Maize Oil Market

The global maize oil market is forecasted to see continued growth in consumption, with a CAGR of +3.2% by 2030, reaching a market value of $5.7B. The United States, China, and Brazil lead in consumption volumes. From 2012-2022, consumption saw fluctuations with a peak in 2018. Production and imports also fluctuated, with the United States, Canada, and Turkey leading in production, and the United States, Kuwait, and Singapore leading in imports. Export prices increased in 2022, with the highest price for refined maize oil. Overall, the market is expected to see steady growth in the near future.

Market Forecast

Driven by increasing demand for maize oil worldwide, the market is expected to continue an upward consumption trend over the next eight-year period. Market performance is forecast to accelerate, expanding with an anticipated CAGR of +3.2% for the period from 2022 to 2030, which is projected to bring the market volume to 3.8M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +5.5% for the period from 2022 to 2030, which is projected to bring the market value to $5.7B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Maize Oil

For the third consecutive year, the global market recorded growth in consumption of maize oil, which increased by 1.5% to 3M tons in 2022. The total consumption volume increased at an average annual rate of +2.2% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Global consumption peaked at 3.4M tons in 2018; however, from 2019 to 2022, consumption remained at a lower figure.

The global maize oil market size totaled $3.7B in 2022, increasing by 5% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, consumption recorded a relatively flat trend pattern. Global consumption peaked at $3.9B in 2017; however, from 2018 to 2022, consumption remained at a lower figure.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were the United States (941K tons), China (510K tons) and Brazil (218K tons), with a combined 57% share of global consumption. South Africa, Japan, Kuwait, Singapore, France, Libya, Tunisia and Canada lagged somewhat behind, together accounting for a further 16%.

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the leading consuming countries, was attained by Singapore (with a CAGR of +56.5%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, the United States ($881M), China ($689M) and Brazil ($162M) were the countries with the highest levels of market value in 2022, with a combined 46% share of the global market. South Africa, Kuwait, Singapore, Libya, Japan, Tunisia, France and Canada lagged somewhat behind, together comprising a further 16%.

Singapore, with a CAGR of +56.0%, recorded the highest growth rate of market size in terms of the main consuming countries over the period under review, while market for the other global leaders experienced more modest paces of growth.

The countries with the highest levels of maize oil per capita consumption in 2022 were Kuwait (14 kg per person), Singapore (10 kg per person) and Libya (7.3 kg per person).

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the main consuming countries, was attained by Singapore (with a CAGR of +55.2%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Maize Oil

In 2022, after two years of growth, there was decline in production of maize oil, when its volume decreased by -0.9% to 2.9M tons. The total output volume increased at an average annual rate of +1.5% from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed throughout the analyzed period. The pace of growth appeared the most rapid in 2016 with an increase of 9.1%. Global production peaked at 3.4M tons in 2018; however, from 2019 to 2022, production remained at a lower figure.

In value terms, maize oil production rose slightly to $4.2B in 2022 estimated in export price. In general, production continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2016 when the production volume increased by 41%. As a result, production attained the peak level of $5.5B. From 2017 to 2022, global production growth remained at a somewhat lower figure.

Production By Country

The countries with the highest volumes of production in 2022 were the United States (1M tons), China (528K tons) and Brazil (256K tons), together comprising 63% of global production. Canada, South Africa, Japan, France, Turkey, Italy, Argentina and South Korea lagged somewhat behind, together comprising a further 19%.

From 2012 to 2022, the biggest increases were recorded for South Korea (with a CAGR of +14.0%), while production for the other global leaders experienced more modest paces of growth.

Imports

World Imports of Maize Oil

In 2022, supplies from abroad of maize oil was finally on the rise to reach 673K tons for the first time since 2016, thus ending a five-year declining trend. Over the period under review, imports, however, continue to indicate a perceptible reduction. The most prominent rate of growth was recorded in 2016 with an increase of 25%. As a result, imports reached the peak of 974K tons. From 2017 to 2022, the growth of global imports failed to regain momentum.

In value terms, maize oil imports expanded markedly to $1.1B in 2022. Overall, imports, however, saw a perceptible descent. The most prominent rate of growth was recorded in 2021 with an increase of 41% against the previous year. Over the period under review, global imports attained the peak figure at $1.4B in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

Imports By Country

The countries with the highest levels of maize oil imports in 2022 were the United States (83K tons), Saudi Arabia (63K tons), Kuwait (61K tons), Singapore (52K tons), Libya (52K tons) and Tunisia (50K tons), together accounting for 53% of total import. The following importers - Turkey (27K tons), Germany (19K tons), Azerbaijan (17K tons), Qatar (17K tons), Greece (17K tons), Canada (15K tons) and Belgium (15K tons) - together made up 19% of total imports.

From 2012 to 2022, the biggest increases were recorded for Singapore (with a CAGR of +19.7%), while purchases for the other global leaders experienced more modest paces of growth.

In value terms, the largest maize oil importing markets worldwide were Kuwait ($98M), Singapore ($82M) and Libya ($79M), with a combined 24% share of global imports.

Singapore, with a CAGR of +19.1%, recorded the highest growth rate of the value of imports, in terms of the main importing countries over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Imports By Type

Crude maize (corn) oil was the key imported product with an import of around 419K tons, which reached 62% of total imports. It was distantly followed by refined maize (corn) oil (259K tons), mixing up a 38% share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the key imported products, was attained by crude maize (corn) oil (with a CAGR of -1.2%).

In value terms, the largest types of imported maize oil were crude maize (corn) oil ($562M) and refined maize (corn) oil ($530M).

Crude maize (corn) oil, with a CAGR of -1.2%, saw the highest growth rate of the value of imports, in terms of the main imported products over the period under review.

Import Prices By Type

The average maize oil import price stood at $1,573 per ton in 2022, with an increase of 1.8% against the previous year. Overall, the import price recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when the average import price increased by 42%. Over the period under review, average import prices reached the peak figure in 2022 and is expected to retain growth in the near future.

Prices varied noticeably by the product type; the product with the highest price was refined maize (corn) oil ($2,049 per ton), while the price for crude maize (corn) oil amounted to $1,343 per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by refined maize oil (+1.8%).

Import Prices By Country

In 2022, the average maize oil import price amounted to $1,573 per ton, surging by 1.8% against the previous year. Over the period under review, the import price showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 an increase of 42%. Over the period under review, average import prices hit record highs in 2022 and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Germany ($2,438 per ton), while the United States ($851 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Azerbaijan (+10.6%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Maize Oil

In 2022, shipments abroad of maize oil decreased by -3.3% to 594K tons, falling for the sixth year in a row after two years of growth. Overall, exports showed a deep setback. The most prominent rate of growth was recorded in 2015 when exports increased by 19%. Over the period under review, the global exports attained the maximum at 1M tons in 2016; however, from 2017 to 2022, the exports remained at a lower figure.

In value terms, maize oil exports expanded rapidly to $1B in 2022. In general, exports recorded a perceptible shrinkage. The pace of growth was the most pronounced in 2021 with an increase of 42% against the previous year. Over the period under review, the global exports attained the maximum at $1.6B in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

Exports By Country

In 2022, the United States (157K tons), distantly followed by Canada (79K tons), Turkey (63K tons) and Brazil (42K tons) were the main exporters of maize oil, together making up 58% of total exports. Hungary (26K tons), Belgium (26K tons), Saudi Arabia (23K tons), Tunisia (20K tons), China (19K tons), Italy (18K tons), France (16K tons), Argentina (13K tons) and South Africa (9.3K tons) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the leading exporting countries, was attained by South Africa (with a CAGR of +35.8%), while the other global leaders experienced more modest paces of growth.

In value terms, the United States ($295M) remains the largest maize oil supplier worldwide, comprising 29% of global exports. The second position in the ranking was held by Turkey ($123M), with a 12% share of global exports. It was followed by Brazil, with a 6.1% share.

In the United States, maize oil exports decreased by an average annual rate of -7.8% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Turkey (+10.7% per year) and Brazil (+3.6% per year).

Exports By Type

In 2022, crude maize (corn) oil (295K tons), followed by refined maize (corn) oil (291K tons) were the main types of maize oil, together committing 100% of total exports.

From 2012 to 2022, the biggest increases were recorded for crude maize (corn) oil (with a CAGR of -4.2%).

In value terms, the largest types of exported maize oil were refined maize (corn) oil ($641M) and crude maize (corn) oil ($388M).

Crude maize (corn) oil, with a CAGR of -3.8%, saw the highest growth rate of the value of exports, in terms of the main exported products over the period under review.

Export Prices By Type

The average maize oil export price stood at $1,733 per ton in 2022, picking up by 14% against the previous year. In general, export price indicated a slight increase from 2012 to 2022: its price increased at an average annual rate of +1.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, maize oil export price increased by +82.9% against 2019 indices. The pace of growth appeared the most rapid in 2021 an increase of 43%. Over the period under review, the average export prices reached the maximum in 2022 and is likely to see steady growth in the near future.

Prices varied noticeably by the product type; the product with the highest price was refined maize (corn) oil ($2,201 per ton), while the average price for exports of crude maize (corn) oil stood at $1,315 per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by refined maize oil (+2.3%).

Export Prices By Country

In 2022, the average maize oil export price amounted to $1,733 per ton, rising by 14% against the previous year. Overall, export price indicated mild growth from 2012 to 2022: its price increased at an average annual rate of +1.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, maize oil export price increased by +82.9% against 2019 indices. The pace of growth was the most pronounced in 2021 an increase of 43%. The global export price peaked in 2022 and is expected to retain growth in the immediate term.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was South Africa ($2,257 per ton), while Canada ($782 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+3.4%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform