Crude Sunflower-Seed And Safflower Oil Market

The article discusses the projected growth in the global market for crude sunflower-seed and safflower oil from 2022 to 2030. It highlights the expected increase in consumption, production, imports, and exports, providing detailed insights into the major consuming, producing, importing, and exporting countries. The analysis includes trends in market performance, value, volume, and average prices, showcasing significant fluctuations and growth rates experienced over the past decade.

Market Forecast

Driven by increasing demand for crude sunflower-seed and safflower oil worldwide, the market is expected to continue an upward consumption trend over the next eight years. Market performance is forecast to retain its current trend pattern, expanding with an anticipated CAGR of +3.8% for the period from 2022 to 2030, which is projected to bring the market volume to 26M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +6.9% for the period from 2022 to 2030, which is projected to bring the market value to $37.2B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Crude Sunflower-Seed And Safflower Oil

In 2022, global crude sunflower-seed and safflower oil consumption expanded markedly to 20M tons, picking up by 7.5% against 2021. The total consumption volume increased at an average annual rate of +3.1% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Global consumption peaked at 21M tons in 2020; however, from 2021 to 2022, consumption stood at a somewhat lower figure.

The value of the market for crude sunflower-seed and safflower oil worldwide rose remarkably to $21.8B in 2022, increasing by 8.8% 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). The market value increased at an average annual rate of +2.6% 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 attained the maximum level in 2022 and is likely to see gradual growth in years to come.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were Russia (3.6M tons), Turkey (2.1M tons) and India (2M tons), with a combined 39% share of global consumption. Ukraine, Spain, China, Italy, France, Argentina, Iraq, South Africa, Hungary and Iran lagged somewhat behind, together comprising a further 37%.

From 2012 to 2022, the biggest increases were recorded for Iraq (with a CAGR of +53.1%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, Russia ($3.3B), Turkey ($2.8B) and India ($2.7B) constituted the countries with the highest levels of market value in 2022, with a combined 40% share of the global market. Spain, China, Italy, France, Hungary, South Africa, Iraq, Argentina, Ukraine and Iran lagged somewhat behind, together comprising a further 33%.

Among the main consuming countries, Iraq, with a CAGR of +49.7%, recorded the highest growth rate of market size over the period under review, while market for the other global leaders experienced more modest paces of growth.

The countries with the highest levels of crude sunflower-seed and safflower oil per capita consumption in 2022 were Ukraine (44 kg per person), Hungary (43 kg per person) and Russia (25 kg per person).

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the main consuming countries, was attained by Iraq (with a CAGR of +48.8%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Crude Sunflower-Seed And Safflower Oil

In 2022, global production of crude sunflower-seed and safflower oil expanded sharply to 20M tons, growing by 8.4% on the previous year. The total output volume increased at an average annual rate of +3.1% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2017 when the production volume increased by 14%. Global production peaked at 21M tons in 2020; however, from 2021 to 2022, production failed to regain momentum.

In value terms, crude sunflower-seed and safflower oil production expanded to $16.3B in 2022 estimated in export price. In general, production recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2017 with an increase of 17%. Over the period under review, global production attained the maximum level at $20.5B in 2019; however, from 2020 to 2022, production failed to regain momentum.

Production By Country

The countries with the highest volumes of production in 2022 were Ukraine (5.7M tons), Russia (5.6M tons) and Argentina (1.2M tons), with a combined 63% share of global production. Turkey, Bulgaria, Hungary, France, Romania, Spain and Kazakhstan lagged somewhat behind, together comprising a further 22%.

From 2012 to 2022, the most notable rate of growth in terms of production, amongst the key producing countries, was attained by Bulgaria (with a CAGR of +17.1%), while production for the other global leaders experienced more modest paces of growth.

Imports

World Imports of Crude Sunflower-Seed And Safflower Oil

In 2022, the amount of crude sunflower-seed and safflower oil imported worldwide expanded notably to 9.6M tons, increasing by 10% on 2021 figures. Over the period under review, total imports indicated tangible growth from 2012 to 2022: its volume increased at an average annual rate of +4.5% 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 -16.3% against 2020 indices. The growth pace was the most rapid in 2014 with an increase of 20% against the previous year. Over the period under review, global imports hit record highs at 12M tons in 2020; however, from 2021 to 2022, imports stood at a somewhat lower figure.

