Philippines: Market for Sunflower-Seed And Safflower Oil 2024

Market Size for Sunflower-Seed And Safflower Oil in the Philippines

The Philippine sunflower-seed and safflower oil market surged to $X in 2022, with an increase of 50% 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). Overall, consumption continues to indicate a significant increase. Over the period under review, the market attained the peak level in 2022 and is expected to retain growth in years to come.

Exports of Sunflower-Seed And Safflower Oil

Exports from the Philippines

In 2022, the amount of sunflower-seed and safflower oil exported from the Philippines contracted rapidly to X tons, dropping by -50% on the previous year's figure. Overall, exports, however, showed significant growth. The pace of growth was the most pronounced in 2018 when exports increased by 1,657%. As a result, the exports attained the peak of X tons. From 2019 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, sunflower-seed and safflower oil exports contracted remarkably to $X in 2022. Over the period under review, exports saw a precipitous slump. The most prominent rate of growth was recorded in 2018 with an increase of 621%. The exports peaked at $X in 2016; however, from 2017 to 2022, the exports failed to regain momentum.

Exports by Country

Switzerland (X tons), Canada (X tons) and South Korea (X kg) were the main destinations of sunflower-seed and safflower oil exports from the Philippines, together comprising 99% of total exports.

From 2016 to 2022, the biggest increases were recorded for Canada (with a CAGR of +93.3%), while shipments for the other leaders experienced mixed trend patterns.

In value terms, Canada ($X) emerged as the key foreign market for sunflower-seed and safflower oil exports from the Philippines, comprising 75% of total exports. The second position in the ranking was held by Switzerland ($X), with an 18% share of total exports. It was followed by South Korea, with a 0.3% share.

From 2016 to 2022, the average annual growth rate of value to Canada stood at -46.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Switzerland (0.0% per year) and South Korea (-54.5% per year).

Export Prices by Country

The average sunflower-seed and safflower oil export price stood at $X per ton in 2022, flattening at the previous year. Overall, the export price showed a precipitous decrease. Over the period under review, the average export prices attained the maximum at $X per ton in 2016; however, from 2017 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Canada ($X per ton), while the average price for exports to Switzerland ($X per ton) was amongst the lowest.

From 2016 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to South Korea (-29.0%), while the prices for the other major destinations experienced a decline.

Imports of Sunflower-Seed And Safflower Oil

Imports into the Philippines

Sunflower-seed and safflower oil imports into the Philippines rose rapidly to X tons in 2022, increasing by 12% compared with 2021 figures. Overall, imports showed a significant expansion. The pace of growth was the most pronounced in 2017 with an increase of 304%. Over the period under review, imports reached the peak figure at X tons in 2020; however, from 2021 to 2022, imports remained at a lower figure.

In value terms, sunflower-seed and safflower oil imports surged to $X in 2022. In general, imports continue to indicate a significant increase. The most prominent rate of growth was recorded in 2017 when imports increased by 244%. Imports peaked in 2022 and are expected to retain growth in the near future.

Imports by Country

In 2022, Bosnia and Herzegovina (X tons) constituted the largest sunflower-seed and safflower oil supplier to the Philippines, with a 42% share of total imports. Moreover, sunflower-seed and safflower oil imports from Bosnia and Herzegovina exceeded the figures recorded by the second-largest supplier, Malaysia (X tons), threefold. Austria (X tons) ranked third in terms of total imports with a 10% share.

From 2012 to 2022, the average annual growth rate of volume from Bosnia and Herzegovina stood at +28.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (+39.9% per year) and Austria (+16.8% per year).

In value terms, Bosnia and Herzegovina ($X) constituted the largest supplier of sunflower-seed and safflower oil to the Philippines, comprising 42% of total imports. The second position in the ranking was held by Malaysia ($X), with a 15% share of total imports. It was followed by Austria, with a 13% share.

From 2012 to 2022, the average annual growth rate of value from Bosnia and Herzegovina stood at +77.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (+42.7% per year) and Austria (+43.1% per year).

Import Prices by Country

In 2022, the average sunflower-seed and safflower oil import price amounted to $X per ton, increasing by 56% against the previous year. Overall, the import price saw moderate growth. Over the period under review, average import prices reached the maximum at $X per ton in 2013; however, from 2014 to 2022, import prices remained at a lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Bosnia and Herzegovina (+38.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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