Overview of the Global Market for Sunflower-Seed And Safflower Oil

Market Size for Sunflower-Seed And Safflower Oil

In 2022, the global sunflower-seed and safflower oil market increased by 6.5% to $X, rising for the seventh year in a row after three years of decline. The market value increased at an average annual rate of +2.8% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the global market hit record highs in 2022 and is likely to see steady growth in years to come.

Production of Sunflower-Seed And Safflower Oil

In value terms, sunflower-seed and safflower oil production shrank to $X in 2022 estimated in export price. Overall, production posted a noticeable increase. The pace of growth appeared the most rapid in 2021 when the production volume increased by 40%. Global production peaked at $X in 2019; however, from 2020 to 2022, production failed to regain momentum.

Exports of Sunflower-Seed And Safflower Oil

Exports

Global sunflower-seed and safflower oil exports expanded markedly to X tons in 2022, with an increase of 13% against 2021 figures. Over the period under review, total exports indicated a moderate increase from 2012 to 2022: its volume increased at an average annual rate of +4.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports decreased by -8.0% against 2020 indices. The most prominent rate of growth was recorded in 2014 when exports increased by 20% against the previous year. Over the period under review, the global exports reached the peak figure 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 soared to $X in 2022. Overall, exports recorded a buoyant increase. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

In 2022, Ukraine (X tons), distantly followed by Russia (X tons), Turkey (X tons), Bulgaria (X tons), Argentina (X tons) and the Netherlands (X tons) represented the major exporters of sunflower-seed and safflower oil, together generating 74% of total exports. Hungary (X tons), France (X tons), Spain (X tons), Romania (X tons), Kazakhstan (X tons) and Moldova (X tons) took a minor share of total exports.

From 2012 to 2022, the biggest increases were recorded for Kazakhstan (with a CAGR of +39.2%), while shipments for the other global leaders experienced more modest paces of growth.

In value terms, the largest sunflower-seed and safflower oil supplying countries worldwide were Ukraine ($X), Russia ($X) and Turkey ($X), with a combined 49% share of global exports. Bulgaria, Argentina, the Netherlands, Hungary, France, Spain, Romania, Moldova and Kazakhstan lagged somewhat behind, together comprising a further 37%.

In terms of the main exporting countries, Kazakhstan, with a CAGR of +37.8%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Export Prices by Country

The average sunflower-seed and safflower oil export price stood at $X per ton in 2022, rising by 12% against the previous year. Over the period under review, export price indicated a modest expansion from 2012 to 2022: its price increased at an average annual rate of +1.6% 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 export price increased by +86.1% against 2019 indices. The pace of growth was the most pronounced in 2021 when the average export price increased by 53% against the previous year. The global export price peaked in 2022 and is likely to see gradual growth in years to come.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Spain ($X per ton), while Russia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Bulgaria (+4.3%), while the other global leaders experienced more modest paces of growth.

Imports of Sunflower-Seed And Safflower Oil

Imports

Global sunflower-seed and safflower oil imports rose sharply to X tons in 2022, picking up by 9.8% on 2021. Overall, total imports indicated a pronounced expansion from 2012 to 2022: its volume increased at an average annual rate of +4.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports decreased by -11.2% against 2020 indices. The pace of growth appeared the most rapid in 2017 with an increase of 22%. Global imports peaked at X tons in 2020; however, from 2021 to 2022, imports failed to regain momentum.

In value terms, sunflower-seed and safflower oil imports skyrocketed to $X in 2022. Over the period under review, imports posted resilient growth. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

India (X tons) and Turkey (X tons) represented roughly 26% of total imports in 2022. Spain (X tons) held a 5.5% share (based on physical terms) of total imports, which put it in second place, followed by Italy (5%) and China (4.6%). The Netherlands (X tons), Poland (X tons), Iraq (X tons), Germany (X tons), Belgium (X tons), France (X tons), Bulgaria (X tons) and the United States (X tons) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for Bulgaria (with a CAGR of +27.5%), while purchases for the other global leaders experienced more modest paces of growth.

In value terms, the largest sunflower-seed and safflower oil importing markets worldwide were India ($X), Turkey ($X) and Spain ($X), together comprising 32% of global imports. Italy, the Netherlands, China, Germany, Poland, France, Belgium, the United States, Bulgaria and Iraq lagged somewhat behind, together comprising a further 35%.

Bulgaria, with a CAGR of +28.3%, saw the highest growth rate of the value of imports, in terms of the main importing countries over the period under review, while purchases for the other global 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, growing by 17% against the previous year. Overall, import price indicated a mild increase from 2012 to 2022: its price increased at an average annual rate of +1.4% 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 +90.7% against 2019 indices. The most prominent rate of growth was recorded in 2021 when the average import price increased by 50% against the previous year. Global import price peaked in 2022 and is likely to see gradual growth in the near future.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was France ($X per ton), while Iraq ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by France (+3.3%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Platform

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