Sunflower or safflower oil and fractions market in Australia and New Zealand

Earlier Report Observations

The market volume for sunflower or safflower oil and fractions in Australia and New Zealand expanded from 86 688 tons in 2018 to a peak of 106 920 tons in 2020. This growth was followed by a contraction to 88 904 tons in 2021, a modest rebound to 92 459 tons in 2022, and a sharp decline to 65 455 tons in 2023.

Domestic production rose consistently throughout the period, more than doubling from 8 260 tons in 2018 to 16 292 tons in 2023. Imports, which form the largest share of supply, increased to 97 488 tons in 2020 but then fell substantially to 50 700 tons by 2023, driving the overall market reduction after the peak year.

Exports remained relatively small but grew from 1 101 tons to 1 537 tons between 2018 and 2023. The market's contraction after 2020 resulted primarily from the steep drop in import volumes, which outweighed the steady growth in local production.

Production sunflower or safflower oil and fractions in Australia and New Zealand

In kind, 2018-2021, t

Top producers of sunflower or safflower oil and fractions, 2018-2021

World map of production of sunflower or safflower oil and fractions, 2018-2021

Production of sunflower or safflower oil and fractions in Australia and New Zealand has increased for the third year in a row. In 2021, output reached 12 386 tonnes, marking a significant 21.7% rise compared to 2020. Looking at the period from 2018 to 2021, production grew by 50%, with an average annual growth rate of 14.5%.

Annual dynamics of production in Australia and New Zealand in kind, 2018-2021, t

Exports sunflower or safflower oil and fractions from Australia and New Zealand

Exports in kind, t

After two years of decline, exports of sunflower or safflower oil and fractions from Australia and New Zealand have rebounded. In 2021, exports totaled 1 014 tonnes, showing a 35.6% increase year-over-year. However, over the 2018-2021 period, exports decreased by 7.9%, which translates to an average annual decline of 2.7%. The lowest point was in 2020 at 748 tonnes, while the sharpest drop occurred in 2019 with an 18.3% decrease.

Annual dynamics of product's exports from Australia and New Zealand in kind, 2018-2021, t

From 2018 to 2021, Vietnam, Singapore, and the Philippines were notable buyers of sunflower or safflower oil and fractions from Australia and New Zealand, accounting for 12.8%, 9.6%, and 8.7% of exports in kind, respectively. Together, their share reached 31.1% of total exports in kind, indicating they played a significant but not dominant role in the market.

Structure of product's exports in kind by countries, 2018-2021

World map of product's exports from Australia and New Zealand in kind, 2018-2021

Exports in value, M $ US

Cross-border shipments of sunflower or safflower oil and fractions from Australia and New Zealand have declined for the second consecutive year. In 2021, exports amounted to 1.7 million US dollars, representing a 34.3% decrease from 2020. Over the 2018-2021 period, exports fell by 3.7%, with an average annual decline of 1.3%. The peak was in 2019 at 2.9 million US dollars, which also saw the largest increase of 63.3%.

Annual dynamics of product's exports from Australia and New Zealand in value, 2018-2021, M $ US

Between 2018 and 2021, Vietnam, the Philippines, and Singapore were among the top buyers of sunflower or safflower oil and fractions from Australia and New Zealand in value terms, with shares of 16.5%, 9.5%, and 8.3%, respectively. Combined, they represented 34.3% of total exports in value, suggesting a broadly diversified partner base with no single country dominating.

Structure of product's exports in value by countries, 2018-2021

World map of product's exports from Australia and New Zealand in value, 2018-2021

Imports sunflower or safflower oil and fractions to Australia and New Zealand

Imports in kind, t

Following two years of growth, imports of sunflower or safflower oil and fractions into Australia and New Zealand have declined. In 2021, imports stood at 77 532 tonnes, reflecting a 20.5% drop compared to 2020. Over the 2018-2021 period, imports decreased by 2.5%, with an average annual decline of 0.8%. The highest level was recorded in 2020 at 97 488 tonnes, while the largest increase occurred in 2019 with a 12.7% rise.

Annual dynamics of product's imports to Australia and New Zealand in kind, 2018-2021, t

Throughout 2018-2021, Ukraine, Argentina, and Malaysia were the key sources for imports in kind of sunflower or safflower oil and fractions into Australia and New Zealand, with shares of 32.0%, 31.9%, and 24.2%, respectively. Together, they accounted for 88.1% of total import flows, highlighting their dominant position in the supply chain.

Structure of product's imports in kind by countries, 2018-2021

World map of product's imports to Australia and New Zealand in kind, 2018-2021

Imports in value, M $ US

Imports of sunflower or safflower oil and fractions into Australia and New Zealand have increased for the third year in a row. In 2021, imports reached 117.9 million US dollars, corresponding to a 9.1% rise compared to 2020. Over the 2018-2021 period, imports grew by 39.6%, with an average annual growth rate of 11.8%.

Annual dynamics of product's imports to Australia and New Zealand in value, 2018-2021, M $ US

From 2018 to 2021, Ukraine, Argentina, and Malaysia continued to lead as suppliers of sunflower or safflower oil and fractions to Australia and New Zealand in value terms, with shares of 31.2%, 29.2%, and 26.0%, respectively. Jointly, they made up 86.4% of total imports in value, underscoring their crucial role in the import market.

Structure of product's imports in value by countries, 2018-2021

World map of product's imports to Australia and New Zealand in value, 2018-2021