Vietnam: 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 Vietnam

In 2021, the Vietnamese market for sunflower-seed or safflower oil, refined, but not chemically modified decreased by -0.2% to $X, falling for the second consecutive year after two years of growth. Over the period under review, consumption, however, continues to indicate a abrupt contraction. Over the period under review, the market hit record highs at $X in 2012; however, from 2013 to 2021, consumption stood at a somewhat lower figure.

Production of Sunflower-Seed Or Safflower Oil, Refined, But Not Chemically Modified in Vietnam

In value terms, production of sunflower-seed or safflower oil, refined, but not chemically modified rose modestly to $X in 2021 estimated in export price. Over the period under review, production, however, continues to indicate a deep setback. The growth pace was the most rapid in 2014 when the production volume increased by 24% against the previous year. Production of peaked at $X in 2012; however, from 2013 to 2021, production stood at a somewhat lower figure.

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

Exports from Vietnam

In 2021, approx. X tons of sunflower-seed or safflower oil, refined, but not chemically modified were exported from Vietnam; reducing by -4.7% on the previous year's figure. Over the period under review, exports, however, enjoyed significant growth. The growth pace was the most rapid in 2020 when exports increased by 1,100%. As a result, the exports attained the peak of X tons, and then fell slightly in the following year.

In value terms, exports of sunflower-seed or safflower oil, refined, but not chemically modified declined remarkably to $X in 2021. Overall, exports, however, enjoyed a significant expansion. The most prominent rate of growth was recorded in 2020 with an increase of 486%. As a result, the exports attained the peak of $X, and then contracted markedly in the following year.

Exports by Country

South Korea (X tons) was the main destination for exports of sunflower-seed or safflower oil, refined, but not chemically modified from Vietnam, with a 65% share of total exports. Moreover, exports of sunflower-seed or safflower oil, refined, but not chemically modified to South Korea exceeded the volume sent to the second major destination, Singapore (X tons), threefold.

From 2012 to 2021, the average annual rate of growth in terms of volume to South Korea stood at +31.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Singapore (+18.8% per year) and Cambodia (+44.1% per year).

In value terms, South Korea ($X) remains the key foreign market for sunflower-seed or safflower oil, refined, but not chemically modified exports from Vietnam, comprising 65% of total exports. The second position in the ranking was held by Singapore ($X), with a 23% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value to South Korea stood at +24.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Singapore (+11.0% per year) and Cambodia (+38.9% per year).

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, waning by -27% against the previous year. In general, the export price saw a drastic downturn. The most prominent rate of growth was recorded in 2019 when the average export price increased by 107% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2020 to 2021, the average export prices remained at a lower figure.

Average prices varied noticeably for the major external markets. In 2021, the country with the highest price was Singapore ($X per ton), while the average price for exports to Cambodia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Cambodia (-3.6%), while the prices for the other major destinations experienced a decline.

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

Imports into Vietnam

After five years of growth, overseas purchases of sunflower-seed or safflower oil, refined, but not chemically modified decreased by -50.4% to X tons in 2021. Overall, imports, however, posted significant growth. The growth pace was the most rapid in 2018 with an increase of 79%. Over the period under review, imports of reached the maximum at X tons in 2020, and then fell significantly 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, recorded a significant expansion. The growth pace was the most rapid in 2018 when imports increased by 79%. Imports peaked at $X in 2020, and then shrank rapidly in the following year.

Imports by Country

In 2021, Malaysia (X tons) constituted the largest supplier of sunflower-seed or safflower oil, refined, but not chemically modified to Vietnam, with a 65% 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, the United States (X tons), fourfold. The third position in this ranking was held by New Zealand (X tons), with a 6.8% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Malaysia amounted to +24.3%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+19.8% per year) and New Zealand (+30.3% per year).

In value terms, Malaysia ($X) constituted the largest supplier of sunflower-seed or safflower oil, refined, but not chemically modified to Vietnam, comprising 68% of total imports. The second position in the ranking was held by the United States ($X), with a 12% share of total imports. It was followed by New Zealand, with a 9.9% share.

From 2012 to 2021, the average annual rate of growth in terms of value from Malaysia stood at +27.3%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+20.5% per year) and New Zealand (+25.0% 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, rising by 38% against the previous year. Over the last nine years, it increased at an average annual rate of +1.3%. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably country of origin: the country with the highest price was New Zealand ($X per ton), while the price for Singapore ($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 (+2.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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