ASEAN: Maize Oil Market 2024

Maize Oil Market Size in ASEAN

The ASEAN maize oil market surged to $X in 2022, growing by 44% against the previous year. Overall, consumption continues to indicate prominent growth. The level of consumption peaked in 2022 and is likely to see gradual growth in the immediate term.

Maize Oil Production in ASEAN

In value terms, maize oil production expanded to $X in 2022 estimated in export price. Over the period under review, production showed a pronounced descent. The most prominent rate of growth was recorded in 2014 when the production volume increased by 59% against the previous year. Over the period under review, production attained the maximum level at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

Maize Oil Exports

Exports in ASEAN

In 2022, overseas shipments of maize oil were finally on the rise to reach X tons after four years of decline. Overall, exports, however, recorded a abrupt curtailment. The pace of growth appeared the most rapid in 2017 when exports increased by 41%. As a result, the exports reached the peak of X tons. From 2018 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, maize oil exports rose to $X in 2022. In general, exports, however, recorded a deep slump. The most prominent rate of growth was recorded in 2017 with an increase of 31%. As a result, the exports reached the peak of $X. From 2018 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

In 2022, Malaysia (X tons) represented the key exporter of maize oil, constituting 66% of total exports. Singapore (X tons) held a 17% share (based on physical terms) of total exports, which put it in second place, followed by Myanmar (15%). Brunei Darussalam (X tons) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to maize oil exports from Malaysia stood at +1.6%. At the same time, Brunei Darussalam (+36.5%) and Myanmar (+35.1%) displayed positive paces of growth. Moreover, Brunei Darussalam emerged as the fastest-growing exporter exported in ASEAN, with a CAGR of +36.5% from 2012-2022. By contrast, Singapore (-21.8%) illustrated a downward trend over the same period. Malaysia (+46 p.p.), Myanmar (+15 p.p.) and Brunei Darussalam (+1.5 p.p.) significantly strengthened its position in terms of the total exports, while Singapore saw its share reduced by -52.9% from 2012 to 2022, respectively.

In value terms, Malaysia ($X) remains the largest maize oil supplier in ASEAN, comprising 69% of total exports. The second position in the ranking was taken by Singapore ($X), with a 22% share of total exports. It was followed by Myanmar, with a 6.1% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Malaysia amounted to +2.2%. In the other countries, the average annual rates were as follows: Singapore (-15.6% per year) and Myanmar (+36.9% per year).

Export Prices by Country

The export price in ASEAN stood at $X per ton in 2022, shrinking by -2.2% against the previous year. In general, the export price, however, saw a tangible increase. The most prominent rate of growth was recorded in 2021 when the export price increased by 57% against the previous year. As a result, the export price reached the peak level of $X per ton, and then shrank modestly in the following year.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Singapore ($X per ton), while Brunei Darussalam ($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 (+8.0%), while the other leaders experienced more modest paces of growth.

Maize Oil Imports

Imports in ASEAN

In 2022, approx. X tons of maize oil were imported in ASEAN; increasing by 41% against 2021. Over the period under review, imports enjoyed prominent growth. The growth pace was the most rapid in 2016 when imports increased by 91%. Over the period under review, imports attained the peak figure at X tons in 2020; however, from 2021 to 2022, imports failed to regain momentum.

In value terms, maize oil imports surged to $X in 2022. Overall, imports recorded a prominent increase. The pace of growth was the most pronounced in 2016 when imports increased by 75%. Over the period under review, imports hit record highs in 2022 and are expected to retain growth in years to come.

Imports by Country

In 2022, Singapore (X tons) represented the major importer of maize oil, creating 67% of total imports. Malaysia (X tons) ranks second in terms of the total imports with a 20% share, followed by Indonesia (5.2%) and the Philippines (4.6%). Vietnam (X tons) held a minor share of total imports.

Singapore was also the fastest-growing in terms of the maize oil imports, with a CAGR of +19.7% from 2012 to 2022. At the same time, Indonesia (+8.7%) and the Philippines (+5.5%) displayed positive paces of growth. Malaysia experienced a relatively flat trend pattern. By contrast, Vietnam (-3.1%) illustrated a downward trend over the same period. Singapore (+40 p.p.) significantly strengthened its position in terms of the total imports, while the Philippines, Vietnam and Malaysia saw its share reduced by -2%, -4.9% and -31.4% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Singapore ($X) constitutes the largest market for imported maize oil in ASEAN, comprising 67% of total imports. The second position in the ranking was taken by Malaysia ($X), with a 15% share of total imports. It was followed by Indonesia, with an 8.4% share.

In Singapore, maize oil imports expanded at an average annual rate of +19.1% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Malaysia (+4.4% per year) and Indonesia (+9.1% per year).

Import Prices by Country

The import price in ASEAN stood at $X per ton in 2022, jumping by 16% against the previous year. Import price indicated perceptible growth from 2012 to 2022: its price increased at an average annual rate of +2.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, maize oil import price increased by +81.2% against 2019 indices. The pace of growth appeared the most rapid in 2021 an increase of 54% against the previous year. Over the period under review, import prices attained the maximum in 2022 and is expected to retain growth in years to come.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Malaysia (+4.9%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform