Phone:+1 307 363 1045
Phone: +91 1203185500
Phone: +44 7537 132103
Safflower Oil Price Trend and Forecast
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 Second Half of 2023
Safflower oil has a high content of monounsaturated and polyunsaturated fats, making it a popular option for health-conscious consumers seeking heart-healthy alternatives to traditional cooking oils. Its widespread usage in culinary applications, including frying, baking, and salad dressings, also contributes to its market demand. Moreover, the rising popularity of natural and organic food products has boosted the awareness and interest of consumers in safflower oil.
The third and fourth quarters of 2023 witnessed a gradual decline in the safflower oil prices in Asia. Initially, the Indian market experienced a slight relaxation attributed to the government's reduction of import duties, stabilizing prices from previous quarters. However, the combination of low market prices and inexpensive Russian and Ukrainian exports further drove down domestic prices of safflower oil. Additionally, oversupplied markets and reduced demands led to a downward trend in safflower oil prices throughout the aforementioned period, not only in Asia but in European countries too.
In Western Europe, safflower oil prices fluctuated throughout the third quarter. However, the market was able to gain positive growth due to increased international demand, notably from India. In North America, safflower oil prices remained subdued, influenced by the crop's resilience to drought conditions during El Niño and fluctuating domestic demands.
According to Procurement Resource, the price trend of Safflower Oil is expected to be dependent on the crop output and trading activities in the next quarter.
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.
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.
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.
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.
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.
|Cooking oil, Salad dressing, Margarine, Lubricants, Solvents, Cosmetics, Plastic additives, Resins and polymers, Biofuels, Paints and coatings, Soaps and lotions
|Adams Group, ConnOils LLC, Kshrey Inc, Ekologie Forte Pvt.Ltd
|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
|US$ (Data can also be provided in local currency)
|Supplier Database Availability
|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.
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.
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).
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.
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.
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.
Phone:+1 307 363 1045
Phone: +91 1203185500
Phone: +44 7537 132103