Thailand: 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 Thailand

In 2021, the Thai market for sunflower-seed or safflower oil, refined, but not chemically modified decreased by -7.3% to $X for the first time since 2017, thus ending a three-year rising trend. Overall, consumption showed a relatively flat trend pattern. 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 Thailand

In value terms, production of sunflower-seed or safflower oil, refined, but not chemically modified fell to $X in 2021 estimated in export price. Over the period under review, production recorded a slight shrinkage. The pace of growth was the most pronounced in 2020 when the production volume increased by 18% against the previous year. Production of peaked at $X in 2012; however, from 2013 to 2021, production failed to regain momentum.

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

Exports from Thailand

In 2021, after seven years of growth, there was significant decline in overseas shipments of sunflower-seed or safflower oil, refined, but not chemically modified, when their volume decreased by -26.6% to X tons. Overall, exports, however, recorded a significant expansion. The pace of growth appeared the most rapid in 2015 when exports increased by 473% against the previous year. Over the period under review, the exports of hit record highs at X tons in 2020, and then shrank significantly in the following year.

In value terms, exports of sunflower-seed or safflower oil, refined, but not chemically modified amounted to $X in 2021. In general, exports, however, showed a significant expansion. The pace of growth was the most pronounced in 2015 when exports increased by 464%. The exports peaked in 2021 and are likely to see gradual growth in the immediate term.

Exports by Country

Myanmar (X tons) was the main destination for exports of sunflower-seed or safflower oil, refined, but not chemically modified from Thailand, with a 97% share of total exports. It was followed by Vietnam (X tons), with a 1.9% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of volume to Myanmar stood at +110.9%.

In value terms, Myanmar ($X) remains the key foreign market for sunflower-seed or safflower oil, refined, but not chemically modified exports from Thailand, comprising 94% of total exports. The second position in the ranking was taken by Vietnam ($X), with a 3% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value to Myanmar stood at +113.4%.

Export Prices by Country

The average export price for sunflower-seed or safflower oil, refined, but not chemically modified stood at $X per ton in 2021, growing by 37% against the previous year. Over the period under review, the export price, however, saw a deep reduction. Over the period under review, the average 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.

There were significant differences in the average prices for the major external markets. In 2021, the country with the highest price was Vietnam ($X per ton), while the average price for exports to Myanmar totaled $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to China (+6.2%), while the prices for the other major destinations experienced mixed trend patterns.

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

Imports into Thailand

In 2021, overseas purchases of sunflower-seed or safflower oil, refined, but not chemically modified decreased by -26.1% to X tons for the first time since 2018, thus ending a two-year rising trend. Over the period under review, total imports indicated a mild increase from 2012 to 2021: its volume increased at an average annual rate of +1.5% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2016 with an increase of 85%. Imports peaked at X tons in 2020, and then shrank remarkably in the following year.

In value terms, imports of sunflower-seed or safflower oil, refined, but not chemically modified totaled $X in 2021. In general, total imports indicated pronounced growth from 2012 to 2021: its value increased at an average annual rate of +2.3% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +170.1% against 2015 indices. The most prominent rate of growth was recorded in 2016 when imports increased by 80% against the previous year. Imports peaked in 2021 and are likely to continue growth in the immediate term.

Imports by Country

In 2021, Malaysia (X tons) constituted the largest supplier of sunflower-seed or safflower oil, refined, but not chemically modified to Thailand, with a 51% share of total imports. Moreover, imports of sunflower-seed or safflower oil, refined, but not chemically modified from Malaysia exceeded the figures recorded by the second-largest supplier, Turkey (X tons), twofold. The third position in this ranking was held by Ukraine (X tons), with a 13% share.

From 2012 to 2021, the average annual growth rate of volume from Malaysia stood at -3.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Turkey (+6.1% per year) and Ukraine (+52.4% per year).

In value terms, Malaysia ($X) constituted the largest supplier of sunflower-seed or safflower oil, refined, but not chemically modified to Thailand, comprising 52% of total imports. The second position in the ranking was held by Turkey ($X), with a 22% share of total imports. It was followed by Ukraine, with a 13% share.

From 2012 to 2021, the average annual rate of growth in terms of value from Malaysia stood at -2.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Turkey (+5.2% per year) and Ukraine (+70.8% per year).

Import Prices by Country

In 2021, the average import price for sunflower-seed or safflower oil, refined, but not chemically modified amounted to $X per ton, with an increase of 51% against the previous year. In general, the import price recorded a relatively flat trend pattern. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Ukraine (+12.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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