Vietnam: Market for Crude Sunflower-Seed And Safflower Oil 2024

Market Size for Crude Sunflower-Seed And Safflower Oil in Vietnam

The Vietnamese market for crude sunflower-seed and safflower oil rose slightly to $X in 2022, growing by 2.1% against the previous year. Over the period under review, the total consumption indicated a resilient expansion from 2012 to 2022: its value increased at an average annual rate of +6.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -2.1% against 2020 indices. Over the period under review, the market reached the maximum level at $X in 2020; afterwards, it flattened through to 2022.

Production of Crude Sunflower-Seed And Safflower Oil in Vietnam

In value terms, crude sunflower-seed and safflower oil production reached $X in 2022 estimated in export price. The total output value increased at an average annual rate of +4.1% from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2020 with an increase of 6.1% against the previous year. As a result, production attained the peak level of $X. From 2021 to 2022, production growth remained at a lower figure.

Exports of Crude Sunflower-Seed And Safflower Oil

Exports from Vietnam

In 2022, the amount of crude sunflower-seed and safflower oil exported from Vietnam stood at X tons, leveling off at the previous year. Over the period under review, exports saw a significant curtailment. The smallest decline of -36.9% was in 2013. Over the period under review, the exports hit record highs at X tons in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

In value terms, crude sunflower-seed and safflower oil exports amounted to $X in 2022. Overall, exports recorded a sharp downturn. The smallest decline of -30.6% was in 2013. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

Sweden (X tons) was the main destination for crude sunflower-seed and safflower oil exports from Vietnam, accounting for a approx. 92% share of total exports.

From 2012 to 2022, the average annual growth rate of volume to Sweden was relatively modest.

From 2012 to 2022, the average annual rate of growth in terms of value to Sweden was relatively modest.

Export Prices by Country

The average export price for crude sunflower-seed and safflower oil stood at $X per ton in 2022, remaining stable against the previous year. Over the period under review, the export price recorded a buoyant expansion. The most prominent rate of growth was recorded in 2013 when the average export price increased by 9.9% against the previous year. Over the period under review, the average export prices attained the peak figure in 2022 and is expected to retain growth in the near future.

As there is only one major export destination, the average price level is determined by prices for Sweden.

From 2012 to 2022, the rate of growth in terms of prices for South Korea amounted to +38.9% per year.

Imports of Crude Sunflower-Seed And Safflower Oil

Imports into Vietnam

In 2022, the amount of crude sunflower-seed and safflower oil imported into Vietnam expanded markedly to X tons, growing by 12% against the previous year. Over the period under review, imports continue to indicate a significant expansion. The pace of growth was the most pronounced in 2017 when imports increased by 714% against the previous year. Over the period under review, imports attained the maximum at X tons in 2020; however, from 2021 to 2022, imports remained at a lower figure.

In value terms, crude sunflower-seed and safflower oil imports shrank to $X in 2022. Overall, imports showed strong growth. The most prominent rate of growth was recorded in 2020 with an increase of 598%. Imports peaked at $X in 2021, and then fell in the following year.

Imports by Country

Russia (X tons), Ukraine (X tons) and the Netherlands (X tons) were the main suppliers of crude sunflower-seed and safflower oil imports to Vietnam, together accounting for 67% of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by the Netherlands (with a CAGR of +298.0%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Russia ($X), Ukraine ($X) and the Netherlands ($X) appeared to be the largest crude sunflower-seed and safflower oil suppliers to Vietnam, together comprising 70% of total imports.

The Netherlands, with a CAGR of +230.6%, saw the highest growth rate of the value of imports, among 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 import price for crude sunflower-seed and safflower oil amounted to $X per ton, dropping by -15.4% against the previous year. In general, the import price showed a deep contraction. The most prominent rate of growth was recorded in 2021 when the average import price increased by 38% against the previous year. Over the period under review, average import prices reached the maximum at $X per ton in 2013; however, from 2014 to 2022, import prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the Netherlands ($X per ton), while the price for Mexico ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Netherlands (-17.0%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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