Sunflower or safflower oil and fractions market in Southern Europe

Earlier Report Observations

The market for sunflower or safflower oil in Southern Europe experienced notable fluctuations between 2018 and 2023. Volume grew from 3.06 million tons in 2018 to 3.23 million in 2019, then contracted to 2.89 million in 2020. A significant surge followed, pushing the market to a peak of 3.47 million tons in 2021, before a sharp decline to 2.77 million in 2022. A partial recovery brought the volume to 2.86 million tons in 2023.

The dramatic drop in market size in 2022 was a direct consequence of the Russian invasion of Ukraine, which created severe uncertainty and disrupted global supply chains for sunflower oil, as both countries are major exporters. This event constrained availability and impacted prices. The subsequent modest recovery in 2023 was supported by the market's adaptation, with importers actively seeking and securing alternative supplies from other producers such as Bulgaria, Romania, Argentina, and Mexico.

In 2024, the market environment was shaped by several key developments. Sunflower cultivation area in Europe reached a historical peak, supported by specific financial aid for the crop, which aimed to bolster local production. Concurrently, clear shifts in consumer preferences emerged, with growing demand for high-oleic and vitamin-fortified oils, leading to a wave of new product launches in these segments. Furthermore, the industry faced pressure from rising production costs, including increased expenses for fertilizers and labor.

Production sunflower or safflower oil and fractions in Southern Europe

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

Southern Europe produced 2 014 K t of sunflower or safflower oil and fractions in 2020, marking a moderate decline of 9.5% compared to the previous year. Over the period from 2017 to 2020, production fell by 12.9%, which translates to an average annual decrease of 4.5%. The most significant growth occurred in 2019, with a 5.6% increase.

Annual dynamics of production in Southern Europe in kind, 2017-2020, K t

In value, 2017-2020, M $ US

In 2020, the output of sunflower or safflower oil and fractions in Southern Europe was valued at 2 073 M $ US, reflecting an 11.9% decrease from the prior year. From 2017 to 2020, production value dropped by 21.9%, corresponding to a compound annual growth rate (CAGR) of -7.9%. The largest increase was observed in 2019, at 0.2%.

Annual dynamics of production in Southern Europe in value, 2017-2020, M $ US

Exports sunflower or safflower oil and fractions from Southern Europe

Exports in kind, K t

Exports of sunflower or safflower oil and fractions from Southern Europe grew for the second year in a row. In 2020, export volume reached 608 K t, up 2.8% year-over-year. Between 2017 and 2020, exports rose by 19%, averaging a 6.0% annualized increase. The lowest volume was recorded in 2018 at 509 K t, which also saw the largest decline of 0.4%. In contrast, 2019 experienced the most substantial growth, with a 16.2% increase.

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

From 2017 to 2020, the country structure of exports in kind was highly diversified. Turkey accounted for 11.7% of exports, France for 9.4%, and South Africa for 4.6%, together making up only 25.8% of total flows. The remaining 74.2% was distributed among a wide range of smaller markets.

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

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

Exports in value, M $ US

In 2020, Southern Europe exported 626 M $ US of sunflower or safflower oil and fractions, showing little change from 2019. Over the 2017-2020 period, export value increased by 6.7%, with an annualized rate of 2.2%. The lowest value was in 2018 at 568 M $ US, which also recorded the largest decline of 3.3%. The most significant increase occurred in 2019, at 10.3%.

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

The structure of exports in value terms from 2017 to 2020 indicates a diversified set of partners. Turkey contributed 10.8% of export value, France 10.6%, and South Africa 3.9%, collectively accounting for 25.4% of total flows. The remaining 74.6% was spread across numerous smaller markets.

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

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

Imports sunflower or safflower oil and fractions to Southern Europe

Imports in kind, K t

In 2020, Southern Europe imported 1 489 K t of sunflower or safflower oil and fractions, representing a modest drop of 6.8% compared to the previous year. From 2017 to 2020, imports decreased by 12.4%, with a compound annual growth rate (CAGR) of -4.3%. The lowest volume was in 2018 at 1 464 K t, which also saw the largest decline of 13.9%. The most notable increase was in 2019, with a 9.1% rise.

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

Between 2017 and 2020, Ukraine was the dominant source for imports in kind, accounting for 49.0%, followed by Hungary at 10.4% and Bulgaria at 8.4%. Together, these three countries represented 67.9% of total import flows.

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

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

Imports in value, M $ US

Imports of sunflower or safflower oil and fractions into Southern Europe increased for the second consecutive year. In 2020, import value totaled 1 400 M $ US, indicating a gradual improvement of 4.1% from 2019. Over the 2017-2020 period, import value fell by 9.2%, averaging an annualized decrease of 3.2%. The lowest value was recorded in 2018 at 1 307 M $ US, which also experienced the largest decline of 15.3%.

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

From 2017 to 2020, Ukraine remained the key partner for imports in value terms, contributing 46.7%, with Hungary at 10.8% and Bulgaria at 8.6%. Collectively, these three partners accounted for 66.1% of total import flows.

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

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