Russian Federation: Market for Sunflower-Seed And Safflower Oil 2024

Market Size for Sunflower-Seed And Safflower Oil in the Russian Federation

In 2022, the Russian sunflower-seed and safflower oil market decreased by -6.5% to $X for the first time since 2019, thus ending a two-year rising trend. The market value increased at an average annual rate of +1.2% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Sunflower-seed and safflower oil consumption peaked at $X in 2021, and then shrank in the following year.

Production of Sunflower-Seed And Safflower Oil in the Russian Federation

In value terms, sunflower-seed and safflower oil production rose modestly to $X in 2022 estimated in export price. In general, production continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2020 with an increase of 20%. As a result, production reached the peak level of $X. From 2021 to 2022, production growth remained at a lower figure.

Exports of Sunflower-Seed And Safflower Oil

Exports from the Russian Federation

In 2022, exports of sunflower-seed and safflower oil from Russia skyrocketed to X tons, with an increase of 16% against the year before. In general, exports posted resilient growth. The pace of growth was the most pronounced in 2019 with an increase of 47%. The exports peaked at X tons in 2020; however, from 2021 to 2022, the exports failed to regain momentum.

In value terms, sunflower-seed and safflower oil exports shrank to $X in 2022. Overall, exports continue to indicate resilient growth. The pace of growth appeared the most rapid in 2019 when exports increased by 38%. The exports peaked at $X in 2021, and then shrank in the following year.

Exports by Country

Turkey (X tons) was the main destination for sunflower-seed and safflower oil exports from Russia, accounting for a 46% share of total exports. Moreover, sunflower-seed and safflower oil exports to Turkey exceeded the volume sent to the second major destination, India (X tons), fourfold. Kazakhstan (X tons) ranked third in terms of total exports with a 9.5% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Turkey totaled +9.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: India (+33.7% per year) and Kazakhstan (+12.4% per year).

In value terms, Turkey ($X) remains the key foreign market for sunflower-seed and safflower oil exports from Russia, comprising 45% of total exports. The second position in the ranking was taken by India ($X), with an 11% share of total exports. It was followed by Kazakhstan, with an 8.4% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Turkey amounted to +8.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: India (+32.8% per year) and Kazakhstan (+8.8% per year).

Export Prices by Country

The average sunflower-seed and safflower oil export price stood at $X per ton in 2022, reducing by -22.9% against the previous year. In general, the export price continues to indicate a slight contraction. The most prominent rate of growth was recorded in 2021 when the average export price increased by 67%. As a result, the export price attained the peak level of $X per ton, and then shrank notably in the following year.

Average prices varied somewhat for the major export markets. In 2022, amid the top suppliers, the countries with the highest prices were Uzbekistan ($X per ton) and Albania ($X per ton), while the average price for exports to Kazakhstan ($X per ton) and Belarus ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Albania (+6.7%), while the prices for the other major destinations experienced a decline.

Imports of Sunflower-Seed And Safflower Oil

Imports into the Russian Federation

In 2022, purchases abroad of sunflower-seed and safflower oil was finally on the rise to reach X tons after three years of decline. Overall, imports, however, recorded a precipitous decrease. The most prominent rate of growth was recorded in 2018 when imports increased by 81%. Imports peaked at X tons in 2013; however, from 2014 to 2022, imports failed to regain momentum.

In value terms, sunflower-seed and safflower oil imports expanded to $X in 2022. Over the period under review, imports, however, saw a significant decline. The growth pace was the most rapid in 2018 when imports increased by 89% against the previous year. Over the period under review, imports reached the maximum at $X in 2013; however, from 2014 to 2022, imports stood at a somewhat lower figure.

Imports by Country

Belarus (X tons), Italy (X tons) and Kazakhstan (X tons) were the main suppliers of sunflower-seed and safflower oil imports to Russia, together accounting for 78% of total imports. Hungary and France lagged somewhat behind, together accounting for a further 21%.

From 2012 to 2022, the biggest increases were recorded for Hungary (with a CAGR of +19,886.3%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Belarus ($X), Italy ($X) and Hungary ($X) appeared to be the largest sunflower-seed and safflower oil suppliers to Russia, together accounting for 88% of total imports.

Hungary, with a CAGR of +10,904.1%, saw the highest growth rate of the value of imports, among 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 sunflower-seed and safflower oil import price stood at $X per ton in 2022, leveling off at the previous year. Overall, the import price, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2020 when the average import price increased by 19%. The import price peaked at $X per ton in 2021, and then declined modestly in the following year.

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 France ($X per ton), while the price for Kazakhstan ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Belarus (+2.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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