In the first half of 2023, Sunflower Oil prices in Asian markets experienced a persistent decline due to oversupply and increased market access for Ukrainian oil under the Black Sea agreement. Despite stable demand, market sentiments were negatively affected. The European and North American markets faced similar price trends, with declining prices in both regions attributed to excessive supplies and mounting inventories. Cheaper exports to Asia and reduced refining costs contributed to the overall downward price pressure. Throughout the mentioned period, Sunflower Oil prices in these regions remained on a continuous downward trajectory.
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Definition
Sunflower oil is a type of vegetable oil extracted from sunflower seeds. It is commonly used in cooking and food preparation due to its mild flavor and high smoke point. The oil is rich in unsaturated fats, particularly linoleic acid, and is known for its health benefits, such as promoting heart health and lowering cholesterol levels.
Key Details About the Sunflower Oil Price Trend:
Procurement Resource does an in-depth analysis of the price trend to bring forth the monthly, quarterly, half-yearly, and yearly information on Sunflower Oil in its latest pricing dashboard. The detailed assessment deeply explores the facts about the product, price change over the weeks, months, and years, key players, industrial uses, and drivers propelling the market and price trends.
Each price record is linked to an easy-to-use graphing device dated back to 2014, which offers a series of functionalities; customization of price currencies and units and downloading of price information as Excel files that can be used offline.
The Sunflower Oil Price trends, including India Sunflower Oil price, USA Sunflower Oil price, pricing database, and analysis can prove valuable for procurement managers, directors, and decision-makers to build up their strongly backed-up strategic insights to attain progress and profitability in the business.
Industrial Uses Impacting the Sunflower Oil Price Trend:
Sunflower oil is industrially used in cooking, frying, and baking, as well as in the production of margarine, salad dressings, and cosmetic products like soaps and lotions. It also finds applications in the pharmaceutical industry for certain medications and dietary supplements.
Key Players:
- EFKO Group
- ASTON JSC
- Cargill Incorporated
- Optimus Agro
- Adams Group
News and recent developments:
India’s sunflower oil imports are expected to decrease in the coming months due to rising prices after Russia withdrew from the Black Sea grain deal. This move would make sunflower oil less competitive against rival oils, leading India to increase purchases of palm oil and soyoil. The expiration of the Black Sea export deal could result in a 30% drop in sunflower oil shipments to India, causing imports to fall to around 200,000 tons from August, compared to the typical 250,000 tons per month. Ukraine traditionally accounted for a significant portion of India’s sunflower oil imports, but Russia became the largest supplier in the previous marketing year.
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