Hungary: Market for Sunflower-Seed Or Safflower Oil, Refined, But Not Chemically Modified 2024

Market Size for Sunflower-Seed Or Safflower Oil, Refined, But Not Chemically Modified in Hungary

After three years of growth, the Hungarian market for sunflower-seed or safflower oil, refined, but not chemically modified decreased by -6.5% to $X in 2021. In general, consumption, however, posted a resilient expansion. Consumption of peaked at $X in 2020, and then dropped in the following year.

Production of Sunflower-Seed Or Safflower Oil, Refined, But Not Chemically Modified in Hungary

In value terms, production of sunflower-seed or safflower oil, refined, but not chemically modified dropped modestly to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +1.7% from 2012 to 2021; the trend pattern remained relatively stable, with only minor fluctuations being observed in certain years. The growth pace was the most rapid in 2016 with an increase of 7.6% against the previous year. Production of peaked at $X in 2020, and then declined in the following year.

Exports of Sunflower-Seed Or Safflower Oil, Refined, But Not Chemically Modified

Exports from Hungary

In 2021, approx. X tons of sunflower-seed or safflower oil, refined, but not chemically modified were exported from Hungary; picking up by 1.8% on the previous year. Over the period under review, exports showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 with an increase of 23% against the previous year. As a result, the exports reached the peak of X tons. From 2018 to 2021, the growth of the exports of failed to regain momentum.

In value terms, exports of sunflower-seed or safflower oil, refined, but not chemically modified skyrocketed to $X in 2021. In general, exports showed a relatively flat trend pattern. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

Germany (X tons), Poland (X tons) and the Czech Republic (X tons) were the main destinations of exports of sunflower-seed or safflower oil, refined, but not chemically modified from Hungary, together accounting for 55% of total exports. Slovakia, Italy, Austria, Romania, Bosnia and Herzegovina, Croatia, Belgium, Slovenia, Albania and Bulgaria lagged somewhat behind, together accounting for a further 36%.

From 2012 to 2021, the biggest increases were in Belgium (with a CAGR of +85.1%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Germany ($X), Poland ($X) and the Czech Republic ($X) constituted the largest markets for sunflower-seed or safflower oil, refined, but not chemically modified exported from Hungary worldwide, with a combined 55% share of total exports. These countries were followed by Slovakia, Italy, Austria, Bosnia and Herzegovina, Romania, Croatia, Belgium, Albania, Slovenia and Bulgaria, which together accounted for a further 36%.

Belgium, with a CAGR of +86.5%, recorded the highest rates of growth with regard to the value of exports, in terms of 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 export price for sunflower-seed or safflower oil, refined, but not chemically modified stood at $X per ton in 2021, picking up by 43% against the previous year. Over the period under review, the export price, however, saw a relatively flat trend pattern. Over the period under review, the average export prices reached the peak figure at $X per ton in 2012; afterwards, it flattened through to 2021.

Average prices varied somewhat for the major export markets. In 2021, the highest price was recorded for prices to Bosnia and Herzegovina ($X per ton) and Albania ($X per ton), while the average price for exports to Austria ($X per ton) and Romania ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Italy (+1.4%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Sunflower-Seed Or Safflower Oil, Refined, But Not Chemically Modified

Imports into Hungary

In 2021, imports of sunflower-seed or safflower oil, refined, but not chemically modified into Hungary surged to X tons, rising by 31% on the previous year. In general, imports saw slight growth. The pace of growth was the most pronounced in 2013 when imports increased by 183% against the previous year. As a result, imports reached the peak of X tons. From 2014 to 2021, the growth of imports of remained at a lower figure.

In value terms, imports of sunflower-seed or safflower oil, refined, but not chemically modified soared to $X in 2021. Overall, imports, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 when imports increased by 126% against the previous year. As a result, imports attained the peak of $X. From 2014 to 2021, the growth of imports of remained at a somewhat lower figure.

Imports by Country

In 2021, Romania (X tons) constituted the largest supplier of sunflower-seed or safflower oil, refined, but not chemically modified to Hungary, accounting for a 48% share of total imports. Moreover, imports of sunflower-seed or safflower oil, refined, but not chemically modified from Romania exceeded the figures recorded by the second-largest supplier, Austria (X tons), threefold. The Netherlands (X tons) ranked third in terms of total imports with a 13% share.

From 2012 to 2021, the average annual growth rate of volume from Romania was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Austria (+35.0% per year) and the Netherlands (+58.6% per year).

In value terms, Romania ($X), Austria ($X) and the Netherlands ($X) constituted the largest sunflower-seed or safflower oil, refined, but not chemically modified suppliers to Hungary, together accounting for 65% of total imports.

Among the main suppliers, the Netherlands, with a CAGR of +58.5%, saw the highest growth rate of 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 2021, the average import price for sunflower-seed or safflower oil, refined, but not chemically modified amounted to $X per ton, increasing by 7.4% against the previous year. Overall, the import price, however, showed a noticeable shrinkage. The import price peaked at $X per ton in 2012; however, from 2013 to 2021, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was Germany ($X per ton), while the price for Romania ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Ukraine (+2.1%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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