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

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

The Latin American sunflower-seed and safflower oil market dropped notably to $X in 2022, falling by -38.8% against the previous year. Overall, consumption recorded a pronounced decrease. Over the period under review, the market reached the peak level at $X in 2021, and then dropped sharply in the following year.

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

In value terms, sunflower-seed and safflower oil production dropped to $X in 2022 estimated in export price. Overall, production saw a abrupt slump. The pace of growth appeared the most rapid in 2017 with an increase of 24%. Over the period under review, production hit record highs at $X in 2012; however, from 2013 to 2022, production remained at a lower figure.

Exports of Sunflower-Seed And Safflower Oil

Exports in Latin America and the Caribbean

In 2022, shipments abroad of sunflower-seed and safflower oil was finally on the rise to reach X tons after two years of decline. In general, exports, however, showed a relatively flat trend pattern. The volume of export peaked at X tons in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, sunflower-seed and safflower oil exports surged to $X in 2022. Overall, exports saw a noticeable increase. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

Argentina dominates exports structure, resulting at X tons, which was approx. 88% of total exports in 2022. It was distantly followed by Bolivia (X tons), making up a 9.7% share of total exports.

Argentina experienced a relatively flat trend pattern with regard to volume of exports of sunflower-seed and safflower oil. At the same time, Bolivia (+2.5%) displayed positive paces of growth. Moreover, Bolivia emerged as the fastest-growing exporter exported in Latin America and the Caribbean, with a CAGR of +2.5% from 2012-2022. From 2012 to 2022, the share of Argentina and Bolivia increased by +5 and +2.3 percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Argentina ($X) remains the largest sunflower-seed and safflower oil supplier in Latin America and the Caribbean, comprising 89% of total exports. The second position in the ranking was held by Bolivia ($X), with an 8.8% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value in Argentina totaled +3.7%.

Export Prices by Country

In 2022, the export price in Latin America and the Caribbean amounted to $X per ton, picking up by 31% against the previous year. Export price indicated a noticeable increase from 2012 to 2022: its price increased at an average annual rate of +3.1% 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 +112.4% against 2019 indices. The pace of growth was the most pronounced in 2021 when the export price increased by 49% against the previous year. 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 totaled $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 Sunflower-Seed And Safflower Oil

Imports in Latin America and the Caribbean

In 2022, purchases abroad of sunflower-seed and safflower oil decreased by -12% to X tons, falling for the fourth consecutive year after three years of growth. Total imports indicated a slight increase from 2012 to 2022: its volume increased at an average annual rate of +1.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports decreased by -39.7% against 2018 indices. The growth pace was the most rapid in 2017 when imports increased by 33% against the previous year. Over the period under review, imports reached the peak figure at X tons in 2018; however, from 2019 to 2022, imports stood at a somewhat lower figure.

In value terms, sunflower-seed and safflower oil imports reduced modestly to $X in 2022. Total imports indicated a measured increase from 2012 to 2022: its value increased at an average annual rate of +2.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +36.9% against 2019 indices. The pace of growth appeared the most rapid in 2021 when imports increased by 36%. As a result, imports reached the peak of $X, and then shrank slightly in the following year.

Imports by Country

In 2022, Chile (X tons), distantly followed by Ecuador (X tons), Colombia (X tons), Brazil (X tons) and Uruguay (X tons) represented the key importers of sunflower-seed and safflower oil, together making up 77% of total imports. The following importers - Mexico (X tons), Peru (X tons), Costa Rica (X tons), Venezuela (X tons), British Virgin Islands (X tons), Suriname (X tons) and Paraguay (X tons) - together made up 16% 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 Chile (with a CAGR of +12.9%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Chile ($X) constitutes the largest market for imported sunflower-seed and safflower oil in Latin America and the Caribbean, comprising 34% of total imports. The second position in the ranking was held by Brazil ($X), with a 13% share of total imports. It was followed by Ecuador, with a 12% share.

In Chile, sunflower-seed and safflower oil imports increased at an average annual rate of +14.6% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Brazil (+2.3% per year) and Ecuador (+10.7% per year).

Import Prices by Country

The import price in Latin America and the Caribbean stood at $X per ton in 2022, picking up by 10% against the previous year. Import price indicated a mild increase from 2012 to 2022: its price increased at an average annual rate of +1.4% 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 +66.6% against 2019 indices. The most prominent rate of growth was recorded in 2021 an increase of 45% against the previous year. Over the period under review, import prices reached the peak figure in 2022 and is expected to retain 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 Suriname ($X per ton), while British Virgin Islands ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Mexico (+5.4%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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