South-Eastern Asia: Market for Crude Sunflower-Seed And Safflower Oil 2024

Market Size for Crude Sunflower-Seed And Safflower Oil in South-Eastern Asia

In 2022, after three years of growth, there was significant decline in the Southeast Asian market for crude sunflower-seed and safflower oil, when its value decreased by -7% to $X. In general, consumption, however, enjoyed a pronounced expansion. The level of consumption peaked at $X in 2021, and then dropped in the following year.

Production of Crude Sunflower-Seed And Safflower Oil in South-Eastern Asia

In value terms, crude sunflower-seed and safflower oil production stood at $X in 2022 estimated in export price. In general, production, however, saw a deep downturn. The pace of growth appeared the most rapid in 2015 with an increase of 66%. As a result, production attained the peak level of $X. From 2016 to 2022, production growth remained at a lower figure.

Exports of Crude Sunflower-Seed And Safflower Oil

Exports in South-Eastern Asia

In 2022, shipments abroad of crude sunflower-seed and safflower oil decreased by -31.3% to X tons for the first time since 2019, thus ending a two-year rising trend. Overall, exports recorded a abrupt downturn. The most prominent rate of growth was recorded in 2014 with an increase of 424% against the previous year. Over the period under review, the exports reached the peak figure at X tons in 2016; however, from 2017 to 2022, the exports failed to regain momentum.

In value terms, crude sunflower-seed and safflower oil exports contracted rapidly to $X in 2022. In general, exports recorded a abrupt curtailment. The growth pace was the most rapid in 2014 with an increase of 369%. As a result, the exports attained the peak of $X. From 2015 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

Malaysia represented the major exporting country with an export of around X tons, which resulted at 68% of total exports. It was distantly followed by Indonesia (X tons), committing a 32% share of total exports.

Malaysia experienced a relatively flat trend pattern with regard to volume of exports of crude sunflower-seed and safflower oil. Indonesia (-12.5%) illustrated a downward trend over the same period. Malaysia (+32 p.p.) significantly strengthened its position in terms of the total exports, while Indonesia saw its share reduced by -28.7% from 2012 to 2022, respectively.

In value terms, Malaysia ($X) remains the largest crude sunflower-seed and safflower oil supplier in South-Eastern Asia, comprising 70% of total exports. The second position in the ranking was taken by Indonesia ($X), with a 29% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value in Malaysia totaled -4.2%.

Export Prices by Country

In 2022, the export price in South-Eastern Asia amounted to $X per ton, standing approx. at the previous year. In general, the export price showed a perceptible setback. The pace of growth appeared the most rapid in 2018 when the export price increased by 14%. Over the period under review, the export prices reached the maximum at $X per ton in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

Average prices varied noticeably amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Malaysia ($X per ton), while Indonesia totaled $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Malaysia (-3.7%).

Imports of Crude Sunflower-Seed And Safflower Oil

Imports in South-Eastern Asia

In 2022, overseas purchases of crude sunflower-seed and safflower oil decreased by -3.8% to X tons, falling for the second year in a row after two years of growth. Overall, imports, however, enjoyed a resilient increase. The growth pace was the most rapid in 2019 when imports increased by 78% against the previous year. The volume of import peaked at X tons in 2020; however, from 2021 to 2022, imports stood at a somewhat lower figure.

In value terms, crude sunflower-seed and safflower oil imports reduced sharply to $X in 2022. In general, imports, however, posted prominent growth. The growth pace was the most rapid in 2019 with an increase of 82% against the previous year. Over the period under review, imports reached the maximum at $X in 2021, and then shrank significantly in the following year.

Imports by Country

Malaysia dominates imports structure, finishing at X tons, which was near 89% of total imports in 2022. It was distantly followed by Singapore (X tons), achieving a 6.4% share of total imports. Thailand (X tons) followed a long way behind the leaders.

Imports into Malaysia increased at an average annual rate of +8.7% from 2012 to 2022. At the same time, Thailand (+73.3%) and Singapore (+4.8%) displayed positive paces of growth. Moreover, Thailand emerged as the fastest-growing importer imported in South-Eastern Asia, with a CAGR of +73.3% from 2012-2022. From 2012 to 2022, the share of Thailand increased by +4.4 percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Malaysia ($X) constitutes the largest market for imported crude sunflower-seed and safflower oil in South-Eastern Asia, comprising 86% of total imports. The second position in the ranking was taken by Singapore ($X), with an 8.7% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value in Malaysia stood at +7.5%. The remaining importing countries recorded the following average annual rates of imports growth: Singapore (+3.0% per year) and Thailand (+65.9% per year).

Import Prices by Country

The import price in South-Eastern Asia stood at $X per ton in 2022, waning by -12.1% against the previous year. Over the period under review, the import price continues to indicate a mild shrinkage. The most prominent rate of growth was recorded in 2021 when the import price increased by 45% against the previous year. As a result, import price reached the peak level of $X per ton, and then declined in the following year.

Average prices varied somewhat amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Singapore ($X per ton), while Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Malaysia (-1.1%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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