ASEAN: Maize Market 2024

Maize Market Size in ASEAN

The ASEAN maize market contracted to $X in 2022, declining by -5.3% against the previous year. The total consumption indicated measured growth from 2012 to 2022: its value increased at an average annual rate of +4.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +9.0% against 2020 indices. As a result, consumption reached the peak level of $X. From 2019 to 2022, the growth of the market remained at a lower figure.

Maize Production in ASEAN

In value terms, maize production dropped to $X in 2022 estimated in export price. Overall, production, however, saw a resilient expansion. The most prominent rate of growth was recorded in 2018 when the production volume increased by 52%. Over the period under review, production attained the peak level at $X in 2019; however, from 2020 to 2022, production failed to regain momentum.

The countries with the highest volumes of production in 2022 were Indonesia (X tons) and Thailand (X tons).

From 2012 to 2022, the biggest increases were recorded for Thailand (with a CAGR of +3.1%).

In 2022, the average maize yield in ASEAN dropped modestly to X tons per ha, remaining constant against 2021. The yield figure increased at an average annual rate of +1.3% over the period from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations in certain years. The most prominent rate of growth was recorded in 2015 with an increase of 6.7% against the previous year. The level of yield peaked at X tons per ha in 2018; however, from 2019 to 2022, the yield remained at a lower figure. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

In 2022, the maize harvested area in ASEAN fell slightly to X ha, almost unchanged from 2021. The harvested area increased at an average annual rate of +1.3% from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations being observed in certain years. The most prominent rate of growth was recorded in 2016 with an increase of 14% against the previous year. The level of harvested area peaked at X ha in 2018; however, from 2019 to 2022, the harvested area failed to regain momentum.

Maize Exports

Exports in ASEAN

In 2022, the amount of maize (green) exported in ASEAN declined to X tons, falling by -6.8% on the year before. In general, exports, however, recorded a relatively flat trend pattern. The growth pace was the most rapid in 2016 when exports increased by 13%. The volume of export peaked at X tons in 2021, and then shrank in the following year.

In value terms, maize exports contracted to $X in 2022. The total export value increased at an average annual rate of +1.1% over the period from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2019 with an increase of 17%. As a result, the exports attained the peak of $X. From 2020 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

Thailand represented the main exporting country with an export of around X tons, which reached 56% of total exports. It was distantly followed by Malaysia (X tons), committing a 33% share of total exports. The Philippines (X tons), Vietnam (X tons) and Indonesia (X tons) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for Vietnam (with a CAGR of +6.8%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Thailand ($X) remains the largest maize supplier in ASEAN, comprising 63% of total exports. The second position in the ranking was held by Malaysia ($X), with a 20% share of total exports. It was followed by the Philippines, with a 7% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Thailand amounted to +2.3%. The remaining exporting countries recorded the following average annual rates of exports growth: Malaysia (-2.9% per year) and the Philippines (-9.6% per year).

Export Prices by Country

In 2022, the export price in ASEAN amounted to $X per ton, dropping by -6.4% against the previous year. Over the period under review, the export price, however, saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2018 when the export price increased by 16% against the previous year. Over the period under review, the export prices attained the maximum at $X per ton in 2019; however, from 2020 to 2022, the export prices failed to regain momentum.

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 Vietnam ($X per ton), while Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Indonesia (+7.8%), while the other leaders experienced mixed trends in the export price figures.

Maize Imports

Imports in ASEAN

After two years of growth, purchases abroad of maize (green) decreased by -7.8% to X tons in 2022. Total imports indicated a measured expansion from 2012 to 2022: its volume increased at an average annual rate of +4.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +45.3% against 2016 indices. The growth pace was the most rapid in 2021 with an increase of 21% against the previous year. As a result, imports reached the peak of X tons, and then dropped in the following year.

In value terms, maize imports fell slightly to $X in 2022. Total imports indicated prominent growth from 2012 to 2022: its value increased at an average annual rate of +6.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +44.7% against 2018 indices. The pace of growth was the most pronounced in 2021 with an increase of 29% against the previous year. As a result, imports reached the peak of $X, and then reduced modestly in the following year.

Imports by Country

Singapore (X tons) and Malaysia (X tons) dominates imports structure, together generating 89% of total imports. It was distantly followed by Thailand (X tons), making up a 5.8% share of total imports. Brunei Darussalam (X tons) held a relatively small share of total imports.

From 2012 to 2022, the biggest increases were recorded for Brunei Darussalam (with a CAGR of +27.5%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest maize importing markets in ASEAN were Singapore ($X), Malaysia ($X) and Thailand ($X), with a combined 96% share of total imports. These countries were followed by Brunei Darussalam, which accounted for a further 2.9%.

In terms of the main importing countries, Brunei Darussalam, with a CAGR of +18.6%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in ASEAN stood at $X per ton in 2022, growing by 3.2% against the previous year. Over the last decade, it increased at an average annual rate of +1.4%. The growth pace was the most rapid in 2016 an increase of 11%. As a result, import price reached the peak level of $X per ton; afterwards, it flattened through to 2022.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Singapore ($X per ton), while Thailand ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Singapore (+4.0%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform