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

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

In 2022, the MENA's market for crude sunflower-seed and safflower oil increased by 14% to $X, rising for the second consecutive year after two years of decline. In general, consumption continues to indicate a relatively flat trend pattern. The level of consumption peaked in 2022 and is expected to retain growth in years to come.

Production of Crude Sunflower-Seed And Safflower Oil in MENA

In value terms, crude sunflower-seed and safflower oil production declined to $X in 2022 estimated in export price. In general, production recorded a remarkable increase. The pace of growth appeared the most rapid in 2015 with an increase of 59% against the previous year. The level of production peaked at $X in 2019; however, from 2020 to 2022, production remained at a lower figure.

Exports of Crude Sunflower-Seed And Safflower Oil

Exports in MENA

For the fourth year in a row, MENA recorded growth in overseas shipments of crude sunflower-seed and safflower oil, which increased by 191% to X tons in 2022. Over the period under review, exports showed a significant increase. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, crude sunflower-seed and safflower oil exports surged to $X in 2022. In general, exports posted significant growth. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

In 2022, Turkey (X tons) was the key exporter of crude sunflower-seed and safflower oil in MENA, generating 98% of total export.

Turkey was also the fastest-growing in terms of the crude sunflower-seed and safflower oil exports, with a CAGR of +104.6% from 2012 to 2022. Turkey (+97 p.p.) significantly strengthened its position in terms of the total exports, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Turkey ($X) also remains the largest crude sunflower-seed and safflower oil supplier in MENA.

From 2012 to 2022, the average annual rate of growth in terms of value in Turkey amounted to +109.2%.

Export Prices by Country

The export price in MENA stood at $X per ton in 2022, increasing by 24% against the previous year. Export price indicated a slight increase from 2012 to 2022: its price increased at an average annual rate of +1.9% 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 +88.9% against 2019 indices. The pace of growth was the most pronounced in 2021 when the export price increased by 43%. The level of export peaked in 2022 and is likely to continue growth in the near future.

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

From 2012 to 2022, the rate of growth in terms of prices for Turkey amounted to +2.3% per year.

Imports of Crude Sunflower-Seed And Safflower Oil

Imports in MENA

After three years of decline, overseas purchases of crude sunflower-seed and safflower oil increased by 32% to X tons in 2022. In general, imports recorded a relatively flat trend pattern. Over the period under review, imports reached the maximum at X tons in 2018; however, from 2019 to 2022, imports failed to regain momentum.

In value terms, crude sunflower-seed and safflower oil imports skyrocketed to $X in 2022. Total imports indicated slight growth from 2012 to 2022: its value 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 increased by +109.2% against 2020 indices. The most prominent rate of growth was recorded in 2021 with an increase of 50%. The level of import peaked in 2022 and is likely to see steady growth in the near future.

Imports by Country

Turkey represented the major importing country with an import of around X tons, which resulted at 62% of total imports. It was distantly followed by Iraq (X tons), mixing up an 18% share of total imports. The following importers - Egypt (X tons), Iran (X tons), the United Arab Emirates (X tons), Lebanon (X tons) and Algeria (X tons) - together made up 14% of total imports.

Imports into Turkey increased at an average annual rate of +6.9% from 2012 to 2022. At the same time, Iraq (+64.2%), Lebanon (+2.4%) and the United Arab Emirates (+1.9%) displayed positive paces of growth. Moreover, Iraq emerged as the fastest-growing importer imported in MENA, with a CAGR of +64.2% from 2012-2022. By contrast, Iran (-12.1%), Algeria (-15.0%) and Egypt (-18.0%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Turkey and Iraq increased by +29 and +18 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Turkey ($X) constitutes the largest market for imported crude sunflower-seed and safflower oil in MENA, comprising 69% of total imports. The second position in the ranking was taken by Iraq ($X), with a 12% share of total imports. It was followed by Egypt, with a 4.9% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Turkey stood at +8.3%. In the other countries, the average annual rates were as follows: Iraq (+58.3% per year) and Egypt (-16.8% per year).

Import Prices by Country

In 2022, the import price in MENA amounted to $X per ton, increasing by 5.6% against the previous year. Overall, the import price recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 an increase of 65% against the previous year. Over the period under review, import prices hit record highs 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 Egypt ($X per ton), while Algeria ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+3.7%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform