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

The article discusses the increasing demand for sunflower-seed or safflower oil, refined, not chemically modified, with consumption and production trends expected to rise in the coming years. It provides data on market performance, consumption volumes, value estimations, and country-specific consumption and production levels. Import and export trends are also analyzed, along with average prices and growth rates for sunflower-seed or safflower oil. Overall, the article offers a comprehensive overview of the global market for sunflower-seed or safflower oil.

Market Forecast

Driven by increasing demand for sunflower-seed or safflower oil, refined, but not chemically modified worldwide, the market is expected to continue an upward consumption trend over the next eight years. Market performance is forecast to decelerate, expanding with an anticipated CAGR of +2.3% for the period from 2022 to 2030, which is projected to bring the market volume to 80M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +5.2% for the period from 2022 to 2030, which is projected to bring the market value to $214.7B (in nominal prices) by the end of 2030.

Consumption

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

In 2022, the amount of sunflower-seed or safflower oil, refined, but not chemically modified consumed worldwide reached 67M tons, stabilizing at 2021. Over the period under review, the total consumption indicated a perceptible increase from 2012 to 2022: its volume increased at an average annual rate of +4.3% 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 -2.0% against 2020 indices. Global consumption peaked at 68M tons in 2020; however, from 2021 to 2022, consumption stood at a somewhat lower figure.

The value of the market for sunflower-seed or safflower oil, refined, but not chemically modified worldwide dropped slightly to $143.4B in 2022, shrinking by -1.8% 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). In general, the total consumption indicated a perceptible increase from 2012 to 2022: its value increased at an average annual rate of +4.3% 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 -7.4% against 2019 indices. Over the period under review, the global market attained the maximum level at $154.8B in 2019; however, from 2020 to 2022, consumption stood at a somewhat lower figure.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were China (10M tons), the United States (6.3M tons) and India (3.9M tons), with a combined 30% share of global consumption. Japan, Pakistan, Nigeria, Russia, Bangladesh, Brazil, Indonesia, Mexico, Turkey and South Korea lagged somewhat behind, together accounting for a further 27%.

From 2012 to 2022, the most notable rate of growth in terms of modified, amongst the main consuming countries, was attained by Nigeria (with a CAGR of +9.2%), while modified for the other global leaders experienced more modest paces of growth.

In value terms, the largest sunflower-seed or safflower oil, refined, but not chemically modified markets worldwide were China ($20.1B), Japan ($15.2B) and Turkey ($12.1B), together accounting for 33% of the global market. The United States, India, Brazil, Mexico, Pakistan, Indonesia, Bangladesh, Russia, South Korea and Nigeria lagged somewhat behind, together accounting for a further 22%.

Nigeria, with a CAGR of +11.6%, recorded the highest growth rate of market size in terms of the main consuming countries over the period under review, while modified for the other global leaders experienced more modest paces of growth.

The countries with the highest levels of sunflower-seed or safflower oil, refined, but not chemically modified per capita consumption in 2022 were Japan (21 kg per person), South Korea (21 kg per person) and the United States (19 kg per person).

From 2012 to 2022, the biggest increases were recorded for Nigeria (with a CAGR of +6.4%), while modified for the other global leaders experienced more modest paces of growth.

Production

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

In 2022, the amount of sunflower-seed or safflower oil, refined, but not chemically modified produced worldwide reached 67M tons, leveling off at 2021 figures. Over the period under review, the total production indicated a moderate increase from 2012 to 2022: its volume increased at an average annual rate of +4.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -1.7% against 2020 indices. The most prominent rate of growth was recorded in 2017 when the production volume increased by 18%. Over the period under review, global production of hit record highs at 69M tons in 2020; however, from 2021 to 2022, production remained at a lower figure.

In value terms, production of sunflower-seed or safflower oil, refined, but not chemically modified declined slightly to $148.2B in 2022 estimated in export price. Overall, production continues to indicate a perceptible expansion. The growth pace was the most rapid in 2017 when the production volume increased by 28%. Global production peaked at $190.6B in 2019; however, from 2020 to 2022, production stood at a somewhat lower figure.

Production By Country

The countries with the highest volumes of production in 2022 were China (10M tons), the United States (6.3M tons) and India (3.9M tons), with a combined 30% share of global production. Japan, Russia, Pakistan, Nigeria, Bangladesh, Brazil, Turkey, Indonesia, Mexico and Ukraine lagged somewhat behind, together comprising a further 28%.

From 2012 to 2022, the most notable rate of growth in terms of modified, amongst the leading producing countries, was attained by Nigeria (with a CAGR of +9.2%), while modified for the other global leaders experienced more modest paces of growth.

