Saudi Arabia: Market for Crude Sunflower-Seed And Safflower Oil 2024

Market Size for Crude Sunflower-Seed And Safflower Oil in Saudi Arabia

In 2022, the Saudi market for crude sunflower-seed and safflower oil decreased by 99.9% to less than $X for the first time since 2019, thus ending a two-year rising trend. Overall, consumption enjoyed a buoyant expansion. As a result, consumption attained the peak level of $X, and then declined markedly in the following year.

Production of Crude Sunflower-Seed And Safflower Oil in Saudi Arabia

In value terms, crude sunflower-seed and safflower oil production totaled $X in 2022 estimated in export price. Overall, production showed a relatively flat trend pattern. Crude sunflower-seed and safflower oil production peaked in 2022 and is likely to see gradual growth in the near future.

Exports of Crude Sunflower-Seed And Safflower Oil

Exports from Saudi Arabia

In 2022, the amount of crude sunflower-seed and safflower oil exported from Saudi Arabia surged to X tons, with an increase of 24% compared with 2021 figures. Overall, exports saw a significant increase. The pace of growth appeared the most rapid in 2014 when exports increased by 1,533%. As a result, the exports attained the peak of X tons. From 2015 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, crude sunflower-seed and safflower oil exports rose sharply to $X in 2022. Over the period under review, exports recorded a resilient increase. The most prominent rate of growth was recorded in 2014 with an increase of 1,098%. Over the period under review, the exports reached the peak figure at $X in 2017; however, from 2018 to 2022, the exports remained at a lower figure.

Exports by Country

France (X tons) and the Netherlands (X tons) were the main destinations of crude sunflower-seed and safflower oil exports from Saudi Arabia.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by France (with a CAGR of +413.3%).

In value terms, France ($X) and the Netherlands ($X) were the largest markets for crude sunflower-seed and safflower oil exported from Saudi Arabia worldwide.

Among the main countries of destination, France, with a CAGR of +423.5%, saw the highest rates of growth with regard to the value of exports, over the period under review.

Export Prices by Country

The average export price for crude sunflower-seed and safflower oil stood at $X per ton in 2022, declining by -13.6% against the previous year. Over the period under review, the export price showed a perceptible setback. The most prominent rate of growth was recorded in 2015 when the average export price increased by 33%. Over the period under review, the average export prices attained the maximum at $X per ton in 2019; however, from 2020 to 2022, the export prices remained at a lower figure.

Average prices varied somewhat for the major external markets. In 2022, amid the top suppliers, the country with the highest price was the Netherlands ($X per ton), while the average price for exports to France totaled $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Qatar (+5.7%), while the prices for the other major destinations experienced mixed trend patterns.

Imports of Crude Sunflower-Seed And Safflower Oil

Imports into Saudi Arabia

Crude sunflower-seed and safflower oil imports into Saudi Arabia soared to X tons in 2021, picking up by 16% against 2020 figures. Overall, imports continue to indicate a resilient expansion. The most prominent rate of growth was recorded in 2020 when imports increased by 89% against the previous year. Imports peaked in 2021 and are likely to see steady growth in years to come.

In value terms, crude sunflower-seed and safflower oil imports surged to $X in 2021. In general, imports enjoyed a prominent increase. The growth pace was the most rapid in 2020 when imports increased by 97% against the previous year. Imports peaked in 2021 and are expected to retain growth in years to come.

Imports by Country

In 2021, Ukraine (X tons) was the main supplier of crude sunflower-seed and safflower oil to Saudi Arabia, accounting for a 92% share of total imports. Moreover, crude sunflower-seed and safflower oil imports from Ukraine exceeded the figures recorded by the second-largest supplier, Bulgaria (X tons), more than tenfold.

From 2012 to 2021, the average annual rate of growth in terms of volume from Ukraine amounted to +5.1%.

In value terms, Ukraine ($X) constituted the largest supplier of crude sunflower-seed and safflower oil to Saudi Arabia, comprising 93% of total imports. The second position in the ranking was taken by Bulgaria ($X), with a 7.1% share of total imports.

From 2012 to 2021, the average annual rate of growth in terms of value from Ukraine totaled +7.0%.

Import Prices by Country

In 2021, the average import price for crude sunflower-seed and safflower oil amounted to $X per ton, rising by 69% against the previous year. In general, import price indicated a mild expansion from 2012 to 2021: its price increased at an average annual rate of +1.6% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, crude sunflower-seed and safflower oil import price increased by +76.4% against 2019 indices. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

Average prices varied noticeably amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Ukraine ($X per ton), while the price for Bulgaria totaled $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Ukraine (+1.8%).

Source: IndexBox Platform

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