Portugal: Market for Crude Sunflower-Seed And Safflower Oil 2024

Market Size for Crude Sunflower-Seed And Safflower Oil in Portugal

The Portuguese market for crude sunflower-seed and safflower oil shrank dramatically to $X in 2022, reducing by -15.6% against the previous year. Over the period under review, consumption saw a slight decrease. Over the period under review, the market reached the peak level at $X in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

Production of Crude Sunflower-Seed And Safflower Oil in Portugal

In value terms, crude sunflower-seed and safflower oil production surged to $X in 2022 estimated in export price. In general, production saw a drastic downturn. Over the period under review, production hit record highs at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Exports of Crude Sunflower-Seed And Safflower Oil

Exports from Portugal

In 2022, after two years of decline, there was significant growth in overseas shipments of crude sunflower-seed and safflower oil, when their volume increased by 123% to X tons. Over the period under review, exports continue to indicate noticeable growth. The growth pace was the most rapid in 2016 with an increase of 137% against the previous year. Over the period under review, the exports hit record highs at X tons in 2013; however, from 2014 to 2022, the exports remained at a lower figure.

In value terms, crude sunflower-seed and safflower oil exports soared to $X in 2022. In general, exports continue to indicate strong growth. The growth pace was the most rapid in 2016 with an increase of 206%. 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

Spain (X tons) was the main destination for crude sunflower-seed and safflower oil exports from Portugal, accounting for a 88% share of total exports. Moreover, crude sunflower-seed and safflower oil exports to Spain exceeded the volume sent to the second major destination, France (X tons), more than tenfold.

From 2012 to 2022, the average annual rate of growth in terms of volume to Spain totaled +3.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: France (+49.8% per year) and Italy (+1,056,505.7% per year).

In value terms, Spain ($X) remains the key foreign market for crude sunflower-seed and safflower oil exports from Portugal, comprising 90% of total exports. The second position in the ranking was held by France ($X), with a 5.3% share of total exports.

From 2012 to 2022, the average annual growth rate of value to Spain stood at +7.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: France (+53.4% per year) and Italy (+610,441.1% per year).

Export Prices by Country

In 2022, the average export price for crude sunflower-seed and safflower oil amounted to $X per ton, rising by 27% against the previous year. In general, the export price recorded a measured increase. The pace of growth was the most pronounced in 2021 when the average export price increased by 71% against the previous year. Over the period under review, the average export prices attained the maximum in 2022 and is likely to continue growth in the near future.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Spain ($X per ton), while the average price for exports to Italy ($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 Spain (+3.4%), while the prices for the other major destinations experienced mixed trend patterns.

Imports of Crude Sunflower-Seed And Safflower Oil

Imports into Portugal

In 2022, the amount of crude sunflower-seed and safflower oil imported into Portugal fell significantly to X tons, shrinking by -34.7% compared with 2021. Overall, imports, however, showed a notable expansion. The most prominent rate of growth was recorded in 2017 with an increase of 173% against the previous year. Over the period under review, imports hit record highs at X tons in 2021, and then fell sharply in the following year.

In value terms, crude sunflower-seed and safflower oil imports contracted sharply to $X in 2022. In general, imports, however, posted a prominent increase. The growth pace was the most rapid in 2017 with an increase of 165%. Over the period under review, imports reached the peak figure at $X in 2021, and then reduced remarkably in the following year.

Imports by Country

Spain (X tons), Moldova (X tons) and Ukraine (X tons) were the main suppliers of crude sunflower-seed and safflower oil imports to Portugal, together comprising 82% of total imports.

From 2012 to 2022, the biggest increases were recorded for Moldova (with a CAGR of +12.9%), while purchases for the other leaders experienced mixed trend patterns.

In value terms, the largest crude sunflower-seed and safflower oil suppliers to Portugal were Spain ($X), Moldova ($X) and Ukraine ($X), together accounting for 88% of total imports.

Moldova, with a CAGR of +20.5%, 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 import price for crude sunflower-seed and safflower oil stood at $X per ton in 2022, picking up by 26% against the previous year. Overall, the import price enjoyed noticeable growth. The most prominent rate of growth was recorded in 2021 an increase of 62% against the previous year. The import price peaked in 2022 and is expected to retain growth in the near future.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Moldova ($X per ton), while the price for Romania ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Argentina (+11.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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