South Africa: Market for Sunflower-Seed And Safflower Oil 2024

Market Size for Sunflower-Seed And Safflower Oil in South Africa

The South African sunflower-seed and safflower oil market soared to $X in 2022, rising by 41% against the previous year. Overall, the total consumption indicated tangible growth from 2012 to 2022: its value increased at an average annual rate of +2.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -9.8% against 2020 indices. Over the period under review, the market attained the maximum level at $X in 2020; however, from 2021 to 2022, consumption remained at a lower figure.

Production of Sunflower-Seed And Safflower Oil in South Africa

In value terms, sunflower-seed and safflower oil production rose notably to $X in 2022 estimated in export price. Over the period under review, the total production indicated pronounced growth from 2012 to 2022: its value increased at an average annual rate of +3.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +25.5% against 2019 indices. The most prominent rate of growth was recorded in 2017 when the production volume increased by 86%. Sunflower-seed and safflower oil production peaked at $X in 2014; however, from 2015 to 2022, production failed to regain momentum.

Exports of Sunflower-Seed And Safflower Oil

Exports from South Africa

After two years of decline, shipments abroad of sunflower-seed and safflower oil increased by 19% to X tons in 2022. Overall, exports, however, showed a drastic downturn. The most prominent rate of growth was recorded in 2016 when exports increased by 61% against the previous year. Over the period under review, the exports reached the peak figure at X tons in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

In value terms, sunflower-seed and safflower oil exports soared to $X in 2022. In general, exports recorded a relatively flat trend pattern. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

Namibia (X tons), Botswana (X tons) and Lesotho (X tons) were the main destinations of sunflower-seed and safflower oil exports from South Africa, together comprising 67% of total exports. The United Arab Emirates, the Netherlands, Spain, Mozambique, Swaziland, Zimbabwe and Malawi lagged somewhat behind, together comprising a further 27%.

From 2012 to 2022, the biggest increases were recorded for the United Arab Emirates (with a CAGR of +250.8%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Namibia ($X), Botswana ($X) and the United Arab Emirates ($X) constituted the largest markets for sunflower-seed and safflower oil exported from South Africa worldwide, with a combined 70% share of total exports.

The United Arab Emirates, with a CAGR of +273.9%, recorded the highest growth rate of the value of exports, among 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

In 2022, the average sunflower-seed and safflower oil export price amounted to $X per ton, with an increase of 43% against the previous year. In general, the export price recorded a prominent expansion. The most prominent rate of growth was recorded in 2017 when the average export price increased by 50%. The export price peaked in 2022 and is likely to continue growth in years to come.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the United Arab Emirates ($X per ton), while the average price for exports to Lesotho ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Spain (+18.1%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Sunflower-Seed And Safflower Oil

Imports into South Africa

In 2022, overseas purchases of sunflower-seed and safflower oil were finally on the rise to reach X tons after two years of decline. In general, imports, however, saw a mild shrinkage. Imports peaked at X tons in 2019; however, from 2020 to 2022, imports remained at a lower figure.

In value terms, sunflower-seed and safflower oil imports soared to $X in 2022. Overall, imports continue to indicate a mild expansion. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2022, Bulgaria (X tons) constituted the largest sunflower-seed and safflower oil supplier to South Africa, accounting for a 61% share of total imports. Moreover, sunflower-seed and safflower oil imports from Bulgaria exceeded the figures recorded by the second-largest supplier, Romania (X tons), fourfold. Argentina (X tons) ranked third in terms of total imports with a 9.6% share.

From 2012 to 2022, the average annual growth rate of volume from Bulgaria stood at +22.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Romania (+20.9% per year) and Argentina (-17.4% per year).

In value terms, Bulgaria ($X) constituted the largest supplier of sunflower-seed and safflower oil to South Africa, comprising 59% of total imports. The second position in the ranking was held by Romania ($X), with a 20% share of total imports. It was followed by Argentina, with an 8.1% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Bulgaria stood at +32.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Romania (+29.0% per year) and Argentina (-16.3% per year).

Import Prices by Country

The average sunflower-seed and safflower oil import price stood at $X per ton in 2022, jumping by 30% against the previous year. Overall, import price indicated a notable increase from 2012 to 2022: its price increased at an average annual rate of +2.9% 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 +122.4% against 2019 indices. The pace of growth was the most pronounced in 2021 when the average import price increased by 46%. The import price peaked in 2022 and is expected to retain growth in the near future.

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 Netherlands ($X per ton), while the price for Argentina ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Netherlands (+9.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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