Safflower Oil Prices Prices – Historical Graph

Real-time chart of historical daily safflower oil prices. The prices are shown in 1 liter.
The current price is and is last updated on .
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Safflower Oil Prices Explained

Safflower oil prices largely benefitted the growing global consumption of alternative vegetable oil and the plant’s handy farming process. Its flexibility and adaptability in growing and production attract most farmers to grow this plant. Additionally, it controls weeds and diseases which is a suitable technique for perfect crop rotation.

Presently, Kazakhstan ranks as the largest safflower-producing country, followed distantly by Russia and the USA. Furthermore, the Middle East and Africa dominated the global safflower seeds market by holding the largest share.

Why are safflower oil prices fluctuating?

1. Competition with Other Edible Oils

Generally, supply, demand, availability, and price fluctuation of alternative vegetable oils largely determine the price of safflower.

Additionally, the shifting customer tastes toward oils that are healthier or more adaptable contribute to safflower price variation.

2. Supply and Demand

Safflower oil or its derivatives become more expensive when demand for it exceeds supply because purchasers become more competitive.

Conversely, if there is an oversupply of safflower available in the market and it lowers demand, sellers drop their prices by adjusting their value to attract customers and avoid piling inventory.

For instance, the Chinese safflower prices spiked in 2021 due to the decreasing output, lower inventory levels, and higher demand. Therefore, local medicinal growers were motivated by this circumstance to start producing safflower in 2022.

3. Global Market Trends

Health trends or dietary choices might influence the demand for safflower oil and other safflower-derived goods.

Additionally, economic variables, geopolitical events, or changes in global trade dynamics hold the supply and pricing of safflower on the international market.

For example, the surge in safflower production by medicinal farmers in 2022 led to an expansion of market inventories which caused prices to decrease.

4. Export and Import Prices

When there is an excess of safflower in the receiving country due to market oversupply, there is a chance that imports will drive down prices.

On the other hand, exporting lowers domestic supply in the exporting nation, leading to higher domestic safflower prices.

For instance, the price per kilogram of safflower exported from the United States decreased by 6.02% due to the emerging suppliers of this commodity which offer less compromising trade to other countries.

Which variables impact the price of safflower oil?

  • Competition with other edible Oils
  • Global Market Trends
  • Supply and Demand
  • Export and Import Prices
  • Weather Conditions
  • Government Policy

Where does safflower oil come from?

Safflower is a bushy plant with either spineless or spine-filled egg-shaped leaves. Additionally, this plant is primarily grown in North American and Middle Eastern nations where its seeds are used as fruits.

There are two main safflower varieties, one that produces seeds high in monounsaturated fatty acids and the other in polyunsaturated fatty acids. Furthermore, it is harvested once the flowers are dried up and the seeds are matured.

The process of harvesting safflower involves several steps:

1. Timing of Harvest – The harvesting season for safflower is very important as premature harvesting results in undeveloped seeds, which lowers yields and reduces oil content. On the other hand, late harvesting causes the seeds to break and fall to the ground.

2. Cutting the Plants – The plants are typically trimmed down close to the ground for harvesting once it turns out that the safflower crop is mature.

3. Drying – The safflower plants are left in the field to dry after being trimmed as it is crucial to reduce moisture content from the seeds which is important in the oil extraction process.

4. Threshing – The process of threshing involves removing the seeds from the remaining plant material. Also, it is done mechanically with threshers or traditionally by beating the plants.

5. Winnowing – After threshing, the mixture of seeds and chaff is winnowed to further separate the seeds from any leftover material.

6. Cleaning – Next, the separated safflower seeds go through a cleaning process to remove any remaining impurities or foreign material.

7. Storage – Then, the safflower seeds are cleaned and are ready for storage or further processing.

What are the uses of safflower oil?

High oleic safflower oil has health benefits, including lowering the risk of cardiovascular problems due to its high level of omega-3 and omega-6 fatty acids.

Additionally, this oil is flavorful and aromatic, making it ideal for use in several food applications. Furthermore, it is used as a spray oil for dried fruits, a liquid flavor dispersion, or as a component of dietary supplements.

Here are the top industrial applications of safflower:

1. Edible Oil Production – Safflower seeds are rich in oil and are useful in many different types of cooking and culinary applications. Also, its high smoking point makes it ideal for deep-frying and frying.

2. Dyes and Coloring – Its petals contain natural colors that are used in place of artificial dyes. The culinary and textile industries both use the red and yellow dyes that are extracted from safflower.

3. Cosmetics and Skincare – Safflower oil is highly valued for its moisturizing properties and is commonly used in formulations such as lotions, creams, and hair care products.

4. Pharmaceuticals – The pharmaceutical industry utilizes its oil to make dietary supplements and medications.

5. Animal Feed – Safflower meal is a high-protein component of animal feed that is especially beneficial for feeding chickens and cattle.

6. Biodiesel Production – Biodiesel can be produced using safflower oil as a feedstock, offering a sustainable and environmentally beneficial substitute for regular diesel fuel.

What is the future price of safflower oil?

The global consumption of safflower oil is experiencing rapid growth due to increasing health awareness among consumers worldwide. As a result, the demand for high oleic safflower oil in personal care products drives a surge in the safflower seed oil industry, with the United States leading the worldwide market due to the emerging trend of low-fat diets and changing lifestyles.

Also, industrial lubricants study the potential of safflower oil as a sustainable substitute for oil-greasing applications. Furthermore, the growing scale of bio-based practices is another market factor of this commodity as it’s a good alternative to palm and crude oil.

For instance, Qantas Airlines announced plans to purchase 10 million liters of sustainable biobased aviation fuel (including safflower oil) as part of the company’s commitment to net zero emissions by 2050.

Thus, the price of safflower will be $5.11 per kilogram in 2027 and its market is forecasted to reach $359 million by 2033 with a 4.5% CAGR from 2023 to 2033.

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