MENA: Market for Sunflower-Seed And Safflower Oil 2024

Market Size for Sunflower-Seed And Safflower Oil in MENA

The MENA's sunflower-seed and safflower oil market expanded markedly to $X in 2023, growing by X% against the previous year. In general, consumption enjoyed a remarkable increase. The level of consumption peaked at $X in 2021; however, from 2022 to 2023, consumption remained at a lower figure.

Production of Sunflower-Seed And Safflower Oil in MENA

In value terms, sunflower-seed and safflower oil production rose significantly to $X in 2023 estimated in export price. Over the period under review, production, however, recorded significant growth. The pace of growth appeared the most rapid in 2020 with an increase of X%. Over the period under review, production reached the maximum level at $X in 2021; however, from 2022 to 2023, production stood at a somewhat lower figure.

Exports of Sunflower-Seed And Safflower Oil

Exports in MENA

In 2023, the amount of sunflower-seed and safflower oil exported in MENA expanded slightly to X tons, picking up by X% on 2022. Over the period under review, exports posted a strong expansion. The most prominent rate of growth was recorded in 2014 when exports increased by X%. Over the period under review, the exports reached the peak figure in 2023 and are likely to continue growth in years to come.

In value terms, sunflower-seed and safflower oil exports contracted significantly to $X in 2023. Overall, exports continue to indicate a resilient increase. The growth pace was the most rapid in 2022 when exports increased by X% against the previous year. As a result, the exports attained the peak of $X, and then declined dramatically in the following year.

Exports by Country

Turkey prevails in exports structure, resulting at X tons, which was near X% of total exports in 2023. It was distantly followed by Egypt (X tons), constituting a X% share of total exports. The following exporters - Oman (X tons) and Saudi Arabia (X tons) - together made up X% of total exports.

Exports from Turkey increased at an average annual rate of X% from 2012 to 2023. At the same time, Oman (X%) displayed positive paces of growth. Moreover, Oman emerged as the fastest-growing exporter exported in MENA, with a CAGR of X% from 2012-2023. Egypt and Saudi Arabia experienced a relatively flat trend pattern. While the share of Turkey (X p.p.) and Oman (X p.p.) increased significantly in terms of the total exports from 2012-2023, the share of Saudi Arabia (X p.p.) and Egypt (X p.p.) displayed negative dynamics.

In value terms, Turkey ($X) remains the largest sunflower-seed and safflower oil supplier in MENA, comprising X% of total exports. The second position in the ranking was held by Egypt ($X), with a X% share of total exports. It was followed by Oman, with a X% share.

In Turkey, sunflower-seed and safflower oil exports expanded at an average annual rate of X% over the period from 2012-2023. The remaining exporting countries recorded the following average annual rates of exports growth: Egypt (X% per year) and Oman (X% per year).

Export Prices by Country

The export price in MENA stood at $X per ton in 2023, dropping by X% against the previous year. Over the period under review, the export price saw a mild slump. The pace of growth appeared the most rapid in 2021 when the export price increased by X%. Over the period under review, the export prices hit record highs at $X per ton in 2022, and then declined sharply in the following year.

Average prices varied somewhat amongst the major exporting countries. In 2023, major exporting countries recorded the following prices: in Saudi Arabia ($X per ton) and Oman ($X per ton), while Turkey ($X per ton) and Egypt ($X per ton) were amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Saudi Arabia (X%), while the other leaders experienced a decline in the export price figures.

Imports of Sunflower-Seed And Safflower Oil

Imports in MENA

In 2023, imports of sunflower-seed and safflower oil in MENA surged to X tons, growing by X% compared with the previous year's figure. Total imports indicated noticeable growth from 2012 to 2023: its volume increased at an average annual rate of X% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, imports increased by X% against 2021 indices. The pace of growth appeared the most rapid in 2014 when imports increased by X%. Over the period under review, imports hit record highs in 2023 and are expected to retain growth in the immediate term.

In value terms, sunflower-seed and safflower oil imports shrank to $X in 2023. Total imports indicated a mild increase from 2012 to 2023: its value increased at an average annual rate of X% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, imports increased by X% against 2019 indices. The pace of growth was the most pronounced in 2022 with an increase of X%. As a result, imports reached the peak of $X, and then declined in the following year.

Imports by Country

Turkey represented the key importer of sunflower-seed and safflower oil in MENA, with the volume of imports reaching X tons, which was near X% of total imports in 2023. Egypt (X tons) took a X% share (based on physical terms) of total imports, which put it in second place, followed by Iraq (X%). Djibouti (X tons), the United Arab Emirates (X tons), Iran (X tons), Morocco (X tons), Syrian Arab Republic (X tons), Libya (X tons) and Lebanon (X tons) held a minor share of total imports.

Imports into Turkey increased at an average annual rate of X% from 2012 to 2023. At the same time, Djibouti (X%), Libya (X%), Morocco (X%), Iraq (X%) and the United Arab Emirates (X%) displayed positive paces of growth. Moreover, Djibouti emerged as the fastest-growing importer imported in MENA, with a CAGR of X% from 2012-2023. Lebanon and Syrian Arab Republic experienced a relatively flat trend pattern. By contrast, Egypt (X%) and Iran (X%) illustrated a downward trend over the same period. While the share of Turkey (X p.p.), Iraq (X p.p.), Djibouti (X p.p.), Libya (X p.p.) and Morocco (X p.p.) increased significantly in terms of the total imports from 2012-2023, the share of Iran (X p.p.) and Egypt (X p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Turkey ($X) constitutes the largest market for imported sunflower-seed and safflower oil in MENA, comprising X% of total imports. The second position in the ranking was held by Iraq ($X), with a X% share of total imports. It was followed by Egypt, with a X% share.

In Turkey, sunflower-seed and safflower oil imports expanded at an average annual rate of X% over the period from 2012-2023. The remaining importing countries recorded the following average annual rates of imports growth: Iraq (X% per year) and Egypt (X% per year).

Import Prices by Country

In 2023, the import price in MENA amounted to $X per ton, which is down by X% against the previous year. Overall, the import price showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when the import price increased by X% against the previous year. Over the period under review, import prices hit record highs at $X per ton in 2022, and then dropped markedly in the following year.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Libya ($X per ton), while Turkey ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Iran (X%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform