Unexpected changes in the global oilseed market – an opportunity to take advantage

UkrAgroConsult

Article author:

Svitlana Kupreeva

Oilseed Market Analyst

Over the past 10 years, global vegetable oil production has increased steadily. In 2023/24, global vegetable oil production amounted to almost 223 M mt (in 2015/16 – 176.4 M mt), with only olive oil production declining.

Production growth was driven by an increase in global population and the growing share of biodiesel industry consumption. It is estimated that about 70% of the oil is used for food purposes and 30% for industrial purposes.

Sunflower oil ranks fourth in global vegetable oil production with a 10% share.

Sunflower oil shows the largest increase in production during this period compared to all vegetable oils.

Global oilseeds trade in 2015/16-2023/24 increased by 21% in terms of tonnage.

In 2023/24, sunflower oil took second place of total world exports.

According to UkrAgroConsult, sunflower oil has favorable demand prospects due to the growing consumption of edible oils and its strong position in the food consumption segment.

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Tags: olive oil, sunflower oil, prices, edible oils