Hungary: Market for Sunflower-Seed And Safflower Oil 2024

Market Size for Sunflower-Seed And Safflower Oil in Hungary

The Hungarian sunflower-seed and safflower oil market soared to $X in 2022, jumping by 34% against the previous year. Overall, consumption posted a strong increase. Sunflower-seed and safflower oil consumption peaked at $X in 2016; however, from 2017 to 2022, consumption remained at a lower figure.

Production of Sunflower-Seed And Safflower Oil in Hungary

In value terms, sunflower-seed and safflower oil production stood at $X in 2022 estimated in export price. Overall, production, however, saw a prominent expansion. The pace of growth appeared the most rapid in 2018 with an increase of 71% against the previous year. Over the period under review, production attained the peak level at $X in 2019; however, from 2020 to 2022, production stood at a somewhat lower figure.

Exports of Sunflower-Seed And Safflower Oil

Exports from Hungary

Sunflower-seed and safflower oil exports from Hungary was estimated at X tons in 2022, surging by 8.6% against the year before. The total export volume increased at an average annual rate of +3.9% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2013 with an increase of 23%. 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, sunflower-seed and safflower oil exports surged to $X in 2022. In general, exports enjoyed a remarkable increase. The pace of growth appeared the most rapid in 2021 when exports increased by 46% against the previous year. Over the period under review, the exports hit record highs in 2022 and are likely to continue growth in the immediate term.

Exports by Country

The Netherlands (X tons), Germany (X tons) and Italy (X tons) were the main destinations of sunflower-seed and safflower oil exports from Hungary, together accounting for 57% of total exports.

From 2012 to 2022, the biggest increases were recorded for Italy (with a CAGR of +43.4%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Germany ($X), the Netherlands ($X) and Italy ($X) constituted the largest markets for sunflower-seed and safflower oil exported from Hungary worldwide, together comprising 55% of total exports.

In terms of the main countries of destination, Italy, with a CAGR of +47.8%, saw the highest rates of growth with regard to the value of exports, 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 sunflower-seed and safflower oil export price amounted to $X per ton, picking up by 30% against the previous year. Over the period under review, export price indicated moderate growth from 2012 to 2022: its price increased at an average annual rate of +2.1% 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 +98.1% against 2019 indices. The most prominent rate of growth was recorded in 2021 an increase of 40% against the previous year. Over the period under review, the average export prices hit record highs in 2022 and is expected to retain growth in years to come.

Average prices varied somewhat for the major export markets. In 2022, amid the top suppliers, the highest price was recorded for prices to Bosnia and Herzegovina ($X per ton) and Slovakia ($X per ton), while the average price for exports to Romania ($X per ton) and the Netherlands ($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 Slovenia (+4.6%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Sunflower-Seed And Safflower Oil

Imports into Hungary

Sunflower-seed and safflower oil imports into Hungary surged to X tons in 2022, with an increase of 332% compared with the year before. Overall, imports enjoyed a significant increase. As a result, imports reached the peak and are likely to continue growth in the immediate term.

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

Imports by Country

In 2022, Ukraine (X tons) constituted the largest sunflower-seed and safflower oil supplier to Hungary, with a 82% share of total imports. Moreover, sunflower-seed and safflower oil imports from Ukraine exceeded the figures recorded by the second-largest supplier, Romania (X tons), tenfold. Croatia (X tons) ranked third in terms of total imports with a 2.4% share.

From 2012 to 2022, the average annual growth rate of volume from Ukraine amounted to +31.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Romania (+4.4% per year) and Croatia (+19.8% per year).

In value terms, Ukraine ($X) constituted the largest supplier of sunflower-seed and safflower oil to Hungary, comprising 82% of total imports. The second position in the ranking was held by Romania ($X), with a 7% share of total imports. It was followed by Croatia, with a 2.5% share.

From 2012 to 2022, the average annual growth rate of value from Ukraine stood at +34.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Romania (+4.3% per year) and Croatia (+23.3% per year).

Import Prices by Country

In 2022, the average sunflower-seed and safflower oil import price amounted to $X per ton, rising by 21% against the previous year. Over the period under review, import price indicated a slight expansion from 2012 to 2022: its price increased at an average annual rate of +1.7% 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 import price increased by +105.9% against 2019 indices. The most prominent rate of growth was recorded in 2021 when the average import price increased by 50%. Over the period under review, average import prices hit record highs 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 Bulgaria ($X per ton), while the price for Romania ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Bulgaria (+5.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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