Philippines: Safflower Seed Market 2025

Safflower Seed Market Size in the Philippines

For the eighth consecutive year, the Philippine safflower seed market recorded growth in sales value, which increased by 33% to $X in 2022. In general, consumption recorded a buoyant expansion. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Safflower Seed Exports

Exports from the Philippines

In 2022, overseas shipments of safflower seed increased by 29% to X tons, rising for the fifth year in a row after three years of decline. Overall, exports showed modest growth. The pace of growth appeared the most rapid in 2020 with an increase of 206% against the previous year. Over the period under review, the exports hit record highs in 2022 and are likely to continue growth in the immediate term.

In value terms, safflower seed exports soared to $X in 2022. Over the period under review, total exports indicated buoyant growth from 2012 to 2022: its value increased at an average annual rate of +7.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +82.0% against 2020 indices. The pace of growth was the most pronounced in 2021 with an increase of 41% against the previous year. Over the period under review, the exports reached the peak figure in 2022 and are likely to continue growth in years to come.

Exports by Country

Canada (X tons) was the main destination for safflower seed exports from the Philippines, with a approx. 100% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of volume to Canada was relatively modest.

In value terms, Canada ($X) emerged as the key foreign market for safflower seed exports from the Philippines.

From 2012 to 2022, the average annual growth rate of value to Canada was relatively modest.

Export Prices by Country

The average safflower seed export price stood at $X per ton in 2022, standing approx. at the previous year. Overall, the export price posted a buoyant increase. The pace of growth appeared the most rapid in 2016 an increase of 178% against the previous year. Over the period under review, the average export prices attained the peak figure at $X per ton in 2017; however, from 2018 to 2022, the export prices stood at a somewhat lower figure.

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

From 2012 to 2022, the rate of growth in terms of prices for Australia amounted to -6.9% per year.

Safflower Seed Imports

Imports into the Philippines

For the fifth year in a row, the Philippines recorded growth in overseas purchases of safflower seed, which increased by 8.2% to X tons in 2022. Over the period under review, imports recorded resilient growth. The most prominent rate of growth was recorded in 2020 when imports increased by 36% against the previous year. Over the period under review, imports reached the peak figure in 2022 and are likely to continue growth in the near future.

In value terms, safflower seed imports skyrocketed to $X in 2022. In general, imports saw buoyant growth. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2022, Russia (X tons) constituted the largest safflower seed supplier to the Philippines, accounting for a 73% share of total imports. Moreover, safflower seed imports from Russia exceeded the figures recorded by the second-largest supplier, India (X tons), threefold.

From 2012 to 2022, the average annual growth rate of volume from Russia stood at +58.3%. The remaining supplying countries recorded the following average annual rates of imports growth: India (-0.1% per year) and Argentina (+15.5% per year).

In value terms, Russia ($X) constituted the largest supplier of safflower seed to the Philippines, comprising 73% of total imports. The second position in the ranking was taken by India ($X), with a 22% share of total imports.

From 2012 to 2022, the average annual growth rate of value from Russia totaled +65.0%. The remaining supplying countries recorded the following average annual rates of imports growth: India (+0.1% per year) and Argentina (+23.8% per year).

Import Prices by Country

In 2022, the average safflower seed import price amounted to $X per ton, growing by 29% against the previous year. In general, the import price showed a relatively flat trend pattern. The import price peaked at $X per ton in 2013; however, from 2014 to 2022, import prices stood at a somewhat lower figure.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Argentina ($X per ton), while the price for India ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Argentina (+7.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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