Production of sunflower oil due to high consumption annually grows by 7%

the income Growth increases the global consumption of high-quality vegetable oil, primarily sunflower. According to FAS USDA, the production of sunflower oil is growing faster than other oils, at an average annual rate of 7% due to capacity expansion in Ukraine and Russia. This trend accelerated in 2019/20 MG, when the production of palm and rapeseed oil declined due to adverse weather conditions and caused by Covid-19 reduce consumption of biofuels.

In season 2019/20 the share of world consumption of sunflower oil rose to a record 12%.

From mid-February to early April the price of sunflower oil was lower than to canola, has stepped up purchases, especially from China, which in April 2020, has imported a record 251 thousand tons of sunflower oil, which is 85% higher than the previous record April 2016, the Share of consumption of sunflower oil in total vegetable oil consumption in China grew to 6%.

But experts don't expect the USDA to increase imports of sunflower oil to China and India in 2020/21 MG. And in General, due to the negative impact of a pandemic on the world economy consumption of vegetable oils in 2019/20 MG will remain at the level of the previous season, and in 2020/21 MG will grow by 2%.

the Forecast of sunflower production in Ukraine has increased by 0.5 million tons to 17 million tons, for Russia – up to 15.5 million tons, but the volume of world production of sunflower oil will not change.

India in 2020/21 MG can increase the production of oilseeds to record 40,98 million tons, - said the President of the company Sunvin Group Sandeep of Bajara during an online conference SUNFLOWER OIL: KEEP ON TRADING ONLINE in 2020. In comparison with the current season in 2020/21 MG consumption of vegetable oils will increase by 1.9 million tonnes to a record 23 million tonnes, import – by 1.84 million tons to 15.45 mln t, in particular palm oil, from 7.5 to 9 million tons and sunflower – from 2.7 to 3 million tons Experts believe that the imports of sunflower oil in India gradually increase and in 2022/23 MG will be 3.5 million tons.

India's Import of sunflower oil from Ukraine, which is a major supplier of these products will increase from 1.72 million tonnes in 2019/20 MG to 1.87 million tonnes in 2020/21 MG, although the share of Ukrainian oil in total imports decreased from 90% to 63% due to the increase of purchases of Russian oil from 0.65 to 0.75 million tonnes and Argentina – from 0.32 to 0.37 million tons.