Serbia: Market for Crude Sunflower-Seed And Safflower Oil 2024

Market Size for Crude Sunflower-Seed And Safflower Oil in Serbia

For the third consecutive year, the Serbian market for crude sunflower-seed and safflower oil recorded growth in sales value, which increased by 17% to $X in 2022. The market value increased at an average annual rate of +3.1% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market reached the peak level at $X in 2018; however, from 2019 to 2022, consumption stood at a somewhat lower figure.

Production of Crude Sunflower-Seed And Safflower Oil in Serbia

In value terms, crude sunflower-seed and safflower oil production reduced to $X in 2022 estimated in export price. Over the period under review, production, however, posted a prominent increase. The pace of growth appeared the most rapid in 2013 when the production volume increased by 105% against the previous year. Over the period under review, production hit record highs at $X in 2019; however, from 2020 to 2022, production remained at a lower figure.

Exports of Crude Sunflower-Seed And Safflower Oil

Exports from Serbia

Crude sunflower-seed and safflower oil exports from Serbia declined dramatically to X tons in 2022, dropping by -38.5% compared with 2021. Over the period under review, exports, however, recorded a buoyant increase. The pace of growth was the most pronounced in 2013 when exports increased by 143%. The exports peaked at X tons in 2019; however, from 2020 to 2022, the exports remained at a lower figure.

In value terms, crude sunflower-seed and safflower oil exports reduced markedly to $X in 2022. Overall, exports, however, continue to indicate a remarkable increase. The pace of growth appeared the most rapid in 2013 with an increase of 151% against the previous year. Over the period under review, the exports hit record highs at $X in 2021, and then reduced remarkably in the following year.

Exports by Country

Croatia (X tons), Italy (X tons) and Bosnia and Herzegovina (X tons) were the main destinations of crude sunflower-seed and safflower oil exports from Serbia, with a combined 67% share of total exports. North Macedonia, Slovenia, the Netherlands, Turkey and Hungary lagged somewhat behind, together comprising a further 29%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by North Macedonia (with a CAGR of +38.9%), while the other leaders experienced more modest paces of growth.

In value terms, Croatia ($X), Italy ($X) and Bosnia and Herzegovina ($X) constituted the largest markets for crude sunflower-seed and safflower oil exported from Serbia worldwide, together accounting for 69% of total exports. North Macedonia, Slovenia, the Netherlands, Turkey and Hungary lagged somewhat behind, together accounting for a further 27%.

North Macedonia, with a CAGR of +39.0%, recorded the highest rates of growth with regard to the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average export price for crude sunflower-seed and safflower oil stood at $X per ton in 2022, growing by 28% against the previous year. In general, export price indicated noticeable growth from 2012 to 2022: its price increased at an average annual rate of +3.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, crude sunflower-seed and safflower oil export price increased by +98.0% against 2019 indices. The pace of growth appeared the most rapid in 2021 when the average export price increased by 31% against the previous year. Over the period under review, the average export prices hit record highs in 2022 and is expected to retain growth in the near future.

Average prices varied somewhat for the major foreign markets. In 2022, amid the top suppliers, the countries with the highest prices were Bosnia and Herzegovina ($X per ton) and the Netherlands ($X per ton), while the average price for exports to Slovenia ($X per ton) and Turkey ($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 Turkey (+19.0%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Crude Sunflower-Seed And Safflower Oil

Imports into Serbia

In 2022, the amount of crude sunflower-seed and safflower oil imported into Serbia fell significantly to X tons, which is down by -87.9% against the previous year. In general, imports, however, posted a prominent increase. The most prominent rate of growth was recorded in 2016 with an increase of 505,803% against the previous year. Imports peaked at X tons in 2017; however, from 2018 to 2022, imports remained at a lower figure.

In value terms, crude sunflower-seed and safflower oil imports contracted significantly to $X in 2022. Over the period under review, imports, however, saw a strong increase. The growth pace was the most rapid in 2016 when imports increased by 204,901% against the previous year. Over the period under review, imports attained the peak figure at $X in 2021, and then fell markedly in the following year.

Imports by Country

In 2022, Bulgaria (X tons) was the main crude sunflower-seed and safflower oil supplier to Serbia, with a 95% share of total imports. Moreover, crude sunflower-seed and safflower oil imports from Bulgaria exceeded the figures recorded by the second-largest supplier, Italy (X tons), more than tenfold.

From 2012 to 2022, the average annual growth rate of volume from Bulgaria stood at +11.1%.

In value terms, Bulgaria ($X) constituted the largest supplier of crude sunflower-seed and safflower oil to Serbia, comprising 94% of total imports. The second position in the ranking was held by Italy ($X), with a 4.7% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value from Bulgaria totaled +11.0%.

Import Prices by Country

In 2022, the average import price for crude sunflower-seed and safflower oil amounted to $X per ton, declining by -13.5% against the previous year. In general, the import price showed a relatively flat trend pattern. The growth pace was the most rapid in 2020 when the average import price increased by 183%. The import price peaked at $X per ton in 2015; however, from 2016 to 2022, import prices stood at a somewhat lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Croatia (+8.2%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform