Sunflower or safflower oil and fractions market in Greece

Earlier Report Observations

The market volume for sunflower or safflower oil in Greece contracted from 136.2 thousand tons in 2018 to 108.9 thousand tons in 2020, before rebounding sharply to 142.7 thousand tons in 2021. This recovery was supported by important agreements for sunflower and rapeseed cultivation established in 2021, which encouraged agricultural investment and supply chain development.

From 2022 onward, the market entered a phase of sustained expansion. In 2022, new EU regulations simplifying trade standards and quality requirements for vegetable oils took effect, reducing administrative barriers. Simultaneously, lower costs for agricultural inputs made sunflower cultivation more attractive, with over 25 000 Greek farmers engaging in it, boosting domestic production potential. The market volume grew to 147.5 thousand tons in 2022 and surged to 188.0 thousand tons in 2023. By 2024, consumption stabilized at 188.9 thousand tons, underpinned by continuing cultivation improvements and consumer shifts toward sunflower oil as high olive oil prices made it a more affordable alternative.

Production sunflower or safflower oil and fractions in Greece

In value, 2017-2020, K $ US

Greece's production of sunflower or safflower oil and fractions has increased for the second consecutive year. In 2020, output reached 50 819 K $ US, marking a significant 24.4% gain from the previous year. Over the 2017-2020 period, production grew by 20.3%, with a compound annual growth rate of 6.4%. The lowest value was recorded in 2018 at 39 707 K $ US, which also saw the largest decline of 6.0%.

Annual dynamics of production in Greece in value, 2017-2020, K $ US

In kind, 2017-2020, t

Top producers of sunflower or safflower oil and fractions, 2017-2020

World map of production of sunflower or safflower oil and fractions, 2017-2020

Greece's production of sunflower or safflower oil and fractions has increased for the second consecutive year. In 2020, the country produced 43 870 t, up 12.6% from 2019. Over the 2017-2020 period, production rose by 20.6%, with a compound annual growth rate of 6.5%. The lowest value was recorded in 2018 at 33 175 t, which saw the largest decline of 8.8%. In contrast, 2019 recorded the largest increase of 17.5%.

Annual dynamics of production in Greece in kind, 2017-2020, t

Exports sunflower or safflower oil and fractions from Greece

Exports in kind, K t

After two years of growth, Greece's exports of sunflower or safflower oil and fractions declined in 2020. Exports stood at 4.4 K t, representing a modest 8.9% decrease from 2019. Over the 2017-2020 period, exports increased by 130.8%, with a compound annual growth rate of 32.1%. The highest value was recorded in 2019 at 4.8 K t, which also saw the largest increase of 62.7%.

Annual dynamics of product's exports from Greece in kind, 2017-2020, K t

From 2017 to 2020, Cyprus, Sweden, and Italy were the key partners for Greece's exports of sunflower or safflower oil and fractions in kind. Cyprus accounted for 26.7% of exports, Sweden for 22.2%, and Italy for 14.0%. Together, these three countries represented 62.8% of total export flows.

Structure of product's exports in kind by countries, 2017-2020

World map of product's exports from Greece in kind, 2017-2020

Exports in value, M $ US

The market showed volatility during these years, with import levels fluctuating 2.5 times between the low in 2017 and the high in 2019. In 2020, Greece exported 5.6 M $ US of sunflower or safflower oil and fractions, remaining virtually unchanged from 2019. The highest value was recorded in 2019 at 5.6 M $ US, while 2018 saw the largest increase of 112.3%.

Annual dynamics of product's exports from Greece in value, 2017-2020, M $ US

From 2017 to 2020, Cyprus, Sweden, and Italy consistently led in the country structure of Greece's exports in value terms. Cyprus accounted for 26.3% of exports, Sweden for 24.1%, and Italy for 11.3%. Collectively, these three partners represented 61.8% of total export flows.

Structure of product's exports in value by countries, 2017-2020

World map of product's exports from Greece in value, 2017-2020

Imports sunflower or safflower oil and fractions to Greece

Imports in kind, K t

Greece's imports of sunflower or safflower oil and fractions declined for the third consecutive year. In 2020, imports stood at 69.5 K t, representing a strong contraction of 11.8% from the previous year. Over the 2017-2020 period, imports decreased by 44.4%, with a compound annual growth rate of -17.8%.

Annual dynamics of product's imports to Greece in kind, 2017-2020, K t

From 2017 to 2020, Bulgaria, Ukraine, and Romania were the main sources for Greece's imports of sunflower or safflower oil and fractions in kind. Bulgaria accounted for 64.9% of imports, Ukraine for 12.1%, and Romania for 8.0%. Together, these three countries represented 85.0% of total import flows.

Structure of product's imports in kind by countries, 2017-2020

World map of product's imports to Greece in kind, 2017-2020

Imports in value, M $ US

After two years of decline, Greece's imports of sunflower or safflower oil and fractions increased in 2020. Imports registered 61.8 M $ US, constituting a 1.1% advance from 2019. Between 2017 and 2020, imports decreased by 42.5%, equating to an annualized rate of -16.9%. The lowest value was recorded in 2019 at 61.1 M $ US, which also saw the largest decline of 32.1%.

Annual dynamics of product's imports to Greece in value, 2017-2020, M $ US

From 2017 to 2020, Bulgaria, Ukraine, and Romania formed the main group of destinations for Greece's imports of sunflower or safflower oil and fractions in value terms. Bulgaria accounted for 67.4% of imports, Ukraine for 11.3%, and Romania for 8.0%. Together, these three countries represented 86.8% of total import flows.

Structure of product's imports in value by countries, 2017-2020

World map of product's imports to Greece in value, 2017-2020