Imports

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

In 2022, the amount of sunflower-seed or safflower oil, refined, but not chemically modified imported worldwide was estimated at 3.5M tons, growing by 12% on 2021. In general, total imports indicated a pronounced expansion from 2012 to 2022: its volume increased at an average annual rate of +4.8% 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 -6.9% against 2020 indices. The most prominent rate of growth was recorded in 2017 when imports increased by 21%. Over the period under review, global imports of attained the peak figure at 3.8M tons in 2020; however, from 2021 to 2022, imports remained at a lower figure.

In value terms, imports of sunflower-seed or safflower oil, refined, but not chemically modified soared to $6.2B in 2022. Over the period under review, imports saw buoyant growth. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports By Country

The countries with the highest levels of imports of sunflower-seed or safflower oil, refined, but not chemically modified in 2022 were Belgium (239K tons), the Netherlands (174K tons), France (168K tons), Djibouti (151K tons), Poland (147K tons), Germany (147K tons), the United States (136K tons), Belarus (112K tons), the UK (112K tons), Uzbekistan (107K tons), Syrian Arab Republic (86K tons) and Spain (81K tons), together reaching 47% of total import. Romania (77K tons) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for Djibouti (with a CAGR of +79.4%), while purchases for the other global leaders experienced more modest paces of growth.

In value terms, Belgium ($440M), France ($358M) and the Netherlands ($320M) appeared to be the countries with the highest levels of imports in 2022, with a combined 18% share of global imports. Germany, the United States, Poland, the UK, Djibouti, Uzbekistan, Spain, Belarus, Romania and Syrian Arab Republic lagged somewhat behind, together accounting for a further 31%.

Djibouti, with a CAGR of +73.8%, recorded the highest rates of growth with regard to the value of imports, among 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 import price for sunflower-seed or safflower oil, refined, but not chemically modified amounted to $1,778 per ton, rising by 19% against the previous year. Over the period under review, import price indicated mild growth from 2012 to 2022: its price increased at an average annual rate of +1.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, import price for sunflower-seed or safflower oil, refined, but not chemically modified increased by +79.5% against 2019 indices. The pace of growth was the most pronounced in 2021 when the average import price increased by 43% against the previous year. Over the period under review, average import prices reached the peak figure in 2022 and is expected to retain growth in the immediate term.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was the United States ($2,249 per ton), while Djibouti ($1,152 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Uzbekistan (+10.3%), while the other global leaders experienced more modest paces of growth.

Exports

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

In 2022, approx. 4M tons of sunflower-seed or safflower oil, refined, but not chemically modified were exported worldwide; increasing by 12% compared with 2021 figures. Overall, total exports indicated prominent growth from 2012 to 2022: its volume increased at an average annual rate of +5.2% 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 -2.3% against 2020 indices. The pace of growth was the most pronounced in 2014 with an increase of 15% against the previous year. Over the period under review, the global exports of attained the maximum at 4.1M tons in 2020; however, from 2021 to 2022, the exports failed to regain momentum.

In value terms, exports of sunflower-seed or safflower oil, refined, but not chemically modified soared to $7.1B in 2022. In general, exports enjoyed strong growth. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports By Country

The shipments of the three major exporters of sunflower-seed or safflower oil, refined, but not chemically modified, namely Turkey, Ukraine and Russia, represented more than third of total export. It was distantly followed by Spain (251K tons), Hungary (251K tons), France (250K tons) and the Netherlands (241K tons), together generating a 25% share of total exports. Belgium (129K tons), Bulgaria (123K tons), Germany (122K tons), Argentina (94K tons), the United States (81K tons) and Romania (79K tons) took a relatively small share of total exports.

From 2012 to 2022, the biggest increases were recorded for Russia (with a CAGR of +13.5%), while shipments for the other global leaders experienced more modest paces of growth.

In value terms, the largest sunflower-seed or safflower oil, refined, but not chemically modified supplying countries worldwide were Turkey ($1.2B), Ukraine ($834M) and Spain ($576M), together accounting for 36% of global exports. Russia, France, Hungary, the Netherlands, Bulgaria, Belgium, Germany, Argentina, Romania and the United States lagged somewhat behind, together comprising a further 42%.

Bulgaria, with a CAGR of +17.3%, saw the highest growth rate of the value of exports, among the main exporting countries over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Export Prices By Country

The average export price for sunflower-seed or safflower oil, refined, but not chemically modified stood at $1,771 per ton in 2022, growing by 20% against the previous year. Overall, export price indicated modest growth from 2012 to 2022: its price increased at an average annual rate of +1.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, export price for sunflower-seed or safflower oil, refined, but not chemically modified increased by +82.9% against 2019 indices. The pace of growth was the most pronounced in 2021 an increase of 42% against the previous year. Over the period under review, the average export prices hit record highs in 2022 and is expected to retain growth in the immediate term.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Spain ($2,289 per ton), while Russia ($1,160 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Spain (+4.5%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform