Africa: Refined Maize Oil Market 2024

Refined Maize Oil Market Size in Africa

After two years of decline, the African refined maize oil market increased by 8.6% to $X in 2021. Overall, consumption continues to indicate a relatively flat trend pattern. The level of consumption peaked at $X in 2018; however, from 2019 to 2021, consumption remained at a lower figure.

Refined Maize Oil Production in Africa

In value terms, refined maize oil production rose notably to $X in 2021 estimated in export price. Overall, production showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 when the production volume increased by 17%. The level of production peaked at $X in 2018; however, from 2019 to 2021, production stood at a somewhat lower figure.

Refined Maize Oil Exports

Exports in Africa

In 2021, overseas shipments of refined maize (corn) oil increased by 11% to X tons, rising for the second year in a row after two years of decline. Over the period under review, exports, however, faced a deep reduction. The most prominent rate of growth was recorded in 2016 with an increase of 133%. Over the period under review, the exports attained the peak figure at X tons in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

In value terms, refined maize oil exports surged to $X in 2021. Overall, exports, however, saw a abrupt contraction. The growth pace was the most rapid in 2016 when exports increased by 152%. The level of export peaked at $X in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

Exports by Country

Tunisia was the largest exporter of refined maize (corn) oil in Africa, with the volume of exports resulting at X tons, which was near 59% of total exports in 2021. Egypt (X tons) took a 23% share (based on physical terms) of total exports, which put it in second place, followed by South Africa (14%). Morocco (X tons) took a relatively small share of total exports.

Exports from Tunisia decreased at an average annual rate of -15.0% from 2012 to 2021. At the same time, South Africa (+30.9%), Egypt (+10.4%) and Morocco (+5.6%) displayed positive paces of growth. Moreover, South Africa emerged as the fastest-growing exporter exported in Africa, with a CAGR of +30.9% from 2012-2021. Egypt (+20 p.p.), South Africa (+13 p.p.) and Morocco (+3.2 p.p.) significantly strengthened its position in terms of the total exports, while Tunisia saw its share reduced by -35.5% from 2012 to 2021, respectively.

In value terms, Tunisia ($X) remains the largest refined maize oil supplier in Africa, comprising 60% of total exports. The second position in the ranking was held by Egypt ($X), with a 23% share of total exports. It was followed by South Africa, with a 14% share.

From 2012 to 2021, the average annual growth rate of value in Tunisia amounted to -16.1%. The remaining exporting countries recorded the following average annual rates of exports growth: Egypt (+9.8% per year) and South Africa (+30.2% per year).

Export Prices by Country

In 2021, the export price in Africa amounted to $X per ton, picking up by 20% against the previous year. Overall, the export price, however, recorded a mild contraction. The growth pace was the most rapid in 2020 an increase of 22%. Over the period under review, the export prices reached the maximum at $X per ton in 2012; however, from 2013 to 2021, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Tunisia ($X per ton), while Morocco ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by South Africa (-0.5%), while the other leaders experienced a decline in the export price figures.

Refined Maize Oil Imports

Imports in Africa

In 2021, purchases abroad of refined maize (corn) oil was finally on the rise to reach X tons after two years of decline. In general, imports, however, recorded a abrupt decrease. Over the period under review, imports hit record highs at X tons in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

In value terms, refined maize oil imports soared to $X in 2021. Over the period under review, imports, however, continue to indicate a deep contraction. Over the period under review, imports attained the maximum at $X in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

Imports by Country

Libya represented the key importing country with an import of around X tons, which reached 60% of total imports. It was distantly followed by Tunisia (X tons) and Egypt (X tons), together making up a 37% share of total imports.

From 2012 to 2021, average annual rates of growth with regard to refined maize oil imports into Libya stood at -8.2%. At the same time, Egypt (+25.1%) displayed positive paces of growth. Moreover, Egypt emerged as the fastest-growing importer imported in Africa, with a CAGR of +25.1% from 2012-2021. By contrast, Tunisia (-10.0%) illustrated a downward trend over the same period. While the share of Egypt (+16 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Libya (-6.6 p.p.) and Tunisia (-6.8 p.p.) displayed negative dynamics.

In value terms, Libya ($X) constitutes the largest market for imported refined maize (corn) oil in Africa, comprising 65% of total imports. The second position in the ranking was held by Tunisia ($X), with a 17% share of total imports.

From 2012 to 2021, the average annual growth rate of value in Libya stood at -8.7%. The remaining importing countries recorded the following average annual rates of imports growth: Tunisia (-11.3% per year) and Egypt (+23.0% per year).

Import Prices by Country

The import price in Africa stood at $X per ton in 2021, jumping by 25% against the previous year. Over the period under review, the import price, however, saw a relatively flat trend pattern. The level of import peaked at $X per ton in 2012; however, from 2013 to 2021, import prices stood at a somewhat lower figure.

Average prices varied somewhat amongst the major importing countries. In 2021, amid the top importers, the country with the highest price was Libya ($X per ton), while Tunisia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Libya (-0.6%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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