Malaysia: 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 Malaysia

In 2021, after five years of growth, there was significant decline in the Malaysian market for sunflower-seed or safflower oil, refined, but not chemically modified, when its value decreased by -13.1% to $X. Overall, the total consumption indicated a strong expansion from 2012 to 2021: its value increased at an average annual rate of +5.6% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +68.5% against 2015 indices. Consumption of peaked at $X in 2020, and then fell in the following year.

Production of Sunflower-Seed Or Safflower Oil, Refined, But Not Chemically Modified in Malaysia

In value terms, production of sunflower-seed or safflower oil, refined, but not chemically modified reduced to $X in 2021 estimated in export price. Overall, the total production indicated a resilient expansion from 2012 to 2021: its value increased at an average annual rate of +5.3% 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 +70.2% against 2015 indices. The pace of growth was the most pronounced in 2020 when the production volume increased by 19%. As a result, production attained the peak level of $X, and then dropped in the following year.

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

Exports from Malaysia

For the sixth year in a row, Malaysia recorded growth in shipments abroad of sunflower-seed or safflower oil, refined, but not chemically modified, which increased by 15% to X tons in 2021. Over the period under review, total exports indicated a remarkable increase from 2012 to 2021: its volume increased at an average annual rate of +9.1% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +118.4% against 2012 indices. The most prominent rate of growth was recorded in 2014 with an increase of 21%. Over the period under review, the exports of attained the peak figure in 2021 and are likely to continue growth in years to come.

In value terms, exports of sunflower-seed or safflower oil, refined, but not chemically modified surged to $X in 2021. In general, exports enjoyed resilient growth. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

Australia (X tons), Singapore (X tons) and Thailand (X tons) were the main destinations of exports of sunflower-seed or safflower oil, refined, but not chemically modified from Malaysia, with a combined 60% share of total exports. These countries were followed by Indonesia, Vietnam, Papua New Guinea, New Zealand, the Philippines, Japan, Cambodia, New Caledonia, Myanmar and Maldives, which together accounted for a further 33%.

From 2012 to 2021, the biggest increases were in New Caledonia (with a CAGR of +99.9%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Australia ($X), Singapore ($X) and Thailand ($X) appeared to be the largest markets for sunflower-seed or safflower oil, refined, but not chemically modified exported from Malaysia worldwide, together accounting for 59% of total exports. Indonesia, Vietnam, Japan, Papua New Guinea, New Zealand, the Philippines, Maldives, Cambodia, New Caledonia and Myanmar lagged somewhat behind, together accounting for a further 35%.

New Caledonia, with a CAGR of +100.8%, recorded the highest rates of growth with regard to the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average export price for sunflower-seed or safflower oil, refined, but not chemically modified stood at $X per ton in 2021, surging by 4.9% against the previous year. In general, the export price, however, saw a mild setback. The pace of growth appeared the most rapid in 2020 when the average export price increased by 9.8%. The export price peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major overseas markets. In 2021, the country with the highest price was Japan ($X per ton), while the average price for exports to New Caledonia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Japan (+7.6%), while the prices for the other major destinations experienced more modest paces of growth.

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

Imports into Malaysia

In 2021, the amount of sunflower-seed or safflower oil, refined, but not chemically modified imported into Malaysia dropped rapidly to X tons, with a decrease of -33.4% compared with the previous year's figure. Overall, imports, however, showed a significant increase. The pace of growth was the most pronounced in 2013 when imports increased by 155% against the previous year. Imports peaked at X tons in 2019; however, from 2020 to 2021, imports stood at a somewhat lower figure.

In value terms, imports of sunflower-seed or safflower oil, refined, but not chemically modified reduced slightly to $X in 2021. In general, imports, however, saw a buoyant expansion. The pace of growth appeared the most rapid in 2013 when imports increased by 120% against the previous year. Over the period under review, imports of hit record highs at $X in 2020, and then reduced modestly in the following year.

Imports by Country

In 2021, Ukraine (X tons) constituted the largest supplier of sunflower-seed or safflower oil, refined, but not chemically modified to Malaysia, accounting for a 59% share of total imports. Moreover, imports of sunflower-seed or safflower oil, refined, but not chemically modified from Ukraine exceeded the figures recorded by the second-largest supplier, Thailand (X tons), fourfold. France (X tons) ranked third in terms of total imports with a 5.4% share.

From 2012 to 2021, the average annual growth rate of volume from Ukraine stood at +23.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Thailand (+108.3% per year) and France (+17.5% per year).

In value terms, Ukraine ($X) constituted the largest supplier of sunflower-seed or safflower oil, refined, but not chemically modified to Malaysia, comprising 55% of total imports. The second position in the ranking was taken by Thailand ($X), with a 16% share of total imports. It was followed by France, with a 6.1% share.

From 2012 to 2021, the average annual rate of growth in terms of value from Ukraine amounted to +23.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Thailand (+102.7% per year) and France (+16.0% per year).

Import Prices by Country

The average import price for sunflower-seed or safflower oil, refined, but not chemically modified stood at $X per ton in 2021, rising by 45% against the previous year. In general, the import price, however, saw a slight contraction. The import price peaked at $X per ton in 2012; however, from 2013 to 2021, import prices failed to regain momentum.

Average prices varied somewhat amongst the major supplying countries. In 2021, the countries with the highest prices were Italy ($X per ton) and Russia ($X per ton), while the price for Bosnia and Herzegovina ($X per ton) and Ukraine ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Bosnia and Herzegovina (+2.8%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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