Singapore: Market for Sunflower-Seed And Safflower Oil 2025

Market Size for Sunflower-Seed And Safflower Oil in Singapore

The Singaporean sunflower-seed and safflower oil market soared to $X in 2022, with an increase of 16% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). The market value increased at an average annual rate of +3.3% over the period from 2012 to 2022; however, the trend pattern remained consistent, with only minor fluctuations throughout the analyzed period. Sunflower-seed and safflower oil consumption peaked in 2022 and is expected to retain growth in the immediate term.

Exports of Sunflower-Seed And Safflower Oil

Exports from Singapore

In 2022, overseas shipments of sunflower-seed and safflower oil decreased by -45.2% to X tons, falling for the second consecutive year after two years of growth. Over the period under review, exports continue to indicate a abrupt downturn. The pace of growth appeared the most rapid in 2020 with an increase of 668% against the previous year. As a result, the exports attained the peak of X tons. From 2021 to 2022, the growth of the exports remained at a lower figure.

In value terms, sunflower-seed and safflower oil exports contracted significantly to $X in 2022. Overall, exports faced a deep setback. The pace of growth appeared the most rapid in 2020 with an increase of 483%. As a result, the exports attained the peak of $X. From 2021 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Indonesia (X tons), Bahrain (X tons) and Brunei Darussalam (X tons) were the main destinations of sunflower-seed and safflower oil exports from Singapore, with a combined 43% share of total exports. Sri Lanka, the Philippines, Papua New Guinea, Nepal, Cambodia, Fiji and Maldives lagged somewhat behind, together comprising a further 45%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Nepal (with a CAGR of +8.5%), while the other leaders experienced more modest paces of growth.

In value terms, Indonesia ($X) emerged as the key foreign market for sunflower-seed and safflower oil exports from Singapore, comprising 21% of total exports. The second position in the ranking was held by Bahrain ($X), with an 11% share of total exports. It was followed by Brunei Darussalam, with a 9.9% share.

From 2012 to 2022, the average annual growth rate of value to Indonesia totaled +7.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Bahrain (-7.4% per year) and Brunei Darussalam (-3.6% per year).

Export Prices by Country

The average sunflower-seed and safflower oil export price stood at $X per ton in 2022, surging by 20% against the previous year. Over the period under review, the export price posted a mild expansion. The pace of growth was the most pronounced in 2021 an increase of 111% against the previous year. Over the period under review, the average export prices reached the peak figure in 2022 and is likely to see gradual growth in the immediate term.

Average prices varied somewhat for the major overseas markets. In 2022, amid the top suppliers, the countries with the highest prices were Papua New Guinea ($X per ton) and Cambodia ($X per ton), while the average price for exports to Nepal ($X per ton) and Fiji ($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 Papua New Guinea (+5.5%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Sunflower-Seed And Safflower Oil

Imports into Singapore

In 2022, purchases abroad of sunflower-seed and safflower oil decreased by -14.8% to X tons, falling for the second consecutive year after three years of growth. In general, imports saw a mild descent. The pace of growth was the most pronounced in 2020 when imports increased by 66%. As a result, imports attained the peak of X tons. From 2021 to 2022, the growth of imports remained at a lower figure.

In value terms, sunflower-seed and safflower oil imports soared to $X in 2022. Over the period under review, imports, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 with an increase of 48%. As a result, imports reached the peak of $X. From 2021 to 2022, the growth of imports remained at a lower figure.

Imports by Country

Malaysia (X tons), Russia (X tons) and Ukraine (X tons) were the main suppliers of sunflower-seed and safflower oil imports to Singapore, with a combined 83% share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Russia (with a CAGR of +57.4%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Malaysia ($X) constituted the largest supplier of sunflower-seed and safflower oil to Singapore, comprising 52% of total imports. The second position in the ranking was taken by Russia ($X), with a 25% share of total imports. It was followed by China, with a 5.1% share.

From 2012 to 2022, the average annual growth rate of value from Malaysia amounted to +7.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Russia (+59.5% per year) and China (-2.7% per year).

Import Prices by Country

The average sunflower-seed and safflower oil import price stood at $X per ton in 2022, with an increase of 44% against the previous year. Overall, import price indicated a slight increase from 2012 to 2022: its price increased at an average annual rate of +1.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, sunflower-seed and safflower oil import price increased by +97.6% against 2020 indices. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was China ($X per ton), while the price for Russia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Malaysia (+4.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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