MENA: Market for Sunflower-Seed And Safflower Oil 2024

Market Size for Sunflower-Seed And Safflower Oil in MENA

In 2022, the MENA's sunflower-seed and safflower oil market increased by 8.5% to $X, rising for the second consecutive year after two years of decline. In general, consumption showed a relatively flat trend pattern. Over the period under review, the market hit record highs in 2022 and is expected to retain growth in the near future.

Production of Sunflower-Seed And Safflower Oil in MENA

In value terms, sunflower-seed and safflower oil production shrank remarkably to $X in 2022 estimated in export price. Over the period under review, production posted buoyant growth. The growth pace was the most rapid in 2021 with an increase of 68%. Over the period under review, production attained the maximum level at $X in 2019; however, from 2020 to 2022, production failed to regain momentum.

Exports of Sunflower-Seed And Safflower Oil

Exports in MENA

In 2022, sunflower-seed and safflower oil exports in MENA surged to X tons, rising by 55% compared with 2021 figures. Overall, exports saw a buoyant expansion. The most prominent rate of growth was recorded in 2014 with an increase of 62% against the previous year. The volume of export peaked in 2022 and is expected to retain growth in the near future.

In value terms, sunflower-seed and safflower oil exports surged to $X in 2022. Over the period under review, exports recorded a prominent expansion. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

Turkey prevails in exports structure, amounting to X tons, which was approx. 91% of total exports in 2022. The following exporters - Oman (X tons), Egypt (X tons) and Saudi Arabia (X tons) - each resulted at a 6.6% share of total exports.

Turkey was also the fastest-growing in terms of the sunflower-seed and safflower oil exports, with a CAGR of +14.9% from 2012 to 2022. Saudi Arabia experienced a relatively flat trend pattern. Oman (-4.5%) and Egypt (-8.2%) illustrated a downward trend over the same period. Turkey (+33 p.p.) significantly strengthened its position in terms of the total exports, while Saudi Arabia, Oman and Egypt saw its share reduced by -3.7%, -7.3% and -11.2% from 2012 to 2022, respectively.

In value terms, Turkey ($X) remains the largest sunflower-seed and safflower oil supplier in MENA, comprising 92% of total exports. The second position in the ranking was taken by Egypt ($X), with a 2.5% share of total exports. It was followed by Saudi Arabia, with a 1.9% share.

From 2012 to 2022, the average annual growth rate of value in Turkey stood at +16.3%. The remaining exporting countries recorded the following average annual rates of exports growth: Egypt (-5.6% per year) and Saudi Arabia (-2.8% per year).

Export Prices by Country

The export price in MENA stood at $X per ton in 2022, increasing by 16% against the previous year. Export price indicated a slight increase from 2012 to 2022: its price increased at an average annual rate of +1.2% 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 +79.2% against 2019 indices. The growth pace was the most rapid in 2021 when the export price increased by 47% against the previous year. The level of export peaked in 2022 and is expected to retain growth in years to come.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Egypt ($X per ton), while Oman ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Egypt (+2.8%), while the other leaders experienced mixed trends in the export price figures.

Imports of Sunflower-Seed And Safflower Oil

Imports in MENA

In 2022, after two years of decline, there was significant growth in overseas purchases of sunflower-seed and safflower oil, when their volume increased by 25% to X tons. The total import volume increased at an average annual rate of +1.0% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2014 with an increase of 35%. Over the period under review, imports hit record highs at X tons in 2019; however, from 2020 to 2022, imports failed to regain momentum.

In value terms, sunflower-seed and safflower oil imports soared to $X in 2022. Total imports indicated a mild expansion from 2012 to 2022: its value increased at an average annual rate of +1.1% 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 +73.2% against 2020 indices. The growth pace was the most rapid in 2021 when imports increased by 38% against the previous year. Over the period under review, imports reached the maximum in 2022 and are likely to see steady growth in the near future.

Imports by Country

In 2022, Turkey (X tons) represented the major importer of sunflower-seed and safflower oil, committing 50% of total imports. Iraq (X tons) ranks second in terms of the total imports with a 16% share, followed by Djibouti (5.6%). The following importers - the United Arab Emirates (X tons), Syrian Arab Republic (X tons), Egypt (X tons), Iran (X tons), Lebanon (X tons) and Libya (X tons) - together made up 19% of total imports.

Imports into Turkey increased at an average annual rate of +6.9% from 2012 to 2022. At the same time, Djibouti (+78.2%), Libya (+29.2%), Iraq (+8.0%), the United Arab Emirates (+7.0%) and Lebanon (+1.2%) displayed positive paces of growth. Moreover, Djibouti emerged as the fastest-growing importer imported in MENA, with a CAGR of +78.2% from 2012-2022. Syrian Arab Republic experienced a relatively flat trend pattern. By contrast, Iran (-11.8%) and Egypt (-17.9%) illustrated a downward trend over the same period. While the share of Turkey (+22 p.p.), Iraq (+7.8 p.p.), Djibouti (+5.5 p.p.), Libya (+2 p.p.) and the United Arab Emirates (+1.8 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Iran (-9.2 p.p.) and Egypt (-22.5 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Turkey ($X) constitutes the largest market for imported sunflower-seed and safflower oil in MENA, comprising 56% of total imports. The second position in the ranking was taken by Iraq ($X), with an 11% share of total imports. It was followed by Djibouti, with a 4.7% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Turkey stood at +8.4%. In the other countries, the average annual rates were as follows: Iraq (+1.8% per year) and Djibouti (+72.5% per year).

Import Prices by Country

In 2022, the import price in MENA amounted to $X per ton, stabilizing at the previous year. Over the period under review, the import price, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 an increase of 59%. Over the period under review, import prices reached the peak figure at $X per ton in 2013; however, from 2014 to 2022, import prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Egypt ($X per ton), while Iraq ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Egypt (+1.4%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform