022 and is likely to see gradual growth in the near future.

Average prices varied somewhat for the major export markets. In 2022, amid the top suppliers, the countries with the highest prices were Slovakia ($X per ton) and Slovenia ($X per ton), while the average price for exports to the Netherlands ($X per ton) and Germany ($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 Croatia (+8.5%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Crude Sunflower-Seed And Safflower Oil

Imports into Hungary

Crude sunflower-seed and safflower oil imports into Hungary surged to X tons in 2022, rising by 471% on 2021 figures. Overall, imports showed a significant increase. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, crude sunflower-seed and safflower oil imports skyrocketed to $X in 2022. Over the period under review, imports showed a significant expansion. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2022, Ukraine (X tons) constituted the largest crude sunflower-seed and safflower oil supplier to Hungary, with a 89% share of total imports. Moreover, crude sunflower-seed and safflower oil imports from Ukraine exceeded the figures recorded by the second-largest supplier, Romania (X tons), more than tenfold. The third position in this ranking was held by Croatia (X tons), with a 2.7% share.

From 2012 to 2022, the average annual growth rate of volume from Ukraine totaled +39.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Romania (+11.2% per year) and Croatia (+32.6% per year).

In value terms, Ukraine ($X) constituted the largest supplier of crude sunflower-seed and safflower oil to Hungary, comprising 89% of total imports. The second position in the ranking was taken by Romania ($X), with a 6.7% share of total imports. It was followed by Croatia, with a 2.8% share.

From 2012 to 2022, the average annual growth rate of value from Ukraine totaled +43.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Romania (+14.1% per year) and Croatia (+39.4% per year).

Import Prices by Country

The average import price for crude sunflower-seed and safflower oil stood at $X per ton in 2022, with an increase of 14% against the previous year. In general, the import price recorded a measured expansion. The pace of growth was the most pronounced in 2021 an increase of 67% against the previous year. The import price peaked in 2022 and is likely to see steady growth in the near future.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Croatia (+5.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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