ASEAN: Maize Market 2025

Maize Market Size in ASEAN

In 2022, the ASEAN maize market increased by 0.8% to $X, rising for the second year in a row after two years of decline. The market value increased at an average annual rate of +1.3% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption attained the peak level of $X. From 2016 to 2022, the growth of the market remained at a somewhat lower figure.

Maize Production in ASEAN

In value terms, maize production shrank to $X in 2022 estimated in export price. In general, production, however, recorded a slight descent. The growth pace was the most rapid in 2015 when the production volume increased by 110% against the previous year. As a result, production reached the peak level of $X. From 2016 to 2022, production growth failed to regain momentum.

The country with the largest volume of maize production was Indonesia (X tons), accounting for 51% of total volume. Moreover, maize production in Indonesia exceeded the figures recorded by the second-largest producer, the Philippines (X tons), threefold. Thailand (X tons) ranked third in terms of total production with an 11% share.

From 2012 to 2022, the average annual growth rate of volume in Indonesia amounted to +1.4%. In the other countries, the average annual rates were as follows: the Philippines (+1.0% per year) and Thailand (+0.2% per year).

In 2022, the average maize yield in ASEAN totaled X tons per ha, remaining constant against the previous year's figure. The yield figure increased at an average annual rate of +1.2% 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 2018 with an increase of 13%. As a result, the yield attained the peak level of X tons per ha. From 2019 to 2022, the growth of the maize yield remained at a somewhat 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 amounted to X ha, surging by 3.6% against the previous year's figure. Over the period under review, the harvested area, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when the harvested area increased by 11%. As a result, the harvested area attained the peak level of X ha. From 2018 to 2022, the growth of the maize harvested area failed to regain momentum.

Maize Exports

Exports in ASEAN

In 2022, approx. X tons of maize were exported in ASEAN; increasing by 12% on the year before. Total exports indicated a resilient increase from 2012 to 2022: its volume increased at an average annual rate of +9.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +71.1% against 2019 indices. The most prominent rate of growth was recorded in 2013 with an increase of 130%. Over the period under review, the exports hit record highs at X tons in 2017; however, from 2018 to 2022, the exports failed to regain momentum.

In value terms, maize exports expanded modestly to $X in 2022. Overall, exports showed a remarkable increase. The pace of growth appeared the most rapid in 2013 with an increase of 118%. The level of export peaked in 2022 and is expected to retain growth in the near future.

Exports by Country

Myanmar represented the key exporting country with an export of around X tons, which resulted at 75% of total exports. Vietnam (X tons) took the second position in the ranking, followed by Lao People's Democratic Republic (X tons). All these countries together held approx. 21% share of total exports. Thailand (X tons) took a relatively small share of total exports.

From 2012 to 2022, average annual rates of growth with regard to maize exports from Myanmar stood at +16.9%. At the same time, Vietnam (+42.2%) displayed positive paces of growth. Moreover, Vietnam emerged as the fastest-growing exporter exported in ASEAN, with a CAGR of +42.2% from 2012-2022. By contrast, Lao People's Democratic Republic (-3.6%) and Thailand (-9.3%) illustrated a downward trend over the same period. Myanmar (+36 p.p.) and Vietnam (+12 p.p.) significantly strengthened its position in terms of the total exports, while Thailand and Lao People's Democratic Republic saw its share reduced by -14.5% and -19.9% from 2012 to 2022, respectively.

In value terms, Myanmar ($X) remains the largest maize supplier in ASEAN, comprising 75% of total exports. The second position in the ranking was taken by Thailand ($X), with a 12% share of total exports. It was followed by Vietnam, with an 8.1% share.

From 2012 to 2022, the average annual growth rate of value in Myanmar amounted to +21.0%. The remaining exporting countries recorded the following average annual rates of exports growth: Thailand (+1.2% per year) and Vietnam (+25.5% per year).

Export Prices by Country

In 2022, the export price in ASEAN amounted to $X per ton, which is down by -6.9% against the previous year. Export price indicated a notable increase from 2012 to 2022: its price increased at an average annual rate of +2.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, maize export price increased by +92.7% against 2017 indices. The most prominent rate of growth was recorded in 2021 when the export price increased by 40%. As a result, the export price attained the peak level of $X per ton, and then fell in the following year.

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 Thailand ($X per ton), while Lao People's Democratic Republic ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Thailand (+11.7%), while the other leaders experienced more modest paces of growth.

Maize Imports

Imports in ASEAN

In 2022, the amount of maize imported in ASEAN totaled X tons, picking up by 7.6% on 2021. Over the period under review, imports posted a remarkable increase. The most prominent rate of growth was recorded in 2013 with an increase of 36%. The volume of import peaked at X tons in 2020; however, from 2021 to 2022, imports failed to regain momentum.

In value terms, maize imports expanded significantly to $X in 2022. Total imports indicated a prominent increase from 2012 to 2022: its value increased at an average annual rate of +8.7% 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 +81.0% against 2017 indices. The most prominent rate of growth was recorded in 2013 when imports increased by 31%. The level of import peaked in 2022 and is likely to continue growth in the immediate term.

Imports by Country

Vietnam represented the major importer of maize in ASEAN, with the volume of imports recording X tons, which was approx. 59% of total imports in 2022. It was distantly followed by Malaysia (X tons), Thailand (X tons), Indonesia (X tons) and the Philippines (X tons), together generating a 39% share of total imports.

From 2012 to 2022, average annual rates of growth with regard to maize imports into Vietnam stood at +21.9%. At the same time, Thailand (+22.0%), the Philippines (+21.6%) and Malaysia (+2.1%) displayed positive paces of growth. Moreover, Thailand emerged as the fastest-growing importer imported in ASEAN, with a CAGR of +22.0% from 2012-2022. By contrast, Indonesia (-2.5%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Vietnam, Thailand and the Philippines increased by +36, +4.6 and +3 percentage points, respectively.

In value terms, Vietnam ($X) constitutes the largest market for imported maize in ASEAN, comprising 49% of total imports. The second position in the ranking was held by Malaysia ($X), with an 18% share of total imports. It was followed by Indonesia, with a 12% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Vietnam amounted to +16.3%. In the other countries, the average annual rates were as follows: Malaysia (+0.1% per year) and Indonesia (+0.8% per year).

Import Prices by Country

The import price in ASEAN stood at $X per ton in 2022, waning by -2% against the previous year. In general, the import price recorded a perceptible shrinkage. The growth pace was the most rapid in 2021 when the import price increased by 31%. The level of import peaked at $X per ton in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Thailand (+5.5%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform