Malaysia: Market for Sunflower-Seed And Safflower Oil 2024

Market Size for Sunflower-Seed And Safflower Oil in Malaysia

The Malaysian sunflower-seed and safflower oil market was finally on the rise to reach $X in 2022, after two years of decline. Over the period under review, consumption recorded a strong increase. As a result, consumption attained the peak level of $X. From 2020 to 2022, the growth of the market remained at a lower figure.

Production of Sunflower-Seed And Safflower Oil in Malaysia

In value terms, sunflower-seed and safflower oil production rose significantly to $X in 2022 estimated in export price. In general, production continues to indicate notable growth. The growth pace was the most rapid in 2017 when the production volume increased by 68%. As a result, production attained the peak level of $X. From 2018 to 2022, production growth remained at a lower figure.

Exports of Sunflower-Seed And Safflower Oil

Exports from Malaysia

In 2022, after six years of growth, there was significant decline in shipments abroad of sunflower-seed and safflower oil, when their volume decreased by -8.7% to X tons. Over the period under review, total exports indicated a resilient increase from 2012 to 2022: its volume increased at an average annual rate of +7.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +24.3% against 2014 indices. The pace of growth was the most pronounced in 2014 when exports increased by 53%. Over the period under review, the exports hit record highs at X tons in 2021, and then shrank in the following year.

In value terms, sunflower-seed and safflower oil exports shrank to $X in 2022. In general, total exports indicated strong growth from 2012 to 2022: its value increased at an average annual rate of +5.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +76.6% against 2015 indices. The pace of growth appeared the most rapid in 2021 when exports increased by 28% against the previous year. As a result, the exports reached the peak of $X, and then contracted in the following year.

Exports by Country

Australia (X tons), Thailand (X tons) and Singapore (X tons) were the main destinations of sunflower-seed and safflower oil exports from Malaysia, together accounting for 50% of total exports. Indonesia, New Zealand, Vietnam, Japan, Papua New Guinea, the Philippines, Cambodia, Maldives, New Caledonia and Nepal lagged somewhat behind, together accounting for a further 36%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by New Caledonia (with a CAGR of +57.9%), while the other leaders experienced more modest paces of growth.

In value terms, Australia ($X), Singapore ($X) and Thailand ($X) constituted the largest markets for sunflower-seed and safflower oil exported from Malaysia worldwide, together accounting for 55% of total exports. New Zealand, Indonesia, Vietnam, Japan, Papua New Guinea, the Philippines, Nepal, Maldives, Cambodia and New Caledonia lagged somewhat behind, together comprising a further 35%.

Among the main countries of destination, New Caledonia, with a CAGR of +47.1%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average sunflower-seed and safflower oil export price stood at $X per ton in 2022, dropping by -2.5% against the previous year. Over the period under review, the export price recorded a mild descent. The most prominent rate of growth was recorded in 2020 an increase of 9.2%. The export price peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was New Zealand ($X per ton), while the average price for exports to Papua New Guinea ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Singapore (+1.9%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Sunflower-Seed And Safflower Oil

Imports into Malaysia

In 2022, overseas purchases of sunflower-seed and safflower oil were finally on the rise to reach X tons for the first time since 2019, thus ending a two-year declining trend. Overall, imports enjoyed resilient growth. The growth pace was the most rapid in 2019 when imports increased by 54%. As a result, imports reached the peak of X tons. From 2020 to 2022, the growth of imports remained at a lower figure.

In value terms, sunflower-seed and safflower oil imports fell to $X in 2022. Over the period under review, imports enjoyed a resilient increase. The pace of growth appeared the most rapid in 2019 with an increase of 56% against the previous year. Imports peaked at $X in 2021, and then dropped in the following year.

Imports by Country

In 2022, Ukraine (X tons) constituted the largest supplier of sunflower-seed and safflower oil to Malaysia, accounting for a 63% share of total imports. Moreover, sunflower-seed and safflower oil imports from Ukraine exceeded the figures recorded by the second-largest supplier, Argentina (X tons), fivefold. Russia (X tons) ranked third in terms of total imports with a 12% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Ukraine totaled +16.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Argentina (-1.9% per year) and Russia (+72.7% per year).

In value terms, Ukraine ($X) constituted the largest supplier of sunflower-seed and safflower oil to Malaysia, comprising 66% of total imports. The second position in the ranking was held by Argentina ($X), with a 9.9% share of total imports. It was followed by Russia, with a 9% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Ukraine amounted to +16.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Argentina (-5.1% per year) and Russia (+64.9% per year).

Import Prices by Country

In 2022, the average sunflower-seed and safflower oil import price amounted to $X per ton, waning by -17.3% against the previous year. Overall, the import price saw a mild slump. The pace of growth was the most pronounced in 2021 an increase of 48% against the previous year. As a result, import price reached the peak level of $X per ton, and then fell markedly in the following year.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Ukraine (-0.2%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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