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Safflower Oil Price Trend and Forecast

Regional Price Overview

Get the latest insights on price movement and trend analysis of Safflower Oil in different regions across the world (Asia, Europe, North America, Latin America, and the Middle East & Africa).

Safflower Oil Price Trend for the First Half of 2023

Safflower Oil is an edible oil extracted from Safflower flowers through cold pressing. It has a variety of applications, like cooking oil, in cosmetics, resin and polymer industries, cosmetics, etc. The first half of the year 2023 witnessed a fluctuating market trend for Safflower Oil. The first quarter started strong since the feedstock and upstream costs were still high. The global inflation was mounting, and the supply chains were still disturbed.

Safflower Oil Price Trends

However, as the trade routes and supply chains started improving gradually, the production and upstream costs started coming down. Other alternative edible oil options also saturated the market, pushing back the Safflower Oil demands. So, the second quarter saw Safflower Oil prices backtracking. Overall, mixed market sentiments were observed.

Analyst Insight

According to Procurement Resource, the Safflower Oil prices are likely to fluctuate in a similar manner in the coming months as well.

Safflower Oil Price Trend for the Second Half of 2022

During the said period of the second half of the year 2022, the Safflower Oil market was struggling to compete with other edible oil markets. Mid-July saw the Black Sea deal taking place, which opened the way for Ukrainian agricultural exports to come into the global marketplace. Indonesia also reduced tariffs on palm oil exports. These events resulted in an avid influx of supplies in the global edible oil markets.

So, the Safflower Oil prices struggled to sustain in the competitive edible oil market. However, the limited supply of Safflower Oil was still a concern. Overall, the Safflower Oil market trend remained afloat.

Analyst Insight

According to Procurement Resource, given the slump in downstream demands amidst supply issues, the Safflower Oil prices are likely to remain anchored going further.

Safflower Oil Price Trend for the First Half of 2022

The production of safflower is highly volatile, and its planting area depends on the market prices. In 2021, the prices of safflower surged throughout China owing to reduced production, low inventories, and high downstream demand. Due to the record high prices, many medicinal farmers started safflower production in 2022 and hence the production increased, and market inventories expanded causing the prices to decline.

In China, Xinjiang and Yunnan are the two major producers of safflower. In Yunnan, the distribution price in the production area(1 mu) for scattered and bulk goods sold by farmers ranged from 135-140 RMB and the goods used for medical decoction ranged from 144-146 RMB.

The low atmospheric conditions in the early stages of production caused a delay in the peak picking season thereby, inflating the price trend for safflower slightly. However, the prices stabilized and decline further due to the incoming good from Kazakhstan. The current prices of safflower seeds are around 3.8-4 RMB/kg.

The safflower prices registered an oscillating trend which directly influence the prices of safflower oil. Despite the fluctuating raw material prices, the price trend for safflower oil remained anchored in the global market owing to the robust demand for the pharmaceutical and essential oil industry. With the absence of sunflower oil in the market, the prices of other oil soared uncontrollably.

Procurement Resource provides latest prices of Safflower Oil. Each price database is tied to a user-friendly graphing tool dating back to 2014, which provides a range of functionalities: configuration of price series over user defined time period; comparison of product movements across countries; customisation of price currencies and unit; extraction of price data as excel files to be used offline.

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About

Safflower Oil is a light, odourless and flavourless cold-pressed oil that is obtained from white seeds of the safflower plant. Safflower Oil is a rich source of linoleic acid (70%). It is an unsaturated base oil, and thus, could be used in combination with palm, coconut, or a similar oil. It is widely recognised for its moisturising properties and thus is commonly used in soaps, lotions, creams, and massage oils.

Product Details

Report Features Details
Product Name Safflower Oil
Industrial Uses Cooking oil, Salad dressing, Margarine, Lubricants, Solvents, Cosmetics, Plastic additives, Resins and polymers, Biofuels, Paints and coatings, Soaps and lotions
Supplier Database Adams Group, ConnOils LLC, Kshrey Inc, Ekologie Forte Pvt.Ltd
Region/Countries Covered Asia Pacific: China, India, Indonesia, Pakistan, Bangladesh, Japan, Philippines, Vietnam, Iran, Thailand, South Korea, Iraq, Saudi Arabia, Malaysia, Nepal, Taiwan, Sri Lanka, UAE, Israel, Hongkong, Singapore, Oman, Kuwait, Qatar, Australia, and New Zealand

Europe: Germany, France, United Kingdom, Italy,  Spain, Russia, Turkey, Netherlands, Poland, Sweden, Belgium, Austria, Ireland Switzerland, Norway, Denmark, Romania, Finland, Czech Republic, Portugal and Greece

North America: United States and Canada

Latin America: Brazil, Mexico, Argentina, Columbia, Chile, Ecuador, and Peru

Africa: South Africa, Nigeria, Egypt, Algeria, Morocco
Currency US$ (Data can also be provided in local currency)
Supplier Database Availability Yes
Customization Scope The report can be customized as per the requirements of  the customer
Post-Sale Analyst Support 360-degree analyst support after report delivery


Note: Our supplier search experts can assist your procurement teams in compiling and validating a list of suppliers indicating they have products, services, and capabilities that meet your company's needs.

Production Processes

  • Production of Safflower Oil via Cold Press Process

In order to extract Safflower Oil, a process called cold pressing is used. Cold pressing is the conventional and straightforward method of producing oil, where the seeds are pressed (or squeezed) at a low temperature to finally obtain the desired product.

Methodology

The displayed pricing data is derived through weighted average purchase price, including contract and spot transactions at the specified locations unless otherwise stated. The information provided comes from the compilation and processing of commercial data officially reported for each nation (i.e. government agencies, external trade bodies, and industry publications).

Assistance from Experts

Procurement Resource is a one-stop solution for businesses aiming at the best industry insights and market evaluation in the arena of procurement. Our team of market leaders covers all the facets of procurement strategies with its holistic industry reports, extensive production cost and pre-feasibility insights, and price trends dynamics impacting the cost trajectories of the plethora of products encompassing various industries. With the best analysis of the market trends and comprehensive consulting in light of the best strategic footstep, Procurement Resource got all that it takes.

Client's Satisfaction

Procurement Resource has made a mark for itself in terms of its rigorous assistance to its clientele. Our experienced panel of experts leave no stone unturned in ensuring the expertise at every step of our clients' strategic procurement journey. Our prompt assistance, prudential analysis, and pragmatic tactics considering the best procurement move for industries are all that sets us apart. We at Procurement Resource value our clients, which our clients vouch for.

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Expertise, judiciousness, and expedience are the crucial aspects of our modus operandi at Procurement Resource. Quality is non-negotiable, and we don't compromise on that. Our best-in-class solutions, elaborative consulting substantiated by exhaustive evaluation, and fool-proof reports have led us to come this far, making us the ‘numero uno' in the domain of procurement. Be it exclusive qualitative research or assiduous quantitative research methodologies, our high quality of work is what our clients swear by.

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Subscribe to Unlock Access

  • Price Across Multiple Locations
  • Market Insights
  • Download Data in Excel Format
  • Short Term Price Forecasts
  • Prices of More than 400 Commodities and Utilities

Get in Touch With Us

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UNITED STATES

Phone:+1 307 363 1045

flag
INDIA

Phone: +91 1203185500

flag
UNITED KINGDOM

Phone: +44 7537 132103

Email: sales@procurementresource.com

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