South-Eastern Asia: Market for Sunflower-Seed Or Safflower Oil, Refined, But Not Chemically Modified 2024

Market Size for Sunflower-Seed Or Safflower Oil, Refined, But Not Chemically Modified in South-Eastern Asia

In 2021, after three years of growth, there was significant decline in the Southeast Asian market for sunflower-seed or safflower oil, refined, but not chemically modified, when its value decreased by -6% to $X. Over the period under review, consumption, however, saw mild growth. As a result, consumption reached the peak level of $X, and then contracted in the following year.

Production of Sunflower-Seed Or Safflower Oil, Refined, But Not Chemically Modified in South-Eastern Asia

In value terms, production of sunflower-seed or safflower oil, refined, but not chemically modified reduced modestly to $X in 2021 estimated in export price. Overall, production, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 with an increase of 10%. As a result, production reached the peak level of $X, and then declined modestly in the following year.

Exports of Sunflower-Seed Or Safflower Oil, Refined, But Not Chemically Modified

Exports in South-Eastern Asia

For the sixth consecutive year, South-Eastern Asia recorded growth in overseas shipments of sunflower-seed or safflower oil, refined, but not chemically modified, which increased by 8.6% to X tons in 2021. Total exports indicated a prominent increase from 2012 to 2021: its volume increased at an average annual rate of +8.1% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +101.4% against 2012 indices. The growth pace was the most rapid in 2016 with an increase of 19% against the previous year. The volume of export peaked in 2021 and is likely to continue growth in the immediate term.

In value terms, exports of sunflower-seed or safflower oil, refined, but not chemically modified surged to $X in 2021. Total exports indicated buoyant growth from 2012 to 2021: its value increased at an average annual rate of +6.4% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +111.5% against 2015 indices. The most prominent rate of growth was recorded in 2019 with an increase of 18%. Over the period under review, the exports of attained the maximum in 2021 and are expected to retain growth in the immediate term.

Exports by Country

Malaysia dominates modified structure, finishing at X tons, which was near 93% of total exports in 2021. It was distantly followed by Thailand (X tons), committing a 4.6% share of total exports. Singapore (X tons) followed a long way behind the leaders.

Exports from Malaysia increased at an average annual rate of +9.1% from 2012 to 2021. At the same time, Thailand (+33.7%) displayed positive paces of growth. Moreover, Thailand emerged as the fastest-growing exporter exported in South-Eastern Asia, with a CAGR of +33.7% from 2012-2021. By contrast, Singapore (-10.4%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Malaysia and Thailand increased by +7.2 and +3.9 percentage points, respectively.

In value terms, Malaysia ($X) remains the largest sunflower-seed or safflower oil, refined, but not chemically modified supplier in South-Eastern Asia, comprising 91% of total exports. The second position in the ranking was taken by Thailand ($X), with a 6% share of total exports.

In Malaysia, exports of sunflower-seed or safflower oil, refined, but not chemically modified increased at an average annual rate of +8.0% over the period from 2012-2021. The remaining exporting countries recorded the following average annual rates of exports growth: Thailand (+23.4% per year) and Singapore (-12.5% per year).

Export Prices by Country

The export price in South-Eastern Asia stood at $X per ton in 2021, growing by 7.8% against the previous year. Overall, the export price, however, saw a mild decrease. The most prominent rate of growth was recorded in 2020 when the export price increased by 9.2%. Over the period under review, the export prices hit record highs at $X per ton in 2012; however, from 2013 to 2021, the export prices stood at a somewhat lower figure.

Average prices varied somewhat amongst the major exporting countries. In 2021, the country with the highest price was Thailand ($X per ton), while Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Malaysia (-1.0%), while the other leaders experienced a decline in the export price figures.

Imports of Sunflower-Seed Or Safflower Oil, Refined, But Not Chemically Modified

Imports in South-Eastern Asia

In 2021, after five years of growth, there was significant decline in overseas purchases of sunflower-seed or safflower oil, refined, but not chemically modified, when their volume decreased by -41.4% to X tons. Over the period under review, imports, however, continue to indicate resilient growth. The most prominent rate of growth was recorded in 2016 with an increase of 51%. The volume of import peaked at X tons in 2020, and then fell notably in the following year.

In value terms, imports of sunflower-seed or safflower oil, refined, but not chemically modified reduced sharply to $X in 2021. In general, imports, however, saw resilient growth. The pace of growth was the most pronounced in 2016 when imports increased by 36% against the previous year. The level of import peaked at $X in 2020, and then declined dramatically in the following year.

Imports by Country

The countries with the highest levels of imports of sunflower-seed or safflower oil, refined, but not chemically modified in 2021 were Malaysia (X tons), Myanmar (X tons), Thailand (X tons) and Singapore (X tons), together resulting at 75% of total import. The Philippines (X tons) held an 8.9% share (based on physical terms) of total imports, which put it in second place, followed by Vietnam (7.1%) and Indonesia (6.8%).

From 2012 to 2021, the biggest increases were in Myanmar (with a CAGR of +67.8%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Malaysia ($X), Thailand ($X) and Myanmar ($X) appeared to be the countries with the highest levels of imports in 2021, together accounting for 58% of total imports.

Myanmar, with a CAGR of +62.7%, recorded the highest rates of growth with regard to the value of imports, in terms of the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the import price in South-Eastern Asia amounted to $X per ton, increasing by 38% against the previous year. Overall, the import price, however, continues to indicate a slight decline. Over the period under review, import prices reached the peak figure at $X per ton in 2012; however, from 2013 to 2021, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2021, the country with the highest price was Indonesia ($X per ton), while Myanmar ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Vietnam (+1.3%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :