U.S.: Market for Sunflower-Seed And Safflower Oil 2024

Market Size for Sunflower-Seed And Safflower Oil in the U.S.

The U.S. sunflower-seed and safflower oil market surged to $X in 2022, growing by 45% against the previous year. Overall, consumption continues to indicate a pronounced increase. Sunflower-seed and safflower oil consumption peaked in 2022 and is likely to see steady growth in years to come.

Production of Sunflower-Seed And Safflower Oil in the U.S.

In value terms, sunflower-seed and safflower oil production reached $X in 2022. In general, production, however, saw a slight downturn. The pace of growth appeared the most rapid in 2015 when the production volume increased by 29% against the previous year. Over the period under review, production reached the maximum level 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 the U.S.

In 2022, overseas shipments of sunflower-seed and safflower oil increased by 36% to X tons for the first time since 2019, thus ending a two-year declining trend. Over the period under review, total exports indicated prominent growth from 2012 to 2022: its volume increased at an average annual rate of +7.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2019 when exports increased by 38%. The exports peaked in 2022 and are likely to see steady growth in the near future.

In value terms, sunflower-seed and safflower oil exports soared to $X in 2022. In general, exports posted a resilient expansion. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

Canada (X tons) was the main destination for sunflower-seed and safflower oil exports from the United States, accounting for a 76% share of total exports. Moreover, sunflower-seed and safflower oil exports to Canada exceeded the volume sent to the second major destination, Mexico (X tons), ninefold. South Korea (X tons) ranked third in terms of total exports with a 5.3% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Canada amounted to +12.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Mexico (+9.0% per year) and South Korea (+27.1% per year).

In value terms, Canada ($X) remains the key foreign market for sunflower-seed and safflower oil exports from the United States, comprising 77% of total exports. The second position in the ranking was taken by Mexico ($X), with a 9.9% share of total exports. It was followed by South Korea, with a 3.6% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Canada totaled +11.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Mexico (+10.3% per year) and South Korea (+32.1% per year).

Export Prices by Country

The average sunflower-seed and safflower oil export price stood at $X per ton in 2022, growing by 9.5% against the previous year. In general, the export price, however, saw a relatively flat trend pattern. The growth pace was the most rapid in 2021 an increase of 18% against the previous year. The export price peaked at $X per ton in 2012; afterwards, it flattened through to 2022.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Mexico ($X per ton), while the average price for exports to South Korea ($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 South Korea (+3.9%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Sunflower-Seed And Safflower Oil

Imports into the U.S.

Sunflower-seed and safflower oil imports into the United States skyrocketed to X tons in 2022, jumping by 61% on 2021. In general, imports saw a prominent expansion. The most prominent rate of growth was recorded in 2020 when imports increased by 138%. Imports peaked in 2022 and are expected to retain growth in the immediate term.

In value terms, sunflower-seed and safflower oil imports soared to $X in 2022. Overall, imports saw a buoyant expansion. The most prominent rate of growth was recorded in 2020 with an increase of 104% against the previous year. Imports peaked in 2022 and are likely to see steady growth in years to come.

Imports by Country

France (X tons), Ukraine (X tons) and Mexico (X tons) were the main suppliers of sunflower-seed and safflower oil imports to the United States, with a combined 66% share of total imports. Argentina, Spain, Turkey, Romania and the Netherlands lagged somewhat behind, together accounting for a further 29%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Turkey (with a CAGR of +54.4%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest sunflower-seed and safflower oil suppliers to the United States were France ($X), Ukraine ($X) and Argentina ($X), with a combined 59% share of total imports. Spain, Mexico, Turkey, the Netherlands and Romania lagged somewhat behind, together comprising a further 34%.

Turkey, with a CAGR of +52.2%, saw the highest rates of growth with regard to the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average sunflower-seed and safflower oil import price amounted to $X per ton, increasing by 21% against the previous year. Over the last decade, it increased at an average annual rate of +1.3%. The growth pace was the most rapid in 2021 an increase of 22%. The import price peaked in 2022 and is expected to retain growth in the immediate term.

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 Spain ($X per ton), while the price for Mexico ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Argentina (+5.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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