Thailand: Market for Sunflower-Seed And Safflower Oil 2024

Market Size for Sunflower-Seed And Safflower Oil in Thailand

In 2022, the Thai sunflower-seed and safflower oil market increased by 12% to $X, rising for the fourth consecutive year after two years of decline. Over the period under review, the total consumption indicated noticeable 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, consumption increased by +85.5% against 2018 indices. Over the period under review, the market reached the peak level in 2022 and is likely to continue growth in years to come.

Production of Sunflower-Seed And Safflower Oil in Thailand

In value terms, sunflower-seed and safflower oil production rose slightly to $X in 2022 estimated in export price. Overall, production, however, showed a abrupt slump. The pace of growth was the most pronounced in 2020 when the production volume increased by 20% against the previous year. Over the period under review, production hit record highs at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Exports of Sunflower-Seed And Safflower Oil

Exports from Thailand

In 2022, overseas shipments of sunflower-seed and safflower oil decreased by -47.5% to X tons, falling for the second year in a row after two years of growth. Over the period under review, exports, however, enjoyed a buoyant increase. The most prominent rate of growth was recorded in 2015 when exports increased by 208% against the previous year. Over the period under review, the exports hit record highs at X tons in 2020; however, from 2021 to 2022, the exports remained at a lower figure.

In value terms, sunflower-seed and safflower oil exports contracted sharply to $X in 2022. Overall, exports, however, posted a prominent expansion. The pace of growth was the most pronounced in 2015 with an increase of 243%. Over the period under review, the exports reached the maximum at $X in 2020; however, from 2021 to 2022, the exports remained at a lower figure.

Exports by Country

Myanmar (X tons) was the main destination for sunflower-seed and safflower oil exports from Thailand, with a 90% share of total exports. Moreover, sunflower-seed and safflower oil exports to Myanmar exceeded the volume sent to the second major destination, Vietnam (X tons), more than tenfold.

From 2012 to 2022, the average annual rate of growth in terms of volume to Myanmar totaled +79.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Vietnam (+111.6% per year) and Japan (-69.6% per year).

In value terms, Myanmar ($X) remains the key foreign market for sunflower-seed and safflower oil exports from Thailand, comprising 92% of total exports. The second position in the ranking was held by Vietnam ($X), with a 6.2% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value to Myanmar stood at +88.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Vietnam (+89.8% per year) and Japan (-71.5% per year).

Export Prices by Country

The average sunflower-seed and safflower oil export price stood at $X per ton in 2022, rising by 35% against the previous year. In general, the export price, however, saw a noticeable downturn. The most prominent rate of growth was recorded in 2021 an increase of 36% against the previous year. Over the period under review, the average export prices attained the maximum at $X per ton in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

Average prices varied somewhat for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Myanmar ($X per ton), while the average price for exports to Vietnam ($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 Myanmar (+5.1%), while the prices for the other major destinations experienced a decline.

Imports of Sunflower-Seed And Safflower Oil

Imports into Thailand

In 2022, purchases abroad of sunflower-seed and safflower oil decreased by -18.7% to X tons, falling for the second year in a row after two years of growth. Over the period under review, imports, however, continue to indicate a tangible expansion. The pace of growth was the most pronounced in 2016 when imports increased by 112%. Imports peaked at X tons in 2020; however, from 2021 to 2022, imports stood at a somewhat lower figure.

In value terms, sunflower-seed and safflower oil imports expanded significantly to $X in 2022. Overall, imports, however, saw buoyant growth. The growth pace was the most rapid in 2016 with an increase of 100%. Over the period under review, imports attained the peak figure in 2022 and are expected to retain growth in the near future.

Imports by Country

Malaysia (X tons), Ukraine (X tons) and Turkey (X tons) were the main suppliers of sunflower-seed and safflower oil imports to Thailand, with a combined 89% share of total imports. China and Spain lagged somewhat behind, together accounting for a further 8.9%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by China (with a CAGR of +100.1%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Malaysia ($X) constituted the largest supplier of sunflower-seed and safflower oil to Thailand, comprising 45% of total imports. The second position in the ranking was held by Ukraine ($X), with a 21% share of total imports. It was followed by Turkey, with a 20% share.

From 2012 to 2022, the average annual growth rate of value from Malaysia was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Ukraine (+76.7% per year) and Turkey (+6.4% per year).

Import Prices by Country

In 2022, the average sunflower-seed and safflower oil import price amounted to $X per ton, growing by 33% against the previous year. Overall, import price indicated a perceptible increase from 2012 to 2022: its price increased at an average annual rate of +2.8% 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 +98.9% against 2019 indices. The growth pace was the most rapid in 2021 an increase of 49%. The import price peaked in 2022 and is expected to retain growth in years to come.

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 China ($X per ton), while the price for Ukraine ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Ukraine (+9.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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