New Zealand: Market for Sunflower-Seed And Safflower Oil 2024

Market Size for Sunflower-Seed And Safflower Oil in New Zealand

The New Zealand sunflower-seed and safflower oil market expanded markedly to $X in 2022, picking up by 14% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, the total consumption indicated prominent growth from 2012 to 2022: its value increased at an average annual rate of +6.7% 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 +10.5% against 2019 indices. Over the period under review, the market hit record highs in 2022 and is expected to retain growth in years to come.

Exports of Sunflower-Seed And Safflower Oil

Exports from New Zealand

In 2022, approx. X tons of sunflower-seed and safflower oil were exported from New Zealand; dropping by -43.9% on 2021 figures. In general, exports, however, saw a strong increase. The most prominent rate of growth was recorded in 2014 when exports increased by 579%. As a result, the exports reached the peak of X tons. From 2015 to 2022, the growth of the exports remained at a lower figure.

In value terms, sunflower-seed and safflower oil exports dropped markedly to $X in 2022. Over the period under review, exports, however, saw a prominent increase. The pace of growth was the most pronounced in 2014 with an increase of 552%. As a result, the exports reached the peak of $X. From 2015 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

Vietnam (X tons) was the main destination for sunflower-seed and safflower oil exports from New Zealand, accounting for a 81% share of total exports. Moreover, sunflower-seed and safflower oil exports to Vietnam exceeded the volume sent to the second major destination, Australia (X tons), sixfold.

From 2012 to 2022, the average annual rate of growth in terms of volume to Vietnam amounted to +43.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Australia (+0.8% per year) and Thailand (+42.7% per year).

In value terms, Vietnam ($X) remains the key foreign market for sunflower-seed and safflower oil exports from New Zealand, comprising 78% of total exports. The second position in the ranking was taken by Australia ($X), with an 11% share of total exports.

From 2012 to 2022, the average annual growth rate of value to Vietnam stood at +53.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Australia (-2.2% per year) and Thailand (+46.3% per year).

Export Prices by Country

The average sunflower-seed and safflower oil export price stood at $X per ton in 2022, with an increase of 47% against the previous year. Overall, the export price showed a relatively flat trend pattern. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Thailand ($X per ton), while the average price for exports to Australia ($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 Vietnam (+6.8%), while the prices for the other major destinations experienced mixed trend patterns.

Imports of Sunflower-Seed And Safflower Oil

Imports into New Zealand

For the third year in a row, New Zealand recorded decline in overseas purchases of sunflower-seed and safflower oil, which decreased by -14.3% to X tons in 2022. Over the period under review, imports, however, saw notable growth. The most prominent rate of growth was recorded in 2015 with an increase of 60% against the previous year. Imports peaked at X tons in 2019; however, from 2020 to 2022, imports remained at a lower figure.

In value terms, sunflower-seed and safflower oil imports skyrocketed to $X in 2022. Overall, imports, however, continue to indicate a strong expansion. The most prominent rate of growth was recorded in 2015 when imports increased by 35% against the previous year. Over the period under review, imports attained the maximum in 2022 and are likely to continue growth in the near future.

Imports by Country

Argentina (X tons), Malaysia (X tons) and Spain (X tons) were the main suppliers of sunflower-seed and safflower oil imports to New Zealand, together comprising 74% of total imports. Romania, Ukraine, Australia and South Africa lagged somewhat behind, together comprising a further 24%.

From 2012 to 2022, the biggest increases were recorded for Romania (with a CAGR of +232.9%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Malaysia ($X), Argentina ($X) and Spain ($X) appeared to be the largest sunflower-seed and safflower oil suppliers to New Zealand, together comprising 76% of total imports. Romania, Australia, Ukraine and South Africa lagged somewhat behind, together comprising a further 21%.

Romania, with a CAGR of +245.1%, saw the highest rates of growth with regard to the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average sunflower-seed and safflower oil import price stood at $X per ton in 2022, growing by 47% against the previous year. Over the period under review, import price indicated a noticeable expansion from 2012 to 2022: its price increased at an average annual rate of +3.4% 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 import price increased by +117.6% against 2017 indices. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Spain (+5.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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