Africa: Crude Maize Oil Market 2024

Crude Maize Oil Market Size in Africa

The African crude maize oil market amounted to $X in 2022, picking up by 4.6% against the previous year. Over the period under review, consumption, however, showed a slight decline. As a result, consumption reached the peak level of $X. From 2015 to 2022, the growth of the market remained at a lower figure.

Crude Maize Oil Production in Africa

In value terms, crude maize oil production contracted to $X in 2022 estimated in export price. In general, production, however, showed a noticeable shrinkage. The most prominent rate of growth was recorded in 2014 when the production volume increased by 372%. As a result, production attained the peak level of $X. From 2015 to 2022, production growth remained at a lower figure.

Crude Maize Oil Exports

Exports in Africa

In 2022, overseas shipments of crude maize (corn) oil decreased by -57.6% to X tons for the first time since 2017, thus ending a four-year rising trend. Over the period under review, exports, however, showed temperate growth. The pace of growth appeared the most rapid in 2016 with an increase of 258% against the previous year. As a result, the exports attained the peak of X tons. From 2017 to 2022, the growth of the exports remained at a lower figure.

In value terms, crude maize oil exports reduced sharply to $X in 2022. In general, exports, however, enjoyed a prominent increase. The most prominent rate of growth was recorded in 2016 when exports increased by 272%. Over the period under review, the exports attained the maximum at $X in 2021, and then shrank rapidly in the following year.

Exports by Country

Egypt was the major exporting country with an export of about X tons, which finished at 73% of total exports. Tanzania (X tons) took a 15% share (based on physical terms) of total exports, which put it in second place, followed by South Africa (12%).

From 2012 to 2022, average annual rates of growth with regard to crude maize oil exports from Egypt stood at +2.7%. At the same time, Tanzania (+106.6%) and South Africa (+89.3%) displayed positive paces of growth. Moreover, Tanzania emerged as the fastest-growing exporter exported in Africa, with a CAGR of +106.6% from 2012-2022. Tanzania (+15 p.p.) and South Africa (+12 p.p.) significantly strengthened its position in terms of the total exports, while Egypt saw its share reduced by -16.3% from 2012 to 2022, respectively.

In value terms, Egypt ($X) remains the largest crude maize oil supplier in Africa, comprising 58% of total exports. The second position in the ranking was held by South Africa ($X), with a 21% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value in Egypt amounted to +3.1%. In the other countries, the average annual rates were as follows: South Africa (+91.1% per year) and Tanzania (+110.3% per year).

Export Prices by Country

The export price in Africa stood at $X per ton in 2022, growing by 38% against the previous year. Export price indicated notable growth from 2012 to 2022: its price increased at an average annual rate of +2.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, crude maize oil export price increased by +119.8% against 2019 indices. The most prominent rate of growth was recorded in 2017 when the export price increased by 44% against the previous year. The level of export peaked in 2022 and is likely to see gradual growth in the near future.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was South Africa ($X per ton), while Egypt ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Tanzania (+1.8%), while the other leaders experienced more modest paces of growth.

Crude Maize Oil Imports

Imports in Africa

Crude maize oil imports declined slightly to X tons in 2022, remaining constant against 2021 figures. In general, imports continue to indicate a noticeable setback. The most prominent rate of growth was recorded in 2016 with an increase of 50%. The volume of import peaked at X tons in 2017; however, from 2018 to 2022, imports remained at a lower figure.

In value terms, crude maize oil imports soared to $X in 2022. Overall, imports showed a noticeable reduction. The growth pace was the most rapid in 2016 when imports increased by 59%. The level of import peaked at $X in 2012; however, from 2013 to 2022, imports failed to regain momentum.

Imports by Country

Tunisia was the key importing country with an import of about X tons, which reached 77% of total imports. Egypt (X tons) took the second position in the ranking, distantly followed by Kenya (X tons). All these countries together held approx. 18% share of total imports. The following importers - Morocco (X tons) and Somalia (X tons) - each finished at a 3.6% share of total imports.

Tunisia was also the fastest-growing in terms of the crude maize (corn) oil imports, with a CAGR of +3.5% from 2012 to 2022. At the same time, Morocco (+2.5%) displayed positive paces of growth. By contrast, Kenya (-1.5%), Somalia (-4.5%) and Egypt (-15.7%) illustrated a downward trend over the same period. Tunisia (+37 p.p.) significantly strengthened its position in terms of the total imports, while Egypt saw its share reduced by -39.6% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Tunisia ($X) constitutes the largest market for imported crude maize (corn) oil in Africa, comprising 76% of total imports. The second position in the ranking was held by Egypt ($X), with a 16% share of total imports. It was followed by Kenya, with a 2.6% share.

From 2012 to 2022, the average annual growth rate of value in Tunisia totaled +5.2%. In the other countries, the average annual rates were as follows: Egypt (-13.3% per year) and Kenya (-6.1% per year).

Import Prices by Country

In 2022, the import price in Africa amounted to $X per ton, increasing by 20% against the previous year. Import price indicated a modest expansion from 2012 to 2022: its price increased at an average annual rate of +1.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, crude maize oil import price increased by +101.4% against 2019 indices. The pace of growth was the most pronounced in 2021 when the import price increased by 53% against the previous year. Over the period under review, import prices reached the peak figure in 2022 and is expected to retain growth in the near future.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Egypt ($X per ton), while Kenya ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Egypt (+3.0%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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