ASEAN: Refined Maize Oil Market 2025

Refined Maize Oil Market Size in ASEAN

In 2021, the ASEAN refined maize oil market was finally on the rise to reach $X after five years of decline. Overall, consumption, however, recorded a slight descent. The level of consumption peaked at $X in 2015; however, from 2016 to 2021, consumption remained at a lower figure.

Refined Maize Oil Production in ASEAN

In value terms, refined maize oil production rose modestly to $X in 2021 estimated in export price. Over the period under review, production, however, recorded a slight decline. The growth pace was the most rapid in 2014 when the production volume increased by 17% against the previous year. Over the period under review, production reached the peak level at $X in 2015; however, from 2016 to 2021, production failed to regain momentum.

Refined Maize Oil Exports

Exports in ASEAN

In 2021, overseas shipments of refined maize (corn) oil decreased by -20.4% to X tons, falling for the fourth consecutive year after two years of growth. Overall, exports showed a abrupt slump. The most prominent rate of growth was recorded in 2014 when exports increased by 13% against the previous year. As a result, the exports attained the peak of X tons. From 2015 to 2021, the growth of the exports failed to regain momentum.

In value terms, refined maize oil exports fell modestly to $X in 2021. In general, exports recorded a abrupt decline. The pace of growth appeared the most rapid in 2016 when exports increased by 8.3%. Over the period under review, the exports reached the peak figure at $X in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

Exports by Country

Malaysia represented the main exporting country with an export of about X tons, which reached 57% of total exports. Singapore (X tons) held a 22% share (based on physical terms) of total exports, which put it in second place, followed by Myanmar (19%). Brunei Darussalam (X tons) held a little share of total exports.

Exports from Malaysia increased at an average annual rate of +1.5% from 2012 to 2021. At the same time, Myanmar (+56.5%) and Brunei Darussalam (+47.1%) displayed positive paces of growth. Moreover, Myanmar emerged as the fastest-growing exporter exported in ASEAN, with a CAGR of +56.5% from 2012-2021. By contrast, Singapore (-15.8%) illustrated a downward trend over the same period. While the share of Malaysia (+28 p.p.), Myanmar (+19 p.p.) and Brunei Darussalam (+1.8 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Singapore (-36.3 p.p.) displayed negative dynamics.

In value terms, Malaysia ($X) remains the largest refined maize oil supplier in ASEAN, comprising 68% of total exports. The second position in the ranking was held by Singapore ($X), with a 24% share of total exports. It was followed by Myanmar, with a 7.3% share.

In Malaysia, refined maize oil exports increased at an average annual rate of +2.8% over the period from 2012-2021. The remaining exporting countries recorded the following average annual rates of exports growth: Singapore (-16.7% per year) and Myanmar (+57.4% per year).

Export Prices by Country

In 2021, the export price in ASEAN amounted to $X per ton, surging by 24% against the previous year. In general, the export price, however, showed a relatively flat trend pattern. The level of export peaked 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 Malaysia ($X per ton), while Brunei Darussalam ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Malaysia (+1.3%), while the other leaders experienced mixed trends in the export price figures.

Refined Maize Oil Imports

Imports in ASEAN

In 2021, imports of refined maize (corn) oil in ASEAN surged to X tons, jumping by 17% on the previous year. Overall, imports continue to indicate a mild increase. The most prominent rate of growth was recorded in 2013 when imports increased by 18% against the previous year. As a result, imports attained the peak of X tons. From 2014 to 2021, the growth of imports remained at a lower figure.

In value terms, refined maize oil imports surged to $X in 2021. Over the period under review, imports showed a relatively flat trend pattern. Over the period under review, imports reached the peak figure at $X in 2013; however, from 2014 to 2021, imports remained at a lower figure.

Imports by Country

Malaysia was the main importing country with an import of about X tons, which accounted for 43% of total imports. Indonesia (X tons) ranks second in terms of the total imports with a 19% share, followed by the Philippines (16%), Singapore (13%) and Vietnam (6.8%).

Imports into Malaysia increased at an average annual rate of +6.9% from 2012 to 2021. At the same time, Indonesia (+8.9%) and the Philippines (+4.5%) displayed positive paces of growth. Moreover, Indonesia emerged as the fastest-growing importer imported in ASEAN, with a CAGR of +8.9% from 2012-2021. By contrast, Vietnam (-5.1%) and Singapore (-10.2%) illustrated a downward trend over the same period. While the share of Malaysia (+17 p.p.), Indonesia (+9.4 p.p.) and the Philippines (+4.3 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Vietnam (-5 p.p.) and Singapore (-24.1 p.p.) displayed negative dynamics.

In value terms, Malaysia ($X), Indonesia ($X) and the Philippines ($X) constituted the countries with the highest levels of imports in 2021, together comprising 78% of total imports.

Indonesia, with a CAGR of +6.9%, recorded the highest rates of growth with regard to the value of imports, in terms of the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the import price in ASEAN amounted to $X per ton, picking up by 38% against the previous year. In general, the import price, however, recorded a relatively flat trend pattern. The level of import peaked at $X per ton in 2012; however, from 2013 to 2021, import prices failed to regain momentum.

Average prices varied somewhat amongst the major importing countries. In 2021, major importing countries recorded the following prices: in Indonesia ($X per ton) and Vietnam ($X per ton), while Malaysia ($X per ton) and Singapore ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Singapore (+0.2%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform