Sunflower, safflower or cottonseed oil and fractions market in Asia

Earlier Report Observations

The market for sunflower, safflower or cottonseed oil in Asia expanded significantly from 8.6 million tons in 2018 to a peak of 10.3 million tons in 2020. This growth was primarily driven by rising imports, which increased from 3.6 million tons to 5.7 million tons over the same two-year period. After 2020, total market volume contracted for two consecutive years, falling to 8.9 million tons in 2022, before stabilizing at just under 9 million tons in 2023.

The market's decline after 2020 coincided with a reduction in imports, which fell by over 1.2 million tons between 2020 and 2022. Domestic production also fluctuated during this period, declining in 2021 before recovering partially in 2022. By 2024, new developments began to shape trade flows. India, a major regional importer, raised tariffs on crude and refined edible oils by 20 percentage points in September 2024, making imports more costly. Simultaneously, the ongoing global scarcity of sunflower oil, stemming from the conflict in Ukraine, continued to affect supply chains and availability across the region.

Production sunflower, safflower or cottonseed oil and fractions in Asia

In kind, 2017-2020, K t

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

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

Asia's production of sunflower, safflower, or cottonseed oil and fractions saw a decline after two years of growth. In 2020, the region produced 5 429 K t, marking a slight year-over-year decrease of 1.7%. Over the period from 2017 to 2020, production rose by 3.8%, which translates to an average annual growth rate of 1.2%. The highest production level was recorded in 2019 at 5 523 K t, with the largest increase of 5.3% also occurring that year.

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

Exports sunflower, safflower or cottonseed oil and fractions from Asia

Exports in kind, K t

The data shows irregular fluctuations, pointing to a volatile market environment. Exports reached their lowest point in 2018 at 285 K t, with the largest decline of 61.1% recorded that year. In 2020, exports from Asia surged to 906 K t, reflecting a sharp increase of 110.5% compared to the previous year. The peak was observed in 2020, creating a 3.2-fold gap between the trough in 2018 and the high in 2020.

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

From 2017 to 2020, the largest buyers of sunflower, safflower, or cottonseed oil and fractions from Asia included Djibouti (9.9% of exports in kind), Australia (3.2%), and Libya (2.8%). However, together they accounted for only 16.0% of total exports in kind, indicating a broadly diversified partner base with no single country dominating.

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

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

Exports in value, M $ US

Asia's exports of sunflower, safflower, or cottonseed oil and fractions in value terms increased for the second year in a row. In 2020, exports totaled 1 145 M $ US, up 41.8% year-over-year. Over the 2017-2020 period, exports grew by 30%, with a compound annual growth rate of 9.1%. The lowest value was recorded in 2018 at 750 M $ US, which also saw the largest decline of 14.9%.

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

The structure of exports in value terms from 2017 to 2020 can be described as diversified. Djibouti (9.5% of exports in value terms), Australia (3.9%), and Libya (3.0%) together made up just 16.4% of total flows, with no country holding a clearly dominant position.

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

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

Imports sunflower, safflower or cottonseed oil and fractions to Asia

Imports in kind, K t

Asia's imports of sunflower, safflower, or cottonseed oil and fractions in volume terms increased for the third consecutive year. In 2020, the region imported approximately 5 736 K t, up 23.2% from the previous year. Between 2017 and 2020, imports rose by 70.9%, equating to an annualized growth rate of 19.6%.

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

From 2017 to 2020, Ukraine (36.7% of imports in kind), Russia (35.1%), and Argentina (2.6%) were the top contributors to imports in kind, jointly accounting for 74.4% of total flows.

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

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

Imports in value, M $ US

Asia's imports of sunflower, safflower, or cottonseed oil and fractions in value terms grew for the second year in a row. In 2020, imports amounted to approximately 5 083 M $ US, which is 33.5% higher than the previous year. Over the 2017-2020 period, imports increased by 43.7%, with a compound annual growth rate of 12.9%. The minimum value was recorded in 2018 at 3 309 M $ US, with the largest decline of 6.4% also occurring that year.

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

Throughout 2017 to 2020, Russia (34.9% of imports in value terms), Ukraine (34.1%), and Argentina (2.4%) remained the key sources for imports in value terms, together accounting for 71.5% of total flows.

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

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