Latin America and the Caribbean: Market for Crude Sunflower-Seed And Safflower Oil 2024

Market Size for Crude Sunflower-Seed And Safflower Oil in Latin America and the Caribbean

The Latin American market for crude sunflower-seed and safflower oil contracted dramatically to $X in 2022, which is down by -36.1% against the previous year. Overall, consumption continues to indicate a pronounced contraction. The level of consumption peaked at $X in 2021, and then dropped notably in the following year.

Production of Crude Sunflower-Seed And Safflower Oil in Latin America and the Caribbean

In value terms, crude sunflower-seed and safflower oil production fell to $X in 2022 estimated in export price. In general, production saw a pronounced decrease. The most prominent rate of growth was recorded in 2017 with an increase of 23%. Over the period under review, production reached the peak level at $X in 2012; however, from 2013 to 2022, production remained at a lower figure.

Exports of Crude Sunflower-Seed And Safflower Oil

Exports in Latin America and the Caribbean

After two years of decline, shipments abroad of crude sunflower-seed and safflower oil increased by 259% to X tons in 2022. In general, exports, however, recorded a relatively flat trend pattern. The volume of export peaked at X tons in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

In value terms, crude sunflower-seed and safflower oil exports surged to $X in 2022. Over the period under review, exports enjoyed perceptible growth. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

In 2022, Argentina (X tons) represented the main exporter of crude sunflower-seed and safflower oil, generating 88% of total exports. It was distantly followed by Bolivia (X tons), mixing up a 10% share of total exports.

Argentina experienced a relatively flat trend pattern with regard to volume of exports of crude sunflower-seed and safflower oil. At the same time, Bolivia (+3.5%) displayed positive paces of growth. Moreover, Bolivia emerged as the fastest-growing exporter exported in Latin America and the Caribbean, with a CAGR of +3.5% from 2012-2022. While the share of Bolivia (+3.3 p.p.) and Argentina (+3 p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Argentina ($X) remains the largest crude sunflower-seed and safflower oil supplier in Latin America and the Caribbean, comprising 89% of total exports. The second position in the ranking was taken by Bolivia ($X), with a 9.4% share of total exports.

From 2012 to 2022, the average annual growth rate of value in Argentina stood at +3.4%.

Export Prices by Country

In 2022, the export price in Latin America and the Caribbean amounted to $X per ton, jumping by 41% against the previous year. Over the period under review, the export price showed a noticeable expansion. The pace of growth appeared the most rapid in 2021 an increase of 48%. The level of export peaked in 2022 and is expected to retain growth in years to come.

Average prices varied noticeably amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Argentina ($X per ton), while Bolivia stood at $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Argentina (+3.4%).

Imports of Crude Sunflower-Seed And Safflower Oil

Imports in Latin America and the Caribbean

In 2022, approx. X tons of crude sunflower-seed and safflower oil were imported in Latin America and the Caribbean; reducing by -20.7% on the year before. In general, imports recorded a mild decline. The most prominent rate of growth was recorded in 2018 when imports increased by 50%. As a result, imports reached the peak of X tons. From 2019 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, crude sunflower-seed and safflower oil imports dropped significantly to $X in 2022. Overall, imports saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 with an increase of 44%. As a result, imports reached the peak of $X. From 2019 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

The countries with the highest levels of crude sunflower-seed and safflower oil imports in 2022 were Ecuador (X tons), Colombia (X tons), Brazil (X tons) and Chile (X tons), together amounting to 85% of total import. It was distantly followed by Uruguay (X tons), generating a 7.5% share of total imports. Costa Rica (X tons) and the Dominican Republic (X tons) took a minor share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Uruguay (with a CAGR of +13.8%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Brazil ($X), Ecuador ($X) and Chile ($X) constituted the countries with the highest levels of imports in 2022, with a combined 67% share of total imports. Colombia, Uruguay, Costa Rica and the Dominican Republic lagged somewhat behind, together comprising a further 31%.

Among the main importing countries, Uruguay, with a CAGR of +15.8%, recorded the highest rates of growth with regard to 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

The import price in Latin America and the Caribbean stood at $X per ton in 2022, picking up by 3.9% against the previous year. Over the period under review, the import price showed a relatively flat trend pattern. The growth pace was the most rapid in 2021 when the import price increased by 48% against the previous year. Over the period under review, import prices attained the maximum in 2022 and is likely to see steady growth in years to come.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Brazil ($X per ton), while Costa Rica ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Brazil (+4.0%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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