Latin America and the Caribbean: 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 Latin America and the Caribbean

In 2021, the Latin American market for sunflower-seed or safflower oil, refined, but not chemically modified decreased by -10.8% to $X for the first time since 2018, thus ending a two-year rising trend. The total consumption indicated a strong increase from 2012 to 2021: its value increased at an average annual rate of +5.8% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +7.8% against 2017 indices. Over the period under review, the market attained the peak level at $X in 2020, and then fell in the following year.

Production of Sunflower-Seed Or Safflower Oil, Refined, But Not Chemically Modified in Latin America and the Caribbean

In value terms, production of sunflower-seed or safflower oil, refined, but not chemically modified reduced to $X in 2021 estimated in export price. The total production indicated a measured expansion from 2012 to 2021: its value increased at an average annual rate of +4.1% 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 +55.7% against 2017 indices. The most prominent rate of growth was recorded in 2015 with an increase of 40%. Over the period under review, production of reached the maximum level at $X in 2020, and then shrank in the following year.

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

Exports in Latin America and the Caribbean

In 2021, shipments abroad of sunflower-seed or safflower oil, refined, but not chemically modified decreased by -12% to X tons, falling for the fourth year in a row after two years of growth. Over the period under review, exports continue to indicate a mild reduction. The pace of growth appeared the most rapid in 2017 when exports increased by 119%. As a result, the exports reached the peak of X tons. From 2018 to 2021, the growth of the exports of remained at a lower figure.

In value terms, exports of sunflower-seed or safflower oil, refined, but not chemically modified soared to $X in 2021. Overall, exports saw a slight downturn. The most prominent rate of growth was recorded in 2017 with an increase of 98%. The level of export peaked at $X in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

Exports by Country

Argentina represented the largest exporting country with an export of around X tons, which resulted at 76% of total exports. Bolivia (X tons) ranks second in terms of the total exports with a 13% share, followed by Mexico (5.1%). Guatemala (X tons) followed a long way behind the leaders.

Exports from Argentina increased at an average annual rate of +1.1% from 2012 to 2021. At the same time, Bolivia (+2.1%) displayed positive paces of growth. Moreover, Bolivia emerged as the fastest-growing exporter exported in Latin America and the Caribbean, with a CAGR of +2.1% from 2012-2021. By contrast, Guatemala (-12.2%) and Mexico (-15.7%) illustrated a downward trend over the same period. Argentina (+14 p.p.) and Bolivia (+3.4 p.p.) significantly strengthened its position in terms of the total exports, while Guatemala and Mexico saw its share reduced by -4.1% and -16.1% from 2012 to 2021, respectively.

In value terms, Argentina ($X) remains the largest sunflower-seed or safflower oil, refined, but not chemically modified supplier in Latin America and the Caribbean, comprising 75% of total exports. The second position in the ranking was taken by Bolivia ($X), with an 11% share of total exports. It was followed by Mexico, with an 8.3% share.

In Argentina, exports of sunflower-seed or safflower oil, refined, but not chemically modified remained relatively stable over the period from 2012-2021. The remaining exporting countries recorded the following average annual rates of exports growth: Bolivia (-0.0% per year) and Mexico (-10.9% per year).

Export Prices by Country

The export price in Latin America and the Caribbean stood at $X per ton in 2021, increasing by 38% against the previous year. Over the period under review, the export price, however, showed a relatively flat trend pattern. The level of export peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices stood at a somewhat lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Mexico (+5.6%), while the other leaders experienced a decline in the export price figures.

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

Imports in Latin America and the Caribbean

In 2021, supplies from abroad of sunflower-seed or safflower oil, refined, but not chemically modified decreased by -7.4% to X tons, falling for the fourth consecutive year after four years of growth. Overall, imports, however, posted a buoyant increase. The most prominent rate of growth was recorded in 2016 with an increase of 61%. The volume of import peaked at X tons in 2017; however, from 2018 to 2021, imports remained at a lower figure.

In value terms, imports of sunflower-seed or safflower oil, refined, but not chemically modified surged to $X in 2021. In general, imports, however, showed a strong increase. The most prominent rate of growth was recorded in 2017 with an increase of 52% against the previous year. The level of import peaked in 2021 and is likely to continue growth in the immediate term.

Imports by Country

Chile represented the main importer of sunflower-seed or safflower oil, refined, but not chemically modified in Latin America and the Caribbean, with the volume of imports reaching X tons, which was near 46% of total imports in 2021. Colombia (X tons) held an 8.5% share (based on physical terms) of total imports, which put it in second place, followed by Paraguay (5.6%), Suriname (5.2%) and Peru (4.6%). The following importers - Mexico (X tons), Venezuela (X tons), British Virgin Islands (X tons), Brazil (X tons), Ecuador (X tons), Uruguay (X tons), El Salvador (X tons) and Panama (X tons) - together made up 23% of total imports.

Imports into Chile increased at an average annual rate of +15.8% from 2012 to 2021. At the same time, Panama (+138.3%), Venezuela (+72.3%), Brazil (+17.0%), Ecuador (+16.9%), Suriname (+16.0%), Peru (+13.8%), Uruguay (+10.1%), Paraguay (+5.9%) and Mexico (+2.2%) displayed positive paces of growth. Moreover, Panama emerged as the fastest-growing importer imported in Latin America and the Caribbean, with a CAGR of +138.3% from 2012-2021. By contrast, British Virgin Islands (-2.9%), Colombia (-7.1%) and El Salvador (-9.9%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Chile, Venezuela, Suriname, Peru, Brazil, Ecuador and Panama increased by +25, +4, +2.8, +2.1, +1.8, +1.8 and +1.5 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Chile ($X) constitutes the largest market for imported sunflower-seed or safflower oil, refined, but not chemically modified in Latin America and the Caribbean, comprising 47% of total imports. The second position in the ranking was taken by Colombia ($X), with an 8.9% share of total imports. It was followed by Paraguay, with a 6% share.

From 2012 to 2021, the average annual rate of growth in terms of value in Chile amounted to +15.4%. In the other countries, the average annual rates were as follows: Colombia (-7.2% per year) and Paraguay (+6.0% per year).

Import Prices by Country

The import price in Latin America and the Caribbean stood at $X per ton in 2021, rising by 42% against the previous year. Over the period under review, the import price, however, recorded a relatively flat trend pattern. The level of import peaked at $X per ton in 2012; afterwards, it flattened through to 2021.

Prices varied noticeably country of destination: the country with the highest price was Mexico ($X per ton), while British Virgin Islands ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Suriname (+0.6%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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