Sunflower oil production in the world is growing and “breathing down the neck” of palm oil

Previously, sunflower oil was in third place in global trade, but today it has risen to second place. Palm oil is on the first place. This may be due to the fact that in recent years sunflower oil has been much cheaper than other types.

This was stated by Julia Garkavenko, Head of Analytical Department at UkrAgroConsult, at the Black Sea Grain. Kyiv 2024 conference.

Having studied many countries of the Black Sea and Danube regions, we noticed that the growth rate of global sunseed trade is only 30%. At the same time, the growth rate of sunflower oil trade is almost 70%. Therefore, it is likely that in 5 years the entire sunseed trade will be reoriented to the export of processed products.

Julia Garkavenko does not rule out that all countries will process only the sunseed that they can grow themselves.

The analyst noted that Ukraine has lost its main markets for sunflower oil, including China, and has focused entirely on Europe. The lost markets are now occupied by Russia, so we need to try very hard to get them back.

Tags: Black Sea region, palm oil, Ukraine, Russia, China, sunflower oil, prices