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

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

In 2022, the Saudi sunflower-seed and safflower oil market decreased by -10.1% to $X for the first time since 2019, thus ending a two-year rising trend. Over the period under review, the total consumption indicated modest growth from 2012 to 2022: its value increased at an average annual rate of +1.9% 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 +85.6% against 2017 indices. Over the period under review, the market reached the maximum level at $X in 2021, and then contracted in the following year.

Production of Sunflower-Seed And Safflower Oil in Saudi Arabia

In value terms, sunflower-seed and safflower oil production stood at $X in 2022 estimated in export price. In general, production saw a relatively flat trend pattern. Over the period under review, production attained the peak level in 2022 and is likely to see gradual growth in the near future.

Exports of Sunflower-Seed And Safflower Oil

Exports from Saudi Arabia

In 2022, after two years of growth, there was significant decline in shipments abroad of sunflower-seed and safflower oil, when their volume decreased by -21.4% to X tons. Overall, exports showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 with an increase of 55%. As a result, the exports reached the peak of X tons, and then shrank remarkably in the following year.

In value terms, sunflower-seed and safflower oil exports declined markedly to $X in 2022. Over the period under review, exports showed a noticeable downturn. The pace of growth was the most pronounced in 2021 with an increase of 87%. As a result, the exports attained the peak of $X, and then shrank remarkably in the following year.

Exports by Country

Jordan (X tons) was the main destination for sunflower-seed and safflower oil exports from Saudi Arabia, with a 74% share of total exports. Moreover, sunflower-seed and safflower oil exports to Jordan exceeded the volume sent to the second major destination, Kuwait (X tons), fourfold. Oman (X tons) ranked third in terms of total exports with a 1.8% share.

From 2012 to 2022, the average annual growth rate of volume to Jordan stood at +3.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Kuwait (+71.0% per year) and Oman (+21.1% per year).

In value terms, Jordan ($X) remains the key foreign market for sunflower-seed and safflower oil exports from Saudi Arabia, comprising 72% of total exports. The second position in the ranking was taken by Kuwait ($X), with a 22% share of total exports. It was followed by Oman, with a 2.1% share.

From 2012 to 2022, the average annual growth rate of value to Jordan totaled +2.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Kuwait (+68.0% per year) and Oman (+19.4% per year).

Export Prices by Country

The average sunflower-seed and safflower oil export price stood at $X per ton in 2022, reducing by -6.3% against the previous year. In general, the export price showed a mild decline. The pace of growth was the most pronounced in 2021 an increase of 21%. Over the period under review, the average export prices attained the peak figure at $X per ton in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

Average prices varied noticeably for the major export markets. In 2022, amid the top suppliers, the countries with the highest prices were Oman ($X per ton) and Kuwait ($X per ton), while the average price for exports to Jordan ($X per ton) and the United Arab Emirates ($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 Lebanon (+0.1%), while the prices for the other major destinations experienced a decline.

Imports of Sunflower-Seed And Safflower Oil

Imports into Saudi Arabia

In 2022, overseas purchases of sunflower-seed and safflower oil decreased by -81.3% to X tons for the first time since 2019, thus ending a two-year rising trend. In general, imports continue to indicate a deep reduction. The growth pace was the most rapid in 2020 when imports increased by 44% against the previous year. Imports peaked at X tons in 2021, and then dropped markedly in the following year.

In value terms, sunflower-seed and safflower oil imports fell markedly to $X in 2022. Over the period under review, imports saw a drastic downturn. The pace of growth appeared the most rapid in 2021 when imports increased by 65% against the previous year. As a result, imports attained the peak of $X, and then dropped significantly in the following year.

Imports by Country

In 2022, Ukraine (X tons) constituted the largest supplier of sunflower-seed and safflower oil to Saudi Arabia, accounting for a 55% share of total imports. Moreover, sunflower-seed and safflower oil imports from Ukraine exceeded the figures recorded by the second-largest supplier, Turkey (X tons), fourfold. Kuwait (X tons) ranked third in terms of total imports with a 9.8% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Ukraine stood at -14.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Turkey (+6.6% per year) and Kuwait (+14.4% per year).

In value terms, Ukraine ($X) constituted the largest supplier of sunflower-seed and safflower oil to Saudi Arabia, comprising 52% of total imports. The second position in the ranking was held by Kuwait ($X), with a 13% share of total imports. It was followed by Turkey, with a 12% share.

From 2012 to 2022, the average annual growth rate of value from Ukraine totaled -15.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Kuwait (+12.8% per year) and Turkey (+7.4% per year).

Import Prices by Country

In 2022, the average sunflower-seed and safflower oil import price amounted to $X per ton, shrinking by -14.6% against the previous year. Over the period under review, the import price showed a slight decline. The pace of growth was the most pronounced in 2021 an increase of 62% against the previous year. Over the period under review, average import prices attained the peak figure at $X per ton in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

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 the United Arab Emirates ($X per ton), while the price for Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Turkey (+0.8%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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