Sunflower or safflower oil and fractions market in Latin America and the Caribbean

Earlier Report Observations

The market volume for sunflower or safflower oil in Latin America and the Caribbean began at 1 160 thousand tons in 2018, then decreased to 1 117 thousand tons in 2019 and further contracted to 952 thousand tons in 2020.

In 2021, the market rebounded sharply to 1 434 thousand tons. However, it fell to 866 thousand tons in 2022 when the Russia-Ukraine war disrupted global sunflower oil supply chains, causing price volatility and reducing availability in the region.

By 2023, the market recovered to 1 268 thousand tons as the sector adapted to the supply constraints and international demand firmed amid ongoing global tensions.

Production sunflower or safflower oil and fractions in Latin America and the Caribbean

In kind, 2017-2020, K 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

Following two years of growth, sunflower and safflower oil production in Latin America and the Caribbean declined. In 2019, production reached its peak at 1 600 K t, representing a 6.2% increase from the previous year. However, by 2020, output had fallen to 1 225 K t, marking a significant 23.5% decrease compared to 2019. Over the period from 2017 to 2020, production dropped by 16.2%, which translates to an average annual decline of 5.7%.

Annual dynamics of production in Latin America and the Caribbean in kind, 2017-2020, K t

In value, 2017-2020, M $ US

Sunflower and safflower oil production in Latin America and the Caribbean declined for the third consecutive year. In 2020, the value of this production stood at 1 102 M $ US, reflecting a sharp 15.6% drop from the previous year. From 2017 to 2020, the overall decrease in production value was 43%, averaging an annual decline of 17.1%.

Annual dynamics of production in Latin America and the Caribbean in value, 2017-2020, M $ US

Exports sunflower or safflower oil and fractions from Latin America and the Caribbean

Exports in kind, K t

After two years of growth, sunflower and safflower oil exports from Latin America and the Caribbean declined. In 2018, exports saw the largest increase at 12.9%, reaching a peak of 617.0 K t in 2019. However, by 2020, exports had fallen to 476.1 K t, a 22.8% decrease year-over-year. Over the 2017-2020 period, exports decreased by 2.5%, with a compound annual growth rate of -0.8%.

Annual dynamics of product's exports from Latin America and the Caribbean in kind, 2017-2020, K t

From 2017 to 2020, the largest buyers of sunflower and safflower oil from Latin America and the Caribbean were India, accounting for 20.7% of exports in kind, South Africa at 3.8%, and Australia at 3.7%. Together, these three countries represented 28.2% of total exports, with the remainder distributed among a wide range of smaller trading partners.

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

World map of product's exports from Latin America and the Caribbean in kind, 2017-2020

Exports in value, M $ US

Sunflower and safflower oil exports from Latin America and the Caribbean declined for the third consecutive year. In 2020, the export value was 428.3 M $ US, down 14.9% from the previous year. Between 2017 and 2020, exports decreased by 33.7%, averaging an annual decline of 12.8%.

Annual dynamics of product's exports from Latin America and the Caribbean in value, 2017-2020, M $ US

Between 2017 and 2020, sunflower and safflower oil from Latin America and the Caribbean was exported to numerous countries. The top destinations—India, the United States, and Australia—collectively accounted for only 26.3% of total export value, highlighting a diverse and fragmented market.

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

World map of product's exports from Latin America and the Caribbean in value, 2017-2020

Imports sunflower or safflower oil and fractions to Latin America and the Caribbean

Imports in kind, K t

In 2019, imports of sunflower and safflower oil into Latin America and the Caribbean hit their lowest point at 133.7 K t, marking a 34.5% decline from the previous year. However, imports peaked in 2018 at 204.1 K t. By 2020, imports had risen to 203.8 K t, a substantial 52.5% increase compared to 2019. Over the 2017-2020 period, imports grew by 38.7%, with an average annual growth rate of 11.5%.

Annual dynamics of product's imports to Latin America and the Caribbean in kind, 2017-2020, K t

From 2017 to 2020, imports of sunflower and safflower oil into Latin America and the Caribbean were not heavily concentrated. The top suppliers—Ukraine with 4.3% of imports in kind, the United States with 4.1%, and Turkey with 2.0%—together accounted for only 10.4% of total imports, indicating a broad and diversified supply base.

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

World map of product's imports to Latin America and the Caribbean in kind, 2017-2020

Imports in value, M $ US

In 2019, the value of sunflower and safflower oil imports into Latin America and the Caribbean reached its lowest point at 323.6 M $ US, reflecting an 11.5% decline from the previous year. Imports peaked in 2018 at 365.7 M $ US, with the largest increase that year at 6.2%. By 2020, import value had risen to 338.5 M $ US, a modest 4.6% improvement compared to 2019.

Annual dynamics of product's imports to Latin America and the Caribbean in value, 2017-2020, M $ US

The import structure from 2017 to 2020 shows a highly diversified set of partners. Ukraine accounted for 4.3% of imports in value terms, the United States for 4.1%, and Turkey for 2.2%. Together, these three countries represented only 10.6% of total imports, while the remaining 89.4% was spread across numerous smaller markets.

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

World map of product's imports to Latin America and the Caribbean in value, 2017-2020