Philippines: Market for Sunflower-Seed Or Safflower Oil, Refined, But Not Chemically Modified 2024

Market Size for Sunflower-Seed Or Safflower Oil, Refined, But Not Chemically Modified in the Philippines

The Philippine market for sunflower-seed or safflower oil, refined, but not chemically modified was estimated at $X in 2021, remaining stable against the previous year. The market value increased at an average annual rate of +2.5% over the period from 2012 to 2021; however, the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded in certain years. Consumption of peaked at $X in 2017; however, from 2018 to 2021, consumption stood at a somewhat lower figure.

Production of Sunflower-Seed Or Safflower Oil, Refined, But Not Chemically Modified in the Philippines

In value terms, production of sunflower-seed or safflower oil, refined, but not chemically modified amounted to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +1.0% from 2012 to 2021; however, the trend pattern remained consistent, with somewhat noticeable fluctuations being observed throughout the analyzed period. The most prominent rate of growth was recorded in 2013 when the production volume increased by 33% against the previous year. As a result, production reached the peak level of $X. From 2014 to 2021, production of growth failed to regain momentum.

Exports of Sunflower-Seed Or Safflower Oil, Refined, But Not Chemically Modified

Exports from the Philippines

In 2021, the amount of sunflower-seed or safflower oil, refined, but not chemically modified exported from the Philippines soared to X tons, jumping by 33% compared with 2020 figures. Over the period under review, exports, however, continue to indicate a dramatic decrease. The growth pace was the most rapid in 2018 when exports increased by 644%. The exports peaked at X tons in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

In value terms, exports of sunflower-seed or safflower oil, refined, but not chemically modified fell to $X in 2021. Overall, exports, however, showed a sharp slump. The pace of growth appeared the most rapid in 2018 with an increase of 621% against the previous year. The exports peaked at $X in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

Exports by Country

Singapore (X tons) was the main destination for exports of sunflower-seed or safflower oil, refined, but not chemically modified from the Philippines, accounting for a 51% share of total exports. Moreover, exports of sunflower-seed or safflower oil, refined, but not chemically modified to Singapore exceeded the volume sent to the second major destination, Germany (X tons), twofold. Canada (X tons) ranked third in terms of total exports with a 22% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Singapore stood at +77.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (+0.8% per year) and Canada (+17.3% per year).

In value terms, Germany ($X) remains the key foreign market for sunflower-seed or safflower oil, refined, but not chemically modified exports from the Philippines, comprising 51% of total exports. The second position in the ranking was held by India ($X), with an 18% share of total exports. It was followed by Singapore, with a 14% share.

From 2012 to 2021, the average annual growth rate of value to Germany totaled -3.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: India (+97.0% per year) and Singapore (+54.9% per year).

Export Prices by Country

In 2021, the average export price for sunflower-seed or safflower oil, refined, but not chemically modified amounted to $X per ton, waning by -29.6% against the previous year. In general, the export price, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2016 an increase of 525% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2017 to 2021, the average export prices remained at a somewhat lower figure.

There were significant differences in the average prices for the major overseas markets. In 2021, the country with the highest price was India ($X per ton), while the average price for exports to Singapore ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to India (+50.3%), while the prices for the other major destinations experienced a decline.

Imports of Sunflower-Seed Or Safflower Oil, Refined, But Not Chemically Modified

Imports into the Philippines

In 2021, supplies from abroad of sunflower-seed or safflower oil, refined, but not chemically modified decreased by -33.9% to X tons for the first time since 2016, thus ending a four-year rising trend. Overall, imports, however, posted significant growth. The growth pace was the most rapid in 2017 with an increase of 319% against the previous year. Imports peaked at X tons in 2020, and then declined notably in the following year.

In value terms, imports of sunflower-seed or safflower oil, refined, but not chemically modified fell rapidly to $X in 2021. In general, imports, however, saw significant growth. The most prominent rate of growth was recorded in 2017 when imports increased by 244%. Imports peaked at $X in 2020, and then dropped sharply in the following year.

Imports by Country

In 2021, Bosnia and Herzegovina (X tons) constituted the largest supplier of sunflower-seed or safflower oil, refined, but not chemically modified to the Philippines, accounting for a 48% share of total imports. Moreover, imports of sunflower-seed or safflower oil, refined, but not chemically modified from Bosnia and Herzegovina exceeded the figures recorded by the second-largest supplier, Turkey (X tons), fourfold. Malaysia (X tons) ranked third in terms of total imports with a 12% share.

From 2012 to 2021, the average annual growth rate of volume from Bosnia and Herzegovina amounted to +25.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Turkey (+54.4% per year) and Malaysia (+34.2% per year).

In value terms, Bosnia and Herzegovina ($X) constituted the largest supplier of sunflower-seed or safflower oil, refined, but not chemically modified to the Philippines, comprising 45% of total imports. The second position in the ranking was held by Turkey ($X), with a 16% share of total imports. It was followed by Malaysia, with a 10% share.

From 2012 to 2021, the average annual rate of growth in terms of value from Bosnia and Herzegovina amounted to +58.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Turkey (+57.2% per year) and Malaysia (+30.4% per year).

Import Prices by Country

The average import price for sunflower-seed or safflower oil, refined, but not chemically modified stood at $X per ton in 2021, increasing by 22% against the previous year. Over the period under review, the import price, however, recorded a pronounced decline. Over the period under review, average import prices reached the maximum at $X per ton in 2013; however, from 2014 to 2021, import prices failed to regain momentum.

Prices varied noticeably country of origin: the country with the highest price was Belgium ($X per ton), while the price for Sweden ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Bosnia and Herzegovina (+26.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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