Vietnam: Market for Sunflower-Seed And Safflower Oil 2024

Market Size for Sunflower-Seed And Safflower Oil in Vietnam

The Vietnamese sunflower-seed and safflower oil market skyrocketed to $X in 2022, jumping by 26% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, consumption posted a significant increase. Sunflower-seed and safflower oil consumption peaked at $X in 2020; however, from 2021 to 2022, consumption stood at a somewhat lower figure.

Exports of Sunflower-Seed And Safflower Oil

Exports from Vietnam

Sunflower-seed and safflower oil exports from Vietnam stood at X tons in 2022, with an increase of 10% on the previous year's figure. In general, exports, however, recorded a deep reduction. The pace of growth appeared the most rapid in 2020 when exports increased by 525% against the previous year. The exports peaked at X tons in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

In value terms, sunflower-seed and safflower oil exports stood at $X in 2022. Over the period under review, exports, however, showed a deep setback. The most prominent rate of growth was recorded in 2020 when exports increased by 657% against the previous year. Over the period under review, the exports attained the maximum at $X in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Cambodia (X tons), Singapore (X tons) and Denmark (X tons) were the main destinations of sunflower-seed and safflower oil exports from Vietnam, together comprising 88% of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Cambodia (with a CAGR of +26.8%), while the other leaders experienced more modest paces of growth.

In value terms, Cambodia ($X) remains the key foreign market for sunflower-seed and safflower oil exports from Vietnam, comprising 45% of total exports. The second position in the ranking was taken by Singapore ($X), with a 20% share of total exports. It was followed by Denmark, with a 13% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Cambodia stood at +28.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Singapore (-9.0% per year) and Denmark (0.0% per year).

Export Prices by Country

In 2022, the average sunflower-seed and safflower oil export price amounted to $X per ton, declining by -4.9% against the previous year. Over the period under review, the export price showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2015 when the average export price increased by 24% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2016 to 2022, the average export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Denmark ($X per ton), while the average price for exports to Singapore ($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 Cambodia (+1.6%), while the prices for the other major destinations experienced a decline.

Imports of Sunflower-Seed And Safflower Oil

Imports into Vietnam

In 2022, the amount of sunflower-seed and safflower oil imported into Vietnam skyrocketed to X tons, increasing by 46% compared with 2021. Overall, imports posted a significant increase. The growth pace was the most rapid in 2018 with an increase of 76% against the previous year. Over the period under review, imports attained the maximum 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 surged to $X in 2022. Over the period under review, imports continue to indicate significant growth. The pace of growth was the most pronounced in 2018 with an increase of 76%. Imports peaked at $X in 2020; however, from 2021 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, Malaysia (X tons) constituted the largest supplier of sunflower-seed and safflower oil to Vietnam, with a 66% share of total imports. Moreover, sunflower-seed and safflower oil imports from Malaysia exceeded the figures recorded by the second-largest supplier, Ukraine (X tons), fivefold. Turkey (X tons) ranked third in terms of total imports with a 5.9% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Malaysia stood at +33.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Ukraine (+96.1% per year) and Turkey (+30.9% per year).

In value terms, Malaysia ($X) constituted the largest supplier of sunflower-seed and safflower oil to Vietnam, comprising 61% of total imports. The second position in the ranking was taken by Ukraine ($X), with a 14% share of total imports. It was followed by Turkey, with a 7.8% share.

From 2012 to 2022, the average annual growth rate of value from Malaysia amounted to +25.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Ukraine (+63.4% per year) and Turkey (+35.6% per year).

Import Prices by Country

The average sunflower-seed and safflower oil import price stood at $X per ton in 2022, with a decrease of -19.1% against the previous year. In general, the import price saw a mild slump. The pace of growth appeared the most rapid in 2021 when the average import price increased by 39%. As a result, import price reached the peak level of $X per ton, and then contracted remarkably in the following year.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by New Zealand (+20.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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