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

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

In 2022, after two years of growth, there was decline in the Russian market for crude sunflower-seed and safflower oil, when its value decreased by -2.6% to $X. The market value increased at an average annual rate of +1.8% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Crude sunflower-seed and safflower oil consumption peaked at $X in 2021, and then dropped modestly in the following year.

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

In value terms, crude sunflower-seed and safflower oil production rose modestly to $X in 2022 estimated in export price. In general, production showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2020 when the production volume increased by 18% against the previous year. As a result, production reached the peak level of $X. From 2021 to 2022, production growth remained at a somewhat lower figure.

Exports of Crude Sunflower-Seed And Safflower Oil

Exports from the Russian Federation

In 2022, overseas shipments of crude sunflower-seed and safflower oil were finally on the rise to reach X tons after two years of decline. Over the period under review, exports showed resilient growth. The growth pace was the most rapid in 2019 with an increase of 56% against the previous year. As a result, the exports reached the peak of X tons. From 2020 to 2022, the growth of the exports remained at a lower figure.

In value terms, crude sunflower-seed and safflower oil exports contracted to $X in 2022. Overall, exports recorded resilient growth. The pace of growth was the most pronounced in 2019 when exports increased by 47% against the previous year. Over the period under review, the exports attained the maximum at $X in 2021, and then declined in the following year.

Exports by Country

Turkey (X tons) was the main destination for crude sunflower-seed and safflower oil exports from Russia, accounting for a 58% share of total exports. Moreover, crude sunflower-seed and safflower oil exports to Turkey exceeded the volume sent to the second major destination, India (X tons), fourfold. The third position in this ranking was held by Kazakhstan (X tons), with a 7.7% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Turkey stood at +9.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: India (+33.7% per year) and Kazakhstan (+13.8% per year).

In value terms, Turkey ($X) remains the key foreign market for crude sunflower-seed and safflower oil exports from Russia, comprising 59% of total exports. The second position in the ranking was held by India ($X), with a 15% share of total exports. It was followed by Egypt, with a 7.3% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Turkey totaled +8.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: India (+32.8% per year) and Egypt (-5.2% per year).

Export Prices by Country

In 2022, the average export price for crude sunflower-seed and safflower oil amounted to $X per ton, declining by -23.5% against the previous year. Over the period under review, the export price recorded a mild reduction. The most prominent rate of growth was recorded in 2021 when the average export price increased by 72%. As a result, the export price attained the peak level of $X per ton, and then reduced notably in the following year.

Average prices varied somewhat for the major foreign markets. In 2022, amid the top suppliers, the countries with the highest prices were India ($X per ton) and Egypt ($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 India (-0.7%), while the prices for the other major destinations experienced a decline.

Imports of Crude Sunflower-Seed And Safflower Oil

Imports into the Russian Federation

Crude sunflower-seed and safflower oil imports into Russia fell remarkably to X tons in 2022, with a decrease of -40.2% on the year before. In general, imports faced a precipitous contraction. The pace of growth appeared the most rapid in 2018 with an increase of 487%. Imports peaked at X tons in 2013; however, from 2014 to 2022, imports stood at a somewhat lower figure.

In value terms, crude sunflower-seed and safflower oil imports declined to $X in 2022. Over the period under review, imports showed a sharp shrinkage. The growth pace was the most rapid in 2018 with an increase of 511%. Imports peaked at $X in 2013; however, from 2014 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, Italy (X tons) was the main supplier of crude sunflower-seed and safflower oil to Russia, with a 96% share of total imports. Moreover, crude sunflower-seed and safflower oil imports from Italy exceeded the figures recorded by the second-largest supplier, Germany (X tons), more than tenfold.

From 2012 to 2022, the average annual growth rate of volume from Italy stood at +40.7%.

In value terms, Italy ($X) constituted the largest supplier of crude sunflower-seed and safflower oil to Russia, comprising 94% of total imports. The second position in the ranking was taken by Germany ($X), with a 5.7% share of total imports.

From 2012 to 2022, the average annual growth rate of value from Italy totaled +32.3%.

Import Prices by Country

In 2022, the average import price for crude sunflower-seed and safflower oil amounted to $X per ton, rising by 54% against the previous year. Over the last decade, it increased at an average annual rate of +4.3%. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

Average prices varied somewhat amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Germany ($X per ton), while the price for Italy stood at $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Ukraine (+3.3%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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