Latin America and the Caribbean: Safflower Seed Market 2025

Safflower Seed Market Size in Latin America and the Caribbean

The Latin American safflower seed market surged to $X in 2022, jumping by 34% against the previous year. Over the period under review, consumption, however, showed a deep reduction. As a result, consumption attained the peak level of $X. From 2015 to 2022, the growth of the market remained at a lower figure.

Safflower Seed Production in Latin America and the Caribbean

In value terms, safflower seed production stood at $X in 2022 estimated in export price. Overall, production, however, saw a deep reduction. The pace of growth appeared the most rapid in 2014 with an increase of 76%. As a result, production reached the peak level of $X. From 2015 to 2022, production growth remained at a lower figure.

Mexico (X tons) constituted the country with the largest volume of safflower seed production, comprising approx. 83% of total volume. Moreover, safflower seed production in Mexico exceeded the figures recorded by the second-largest producer, Argentina (X tons), fivefold.

In Mexico, safflower seed production plunged by an average annual rate of -4.6% over the period from 2012-2022.

In 2022, the average safflower seed yield in Latin America and the Caribbean declined to X tons per ha, with a decrease of -7.5% compared with the previous year's figure. The yield indicated a moderate increase from 2012 to 2022: its figure increased at an average annual rate of +3.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, safflower seed yield increased by +3.9% against 2018 indices. The growth pace was the most rapid in 2018 when the yield increased by 64% against the previous year. Over the period under review, the safflower seed yield reached the maximum level at X tons per ha in 2021, and then reduced in the following year. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

The safflower seed harvested area skyrocketed to X ha in 2022, picking up by 55% compared with the year before. In general, the harvested area, however, continues to indicate a abrupt setback. Over the period under review, the harvested area dedicated to safflower seed production attained the maximum at X ha in 2014; however, from 2015 to 2022, the harvested area stood at a somewhat lower figure.

Safflower Seed Exports

Exports in Latin America and the Caribbean

In 2022, overseas shipments of safflower seed decreased by -21.9% to X tons for the first time since 2019, thus ending a two-year rising trend. Over the period under review, exports showed a abrupt setback. The most prominent rate of growth was recorded in 2016 when exports increased by 557% against the previous year. Over the period under review, the exports attained the maximum at X tons in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, safflower seed exports shrank markedly to $X in 2022. In general, exports continue to indicate a deep reduction. The pace of growth was the most pronounced in 2021 when exports increased by 185%. Over the period under review, the exports hit record highs at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

Argentina (X tons) represented roughly 100% of total exports in 2022.

Argentina was also the fastest-growing in terms of the safflower seed exports, with a CAGR of +5.5% from 2012 to 2022. From 2012 to 2022, the share of Argentina increased by +78 percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Argentina ($X) also remains the largest safflower seed supplier in Latin America and the Caribbean.

From 2012 to 2022, the average annual growth rate of value in Argentina amounted to +6.1%.

Export Prices by Country

The export price in Latin America and the Caribbean stood at $X per ton in 2022, shrinking by -14.6% against the previous year. Overall, the export price, however, showed a perceptible expansion. The most prominent rate of growth was recorded in 2014 when the export price increased by 95%. Over the period under review, the export prices attained the maximum at $X per ton in 2015; however, from 2016 to 2022, the export prices failed to regain momentum.

As there is only one major export destination, the average price level is determined by prices for Argentina.

From 2012 to 2022, the rate of growth in terms of prices for Argentina amounted to +0.6% per year.

Safflower Seed Imports

Imports in Latin America and the Caribbean

In 2022, the amount of safflower seed imported in Latin America and the Caribbean shrank notably to X tons, with a decrease of -66.3% on the previous year's figure. Overall, imports saw a drastic downturn. The most prominent rate of growth was recorded in 2019 when imports increased by 405%. As a result, imports attained the peak of X tons. From 2020 to 2022, the growth of imports failed to regain momentum.

In value terms, safflower seed imports dropped rapidly to $X in 2022. In general, imports showed a abrupt shrinkage. The most prominent rate of growth was recorded in 2016 with an increase of 233% against the previous year. The level of import peaked at $X in 2019; however, from 2020 to 2022, imports remained at a lower figure.

Imports by Country

Colombia represented the key importing country with an import of about X tons, which finished at 61% of total imports. Trinidad and Tobago (X tons) took the second position in the ranking, followed by Brazil (X tons). All these countries together held near 34% share of total imports. Costa Rica (X tons) followed a long way behind the leaders.

Imports into Colombia increased at an average annual rate of +6.5% from 2012 to 2022. At the same time, Trinidad and Tobago (+18.2%) displayed positive paces of growth. Moreover, Trinidad and Tobago emerged as the fastest-growing importer imported in Latin America and the Caribbean, with a CAGR of +18.2% from 2012-2022. By contrast, Costa Rica (-3.4%) and Brazil (-24.2%) illustrated a downward trend over the same period. Colombia (+44 p.p.), Trinidad and Tobago (+16 p.p.) and Brazil (+16 p.p.) significantly strengthened its position in terms of the total imports, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Colombia ($X) constitutes the largest market for imported safflower seed in Latin America and the Caribbean, comprising 57% of total imports. The second position in the ranking was taken by Brazil ($X), with a 16% share of total imports. It was followed by Trinidad and Tobago, with a 13% share.

From 2012 to 2022, the average annual growth rate of value in Colombia stood at +7.5%. The remaining importing countries recorded the following average annual rates of imports growth: Brazil (-19.1% per year) and Trinidad and Tobago (+8.0% per year).

Import Prices by Country

The import price in Latin America and the Caribbean stood at $X per ton in 2022, waning by -36.4% against the previous year. Overall, the import price continues to indicate a deep setback. The most prominent rate of growth was recorded in 2020 when the import price increased by 98% against the previous year. Over the period under review, import prices hit record highs at $X per ton in 2013; however, from 2014 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Costa Rica ($X per ton), while Trinidad and Tobago ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Costa Rica (+8.9%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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