Philippines: Market for Sunflower-Seed Or Safflower Oil, Refined, But Not Chemically Modified 2024

Market Size for Sunflower-Seed Or Safflower Oil, Refined, But Not Chemically Modified in the Philippines

In 2022, the Philippine market for sunflower-seed or safflower oil, refined, but not chemically modified decreased by X% to $X, falling for the third consecutive year after four years of growth. Over the period under review, the total consumption indicated a strong expansion from 2012 to 2022: its value increased at an average annual rate of X% 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 X% against 2019 indices. Consumption of peaked at $X in 2019; however, from 2020 to 2022, consumption stood at a somewhat lower figure.

Production of Sunflower-Seed Or Safflower Oil, Refined, But Not Chemically Modified in the Philippines

In value terms, production of sunflower-seed or safflower oil, refined, but not chemically modified stood at $X in 2022 estimated in export price. In general, the total production indicated a noticeable increase from 2012 to 2022: its value increased at an average annual rate of X% 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 X% against 2020 indices. The most prominent rate of growth was recorded in 2017 when the production volume increased by X%. Over the period under review, production of hit record highs at $X in 2020; however, from 2021 to 2022, production failed to regain momentum.

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

Exports from the Philippines

In 2022, the amount of sunflower-seed or safflower oil, refined, but not chemically modified exported from the Philippines shrank rapidly to X tons, with a decrease of X% compared with the previous year's figure. Over the period under review, exports, however, continue to indicate a significant increase. The most prominent rate of growth was recorded in 2018 when exports increased by X%. As a result, the exports reached the peak of X tons. From 2019 to 2022, the growth of the exports of remained at a somewhat lower figure.

In value terms, exports of sunflower-seed or safflower oil, refined, but not chemically modified dropped significantly to $X in 2022. In general, exports continue to indicate a dramatic slump. The pace of growth appeared the most rapid in 2018 with an increase of X% against the previous year. The exports peaked at $X in 2016; however, from 2017 to 2022, the exports failed to regain momentum.

Exports by Country

Switzerland (X tons), Canada (X tons) and India (X kg) were the main destinations of exports of sunflower-seed or safflower oil, refined, but not chemically modified from the Philippines, with a combined X% share of total exports.

From 2016 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Canada (with a CAGR of X%), while the other leaders experienced mixed trend patterns.

In value terms, Canada ($X) emerged as the key foreign market for sunflower-seed or safflower oil, refined, but not chemically modified exports from the Philippines, comprising X% of total exports. The second position in the ranking was held by Switzerland ($X), with a X% share of total exports. It was followed by India, with a X% share.

From 2016 to 2022, the average annual rate of growth in terms of value to Canada totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Switzerland (X% per year) and India (X% per year).

Export Prices by Country

In 2022, the average export price for sunflower-seed or safflower oil, refined, but not chemically modified amounted to $X per ton, growing by X% against the previous year. Overall, the export price, however, faced a dramatic contraction. Over the period under review, the average export prices reached the maximum at $X per ton in 2016; however, from 2017 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was India ($X per ton), while the average price for exports to Switzerland ($X per ton) was amongst the lowest.

From 2016 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to India (X%), while the prices for the other major destinations experienced a decline.

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

Imports into the Philippines

In 2022, approx. X tons of sunflower-seed or safflower oil, refined, but not chemically modified were imported into the Philippines; increasing by X% compared with the year before. Over the period under review, imports saw a significant expansion. The most prominent rate of growth was recorded in 2017 when imports increased by X%. Imports peaked at X tons in 2020; however, from 2021 to 2022, imports stood at a somewhat lower figure.

In value terms, imports of sunflower-seed or safflower oil, refined, but not chemically modified surged to $X in 2022. Overall, imports saw a significant expansion. The pace of growth was the most pronounced in 2017 with an increase of X%. Over the period under review, imports of hit record highs in 2022 and are expected to retain growth in the near future.

Imports by Country

In 2022, Bosnia and Herzegovina (X tons) constituted the largest supplier of sunflower-seed or safflower oil, refined, but not chemically modified to the Philippines, with a X% share of total imports. Moreover, imports of sunflower-seed or safflower oil, refined, but not chemically modified from Bosnia and Herzegovina exceeded the figures recorded by the second-largest supplier, Malaysia (X tons), threefold. Austria (X tons) ranked third in terms of total imports with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Bosnia and Herzegovina totaled X%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (X% per year) and Austria (X% per year).

In value terms, Bosnia and Herzegovina ($X) constituted the largest supplier of sunflower-seed or safflower oil, refined, but not chemically modified to the Philippines, comprising X% of total imports. The second position in the ranking was held by Malaysia ($X), with a X% share of total imports. It was followed by Austria, with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Bosnia and Herzegovina totaled X%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (X% per year) and Austria (X% per year).

Import Prices by Country

The average import price for sunflower-seed or safflower oil, refined, but not chemically modified stood at $X per ton in 2022, with an increase of X% against the previous year. Over the period under review, the import price saw a measured expansion. Over the period under review, average import prices reached the maximum at $X per ton in 2013; however, from 2014 to 2022, import prices failed to regain momentum.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Bosnia and Herzegovina (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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