Portugal: Market for Sunflower-Seed And Safflower Oil 2024

Market Size for Sunflower-Seed And Safflower Oil in Portugal

The Portuguese sunflower-seed and safflower oil market dropped notably to $X in 2022, which is down by -20.1% against the previous year. In general, the total consumption indicated a noticeable expansion from 2012 to 2022: its value increased at an average annual rate of +2.5% 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 +15.5% against 2017 indices. As a result, consumption attained the peak level of $X, and then contracted rapidly in the following year.

Production of Sunflower-Seed And Safflower Oil in Portugal

In value terms, sunflower-seed and safflower oil production soared to $X in 2022 estimated in export price. Overall, production showed a deep setback. The most prominent rate of growth was recorded in 2017 when the production volume increased by 34%. Over the period under review, production attained the peak level at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Exports of Sunflower-Seed And Safflower Oil

Exports from Portugal

After three years of decline, shipments abroad of sunflower-seed and safflower oil increased by 85% to X tons in 2022. Over the period under review, exports saw a perceptible increase. Over the period under review, the exports reached the maximum at X tons in 2013; however, from 2014 to 2022, the exports remained at a lower figure.

In value terms, sunflower-seed and safflower oil exports surged to $X in 2022. Overall, exports continue to indicate a strong expansion. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

Spain (X tons) was the main destination for sunflower-seed and safflower oil exports from Portugal, with a 68% share of total exports. Moreover, sunflower-seed and safflower oil exports to Spain exceeded the volume sent to the second major destination, France (X tons), fivefold. The third position in this ranking was taken by the UK (X tons), with a 3.7% share.

From 2012 to 2022, the average annual growth rate of volume to Spain was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: France (+43.9% per year) and the UK (+69.9% per year).

In value terms, Spain ($X) remains the key foreign market for sunflower-seed and safflower oil exports from Portugal, comprising 73% of total exports. The second position in the ranking was taken by France ($X), with an 8.6% share of total exports. It was followed by Germany, with a 5.3% share.

From 2012 to 2022, the average annual growth rate of value to Spain totaled +3.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: France (+39.0% per year) and Germany (+67.0% per year).

Export Prices by Country

In 2022, the average sunflower-seed and safflower oil export price amounted to $X per ton, surging by 27% against the previous year. Over the period under review, export price indicated a noticeable increase from 2012 to 2022: its price increased at an average annual rate of +2.8% 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 export price increased by +123.1% against 2019 indices. The most prominent rate of growth was recorded in 2021 when the average export price increased by 54% against the previous year. The export price peaked in 2022 and is expected to retain growth in years to come.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Germany ($X per ton), while the average price for exports to France ($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 Germany (+8.6%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Sunflower-Seed And Safflower Oil

Imports into Portugal

Sunflower-seed and safflower oil imports into Portugal reduced rapidly to X tons in 2022, falling by -27.7% against 2021 figures. Overall, imports, however, continue to indicate a notable expansion. The pace of growth appeared the most rapid in 2017 when imports increased by 95%. Over the period under review, imports attained the peak figure at X tons in 2021, and then shrank markedly in the following year.

In value terms, sunflower-seed and safflower oil imports dropped to $X in 2022. Over the period under review, imports, however, showed a prominent increase. The most prominent rate of growth was recorded in 2021 when imports increased by 105%. As a result, imports reached the peak of $X, and then contracted in the following year.

Imports by Country

In 2022, Spain (X tons) constituted the largest supplier of sunflower-seed and safflower oil to Portugal, with a 53% share of total imports. Moreover, sunflower-seed and safflower oil imports from Spain exceeded the figures recorded by the second-largest supplier, Moldova (X tons), threefold. Ukraine (X tons) ranked third in terms of total imports with a 9.4% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Spain amounted to +1.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Moldova (+12.9% per year) and Ukraine (-1.8% per year).

In value terms, Spain ($X) constituted the largest supplier of sunflower-seed and safflower oil to Portugal, comprising 57% of total imports. The second position in the ranking was taken by Moldova ($X), with a 19% share of total imports. It was followed by Ukraine, with a 7.9% share.

From 2012 to 2022, the average annual growth rate of value from Spain stood at +5.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Moldova (+20.5% per year) and Ukraine (+1.1% per year).

Import Prices by Country

The average sunflower-seed and safflower oil import price stood at $X per ton in 2022, picking up by 26% against the previous year. In general, import price indicated a notable increase 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 +103.1% against 2019 indices. The most prominent rate of growth was recorded in 2021 when the average import price increased by 49% against the previous year. Over the period under review, average import prices hit record highs in 2022 and is expected to retain growth in years to come.

Prices varied noticeably by country of origin: 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 Bulgaria (+10.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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