Lithuania: Market for Crude Sunflower-Seed And Safflower Oil 2024

Market Size for Crude Sunflower-Seed And Safflower Oil in Lithuania

In 2022, the Lithuanian market for crude sunflower-seed and safflower oil increased by 63% to $X for the first time since 2019, thus ending a two-year declining trend. Over the period under review, consumption posted a strong expansion. As a result, consumption reached the peak level of $X. From 2018 to 2022, the growth of the market remained at a somewhat lower figure.

Production of Crude Sunflower-Seed And Safflower Oil in Lithuania

In value terms, crude sunflower-seed and safflower oil production soared to $X in 2022 estimated in export price. Overall, production enjoyed a significant expansion. As a result, production reached the peak level and is likely to continue growth in the immediate term.

Exports of Crude Sunflower-Seed And Safflower Oil

Exports from Lithuania

In 2022, exports of crude sunflower-seed and safflower oil from Lithuania soared to X tons, growing by 117% compared with 2021. Over the period under review, exports recorded a remarkable increase. The most prominent rate of growth was recorded in 2017 when exports increased by 1,102%. The exports peaked in 2022 and are expected to retain growth in the immediate term.

In value terms, crude sunflower-seed and safflower oil exports skyrocketed to $X in 2022. In general, exports continue to indicate buoyant growth. The most prominent rate of growth was recorded in 2017 with an increase of 986% against the previous year. Over the period under review, the exports attained the maximum in 2022 and are likely to see steady growth in the near future.

Exports by Country

Poland (X tons) was the main destination for crude sunflower-seed and safflower oil exports from Lithuania, with a 55% share of total exports. Moreover, crude sunflower-seed and safflower oil exports to Poland exceeded the volume sent to the second major destination, Estonia (X tons), threefold. The third position in this ranking was held by Latvia (X tons), with a 13% share.

From 2012 to 2022, the average annual growth rate of volume to Poland totaled +4.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Estonia (+23.7% per year) and Latvia (+3.8% per year).

In value terms, Poland ($X) remains the key foreign market for crude sunflower-seed and safflower oil exports from Lithuania, comprising 50% of total exports. The second position in the ranking was taken by Estonia ($X), with an 18% share of total exports. It was followed by Latvia, with a 13% share.

From 2012 to 2022, the average annual growth rate of value to Poland amounted to +5.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Estonia (+24.2% per year) and Latvia (+5.9% per year).

Export Prices by Country

The average export price for crude sunflower-seed and safflower oil stood at $X per ton in 2022, rising by 16% against the previous year. In general, export price indicated moderate growth from 2012 to 2022: its price 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, crude sunflower-seed and safflower oil export price increased by +91.5% against 2019 indices. The pace of growth appeared the most rapid in 2021 when the average export price increased by 62%. Over the period under review, the average export prices reached the maximum in 2022 and is expected to retain growth in the near future.

Average prices varied somewhat for the major overseas markets. In 2022, amid the top suppliers, the highest price was recorded for prices to the Netherlands ($X per ton) and Germany ($X per ton), while the average price for exports to Poland ($X per ton) and Estonia ($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 Latvia (+2.0%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Crude Sunflower-Seed And Safflower Oil

Imports into Lithuania

In 2022, crude sunflower-seed and safflower oil imports into Lithuania surged to X tons, with an increase of 90% against 2021 figures. Over the period under review, imports showed a strong increase. The most prominent rate of growth was recorded in 2017 with an increase of 230%. As a result, imports attained the peak of X tons. From 2018 to 2022, the growth of imports remained at a lower figure.

In value terms, crude sunflower-seed and safflower oil imports surged to $X in 2022. Overall, imports recorded prominent growth. The most prominent rate of growth was recorded in 2017 with an increase of 216%. Imports peaked in 2022 and are likely to see gradual growth in years to come.

Imports by Country

Ukraine (X tons), Belarus (X tons) and Russia (X tons) were the main suppliers of crude sunflower-seed and safflower oil imports to Lithuania, together accounting for 89% of total imports. Poland and Slovakia lagged somewhat behind, together comprising a further 8.8%.

From 2012 to 2022, the biggest increases were recorded for Slovakia (with a CAGR of +21.5%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest crude sunflower-seed and safflower oil suppliers to Lithuania were Ukraine ($X), Belarus ($X) and Russia ($X), together accounting for 85% of total imports. Poland and Slovakia lagged somewhat behind, together comprising a further 12%.

Slovakia, with a CAGR of +22.6%, saw the highest rates of growth with regard to the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average import price for crude sunflower-seed and safflower oil amounted to $X per ton, rising by 5.5% against the previous year. In general, import price indicated pronounced growth from 2012 to 2022: its price increased at an average annual rate of +2.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, crude sunflower-seed and safflower oil import price increased by +89.2% against 2019 indices. The pace of growth appeared the most rapid in 2021 an increase of 71% against the previous year. Over the period under review, average import prices attained the maximum in 2022 and is likely to see gradual growth in years to come.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Slovakia ($X per ton), while the price for Russia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Belarus (+2.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform