Middle East: Market for Crude Sunflower-Seed And Safflower Oil 2024

Market Size for Crude Sunflower-Seed And Safflower Oil in the Middle East

For the fourth consecutive year, the Middle Eastern market for crude sunflower-seed and safflower oil recorded growth in sales value, which increased by 14% to $X in 2022. The total consumption indicated a noticeable increase from 2012 to 2022: its value increased at an average annual rate of +4.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +63.8% against 2016 indices. 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 the Middle East

In value terms, crude sunflower-seed and safflower oil production reduced to $X in 2022 estimated in export price. Overall, production saw resilient growth. The pace of growth appeared the most rapid in 2015 with an increase of 60%. Over the period under review, production reached the peak level 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 the Middle East

In 2022, crude sunflower-seed and safflower oil exports in the Middle East soared to X tons, with an increase of 202% against the previous year. Overall, exports continue to indicate a significant expansion. The growth pace was the most rapid in 2015 with an increase of 206%. Over the period under review, the exports hit record highs in 2022 and are likely to see gradual growth in the near future.

In value terms, crude sunflower-seed and safflower oil exports soared to $X in 2022. Over the period under review, exports showed significant growth. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

Turkey (X tons) represented roughly 99% of total exports in 2022.

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 (+89 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 the Middle East.

In Turkey, crude sunflower-seed and safflower oil exports expanded at an average annual rate of +109.2% over the period from 2012-2022.

Export Prices by Country

In 2022, the export price in the Middle East amounted to $X per ton, with an increase of 24% against the previous year. In general, the export price recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when the export price increased by 39%. Over the period under review, the export prices attained the peak figure at $X per ton in 2013; however, from 2014 to 2022, the export prices remained at a lower figure.

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 the Middle East

After two years of decline, overseas purchases of crude sunflower-seed and safflower oil increased by 36% to X tons in 2022. Total imports indicated a prominent expansion from 2012 to 2022: its volume increased at an average annual rate of +5.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, crude sunflower-seed and safflower oil imports surged to $X in 2022. Overall, imports showed buoyant growth. The pace of growth was the most pronounced in 2021 when imports increased by 52% against the previous year. Over the period under review, imports attained the peak figure in 2022 and are expected to retain growth in the near future.

Imports by Country

Turkey represented the largest importing country with an import of about X tons, which resulted at 68% of total imports. It was distantly followed by Iraq (X tons), generating a 20% share of total imports. Iran (X tons), the United Arab Emirates (X tons) and Lebanon (X tons) followed a long way behind the leaders.

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 the Middle East, with a CAGR of +64.2% from 2012-2022. By contrast, Iran (-12.1%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Iraq and Turkey increased by +20 and +11 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Turkey ($X) constitutes the largest market for imported crude sunflower-seed and safflower oil in the Middle East, comprising 76% of total imports. The second position in the ranking was held by Iraq ($X), with a 13% share of total imports. It was followed by Iran, with a 3.7% share.

In Turkey, crude sunflower-seed and safflower oil imports increased at an average annual rate of +8.3% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Iraq (+58.3% per year) and Iran (-11.3% per year).

Import Prices by Country

The import price in the Middle East stood at $X per ton in 2022, surging by 5.3% against the previous year. In general, the import price saw a slight expansion. The growth pace was the most rapid in 2021 an increase of 67% against the previous year. The level of import peaked 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 the United Arab Emirates ($X per ton), while Iraq ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

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