In value terms, crude sunflower-seed and safflower oil imports surged to $14.9B in 2022. In general, imports enjoyed strong growth. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports By Country

In 2022, India (1.9M tons) and Turkey (1.4M tons) were the major importers of crude sunflower-seed and safflower oilin the world, together constituting 35% of total imports. Spain (648K tons) held a 6.7% share (based on physical terms) of total imports, which put it in second place, followed by Italy (6.2%), China (6.2%) and the Netherlands (5%). Iraq (425K tons), Poland (363K tons), Iran (345K tons), Germany (322K tons), France (211K tons), Belgium (167K tons) and South Africa (164K tons) took a minor share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Iraq (with a CAGR of +64.2%), while imports for the other global leaders experienced more modest paces of growth.

In value terms, the largest crude sunflower-seed and safflower oil importing markets worldwide were India ($3B), Turkey ($2.2B) and Spain ($1.1B), with a combined 42% share of global imports. Italy, China, the Netherlands, Poland, Germany, Iraq, France, Iran, Belgium and South Africa lagged somewhat behind, together accounting for a further 35%.

Iraq, with a CAGR of +58.3%, saw 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

The average import price for crude sunflower-seed and safflower oil stood at $1,550 per ton in 2022, jumping by 21% against the previous year. Overall, import price indicated modest 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, crude sunflower-seed and safflower oil import price increased by +102.4% against 2019 indices. The growth pace was the most rapid in 2021 when the average import price increased by 54% against the previous year. Over the period under review, average import prices attained the peak figure in 2022 and is expected to retain growth in years to come.

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 Spain ($1,741 per ton), while Iraq ($915 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by France (+3.4%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Crude Sunflower-Seed And Safflower Oil

In 2022, global exports of crude sunflower-seed and safflower oil amounted to 9.9M tons, picking up by 12% against the year before. Over the period under review, total exports indicated a temperate 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, exports decreased by -11.0% against 2020 indices. The most prominent rate of growth was recorded in 2014 when exports increased by 21%. The global exports peaked at 11M tons in 2020; however, from 2021 to 2022, the exports stood at a somewhat lower figure.

In value terms, crude sunflower-seed and safflower oil exports skyrocketed to $14.2B in 2022. In general, exports showed a strong increase. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports By Country

Ukraine represented the major exporting country with an export of about 3.8M tons, which recorded 38% of total exports. Russia (2.1M tons) held a 21% share (based on physical terms) of total exports, which put it in second place, followed by Bulgaria (7.9%), Argentina (7.3%) and the Netherlands (4.7%). Turkey (440K tons), Hungary (352K tons), Romania (207K tons), Moldova (205K tons), France (193K tons) and Poland (171K tons) took a relatively small share of total exports.

From 2012 to 2022, the biggest increases were recorded for Turkey (with a CAGR of +104.6%), while shipments for the other global leaders experienced more modest paces of growth.

In value terms, the largest crude sunflower-seed and safflower oil supplying countries worldwide were Ukraine ($4.7B), Russia ($2.8B) and Bulgaria ($1.4B), together accounting for 62% of global exports. Argentina, the Netherlands, Turkey, Hungary, Romania, France, Moldova and Poland lagged somewhat behind, together accounting for a further 31%.

Turkey, with a CAGR of +109.2%, recorded the highest rates of growth with regard to 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 crude sunflower-seed and safflower oil stood at $1,428 per ton in 2022, jumping by 16% against the previous year. In general, export price indicated a moderate expansion from 2012 to 2022: its price increased at an average annual rate of +2.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, crude sunflower-seed and safflower oil export price increased by +97.3% against 2019 indices. The pace of growth appeared the most rapid in 2021 when the average export price increased by 56% 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 years to come.

Average prices varied somewhat amongst the major exporting countries. In 2022, major exporting countries recorded the following prices: in Bulgaria ($1,784 per ton) and France ($1,778 per ton), while Ukraine ($1,225 per ton) and Russia ($1,362 per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Bulgaria (+4.9%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform