Updated Jan 27, 2023 13:06

Market for Sunflower-Seed Or Safflower Oil, Refined, But Not Chemically Modified in Australia and Oceania

Market Overview
The market for sunflower-seed or safflower oil, refined, but not chemically modified in Australia and Oceania stood at $ in , standing approx. at 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, consumption recorded a relatively flat trend pattern. The level of consumption peaked at $ in ; however, from to , consumption remained at a lower figure.

In value terms, production of sunflower-seed or safflower oil, refined, but not chemically modified expanded to $ in estimated in export price. Over the period under review, production, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2018 when the production volume increased by %. The level of production peaked at $ in ; however, from to , production remained at a lower figure.

Australia ( tons) constituted the country with the largest volume of production of sunflower-seed or safflower oil, refined, but not chemically modified, accounting for % of total volume. Moreover, production of sunflower-seed or safflower oil, refined, but not chemically modified in Australia exceeded the figures recorded by the second-largest producer, Papua New Guinea ( tons), eightfold.

In Australia, production of sunflower-seed or safflower oil, refined, but not chemically modified increased at an average annual rate of +% over the period from 2007-. The remaining producing countries recorded the following average annual rates of production growth: Papua New Guinea (+% per year) and New Zealand (-% per year).


Consumption
In , the amount of sunflower-seed or safflower oil, refined, but not chemically modified consumed in Australia and Oceania expanded modestly to tons, growing by % compared with the previous year's figure. The total consumption indicated moderate growth from 2007 to : its volume increased at an average annual rate of +% over the last fifteen years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on figures, consumption decreased by -% against indices. Over the period under review, consumption of attained the maximum volume at tons in ; however, from to , consumption failed to regain momentum.

The value of the market for sunflower-seed or safflower oil, refined, but not chemically modified in Australia and Oceania totaled $ in , therefore, remained relatively stable 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). Overall, consumption continues to indicate a relatively flat trend pattern. The level of consumption peaked at $ in ; however, from to , consumption remained at a lower figure.


Consumption by Country
Australia ( tons) remains the largest sunflower-seed or safflower oil, refined, but not chemically modified consuming country in Australia and Oceania, accounting for % of total volume. Moreover, consumption of sunflower-seed or safflower oil, refined, but not chemically modified in Australia exceeded the figures recorded by the second-largest consumer, Papua New Guinea ( tons), eightfold.

In Australia, consumption of sunflower-seed or safflower oil, refined, but not chemically modified increased at an average annual rate of +% over the period from 2007-. In the other countries, the average annual rates were as follows: Papua New Guinea (+% per year) and New Zealand (-% per year).

In value terms, Australia ($) led the market, alone. The second position in the ranking was taken by New Zealand ($).

In Australia, the market of sunflower-seed or safflower oil, refined, but not chemically modified remained relatively stable over the period from 2007-. The remaining consuming countries recorded the following average annual rates of market growth: New Zealand (-% per year) and Papua New Guinea (+% per year).

In Australia, per capita consumption of sunflower-seed or safflower oil, refined, but not chemically modified increased at an average annual rate of +% over the period from 2007-. In the other countries, the average annual rates were as follows: New Zealand (-% per year) and Papua New Guinea (+% per year).


Market Forecast
Driven by increasing demand for sunflower-seed or safflower oil, refined, but not chemically modified in Australia and Oceania, 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 +% for the period from to , which is projected to bring the market volume to tons by the end of .

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