Sunflower Oil Price History and Forecast Analysis | Procurement Resource
During the initial six months of 2023, the prices of Sunflower Oil in Asian markets consistently decreased, primarily driven by an oversupply situation and enhanced market accessibility for Ukrainian oil facilitated by the Black Sea agreement. Despite a steady demand, market sentiments were adversely impacted. Parallelly, the European and North American markets witnessed analogous price trends, marked by diminishing prices in both regions, stemming from abundant supplies and escalating inventories. The combination of more affordable exports to Asia and decreased refining expenses played a pivotal role in exerting downward pressure on prices. Throughout this specified period, Sunflower Oil prices in these regions sustained a continuous decline.
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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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