Asia: Maize Starch Market 2024

Maize Starch Market Size in Asia

The Asian maize starch market rose sharply to $X in 2021, growing by 6.4% against the previous year. Overall, consumption enjoyed a strong increase. Over the period under review, the market attained the peak level at $X in 2019; however, from 2020 to 2021, consumption failed to regain momentum.

Maize Starch Production in Asia

In value terms, maize starch production skyrocketed to $X in 2021 estimated in export price. In general, production, however, enjoyed buoyant growth. The growth pace was the most rapid in 2019 when the production volume increased by 41% against the previous year. As a result, production reached the peak level of $X. From 2020 to 2021, production growth remained at a lower figure.

Maize Starch Exports

Exports in Asia

After six years of growth, shipments abroad of maize (corn) starch decreased by -16.8% to X tons in 2021. Overall, exports, however, recorded a resilient increase. The pace of growth was the most pronounced in 2018 when exports increased by 63% against the previous year. Over the period under review, the exports hit record highs at X tons in 2020, and then dropped rapidly in the following year.

In value terms, maize starch exports fell slightly to $X in 2021. Over the period under review, exports, however, posted a strong increase. The most prominent rate of growth was recorded in 2018 when exports increased by 78%. Over the period under review, the exports hit record highs at $X in 2020, and then declined in the following year.

Exports by Country

In 2021, India (X tons) represented the major exporter of maize (corn) starch, making up 51% of total exports. Turkey (X tons) held the second position in the ranking, followed by China (X tons) and Indonesia (X tons). All these countries together held near 39% share of total exports. The following exporters - South Korea (X tons) and Pakistan (X tons) - together made up 7.5% of total exports.

Exports from India increased at an average annual rate of +15.9% from 2012 to 2021. At the same time, Turkey (+27.2%), Pakistan (+11.9%), Indonesia (+8.2%) and China (+3.8%) displayed positive paces of growth. Moreover, Turkey emerged as the fastest-growing exporter exported in Asia, with a CAGR of +27.2% from 2012-2021. By contrast, South Korea (-2.3%) illustrated a downward trend over the same period. From 2012 to 2021, the share of India and Turkey increased by +15 and +13 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, India ($X) emerged as the largest maize starch supplier in Asia, comprising 45% of total exports. The second position in the ranking was held by Turkey ($X), with a 19% share of total exports. It was followed by China, with a 17% share.

From 2012 to 2021, the average annual growth rate of value in India stood at +13.6%. The remaining exporting countries recorded the following average annual rates of exports growth: Turkey (+22.5% per year) and China (+3.1% per year).

Export Prices by Country

In 2021, the export price in Asia amounted to $X per ton, increasing by 17% against the previous year. Over the period under review, the export price, however, saw a noticeable decline. The level of export peaked at $X per ton in 2013; however, from 2014 to 2021, the export prices failed to regain momentum.

Average prices varied somewhat amongst the major exporting countries. In 2021, major exporting countries recorded the following prices: in China ($X per ton) and Indonesia ($X per ton), while India ($X per ton) and Turkey ($X per ton) were amongst the lowest.

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

Maize Starch Imports

Imports in Asia

In 2021, purchases abroad of maize (corn) starch decreased by -15.9% to X tons, falling for the second year in a row after eight years of growth. Over the period under review, imports, however, recorded buoyant growth. The pace of growth appeared the most rapid in 2018 with an increase of 74% against the previous year. The volume of import peaked at X tons in 2019; however, from 2020 to 2021, imports failed to regain momentum.

In value terms, maize starch imports declined to $X in 2021. In general, imports, however, showed a prominent expansion. The most prominent rate of growth was recorded in 2018 when imports increased by 82%. Over the period under review, imports reached the peak figure at $X in 2020, and then dropped modestly in the following year.

Imports by Country

In 2021, Malaysia (X tons) and Indonesia (X tons) represented the largest importers of maize (corn) starch in Asia, together constituting 46% of total imports. It was distantly followed by the Philippines (X tons), Vietnam (X tons) and Taiwan (Chinese) (X tons), together creating a 20% share of total imports. The following importers - Thailand (X tons), the United Arab Emirates (X tons), Iraq (X tons), Syrian Arab Republic (X tons), Bangladesh (X tons) and Sri Lanka (X tons) - together made up 17% of total imports.

From 2012 to 2021, the biggest increases were recorded for Vietnam (with a CAGR of +28.5%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest maize starch importing markets in Asia were Malaysia ($X), Indonesia ($X) and the Philippines ($X), together comprising 51% of total imports. These countries were followed by Vietnam, Thailand, Taiwan (Chinese), the United Arab Emirates, Iraq, Syrian Arab Republic, Bangladesh and Sri Lanka, which together accounted for a further 29%.

Vietnam, with a CAGR of +29.5%, recorded the highest growth rate of the value of imports, among 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

The import price in Asia stood at $X per ton in 2021, rising by 17% against the previous year. Overall, the import price, however, continues to indicate a mild shrinkage. Over the period under review, import prices reached the peak figure at $X per ton in 2013; however, from 2014 to 2021, import prices failed to regain momentum.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the Philippines (+4.8%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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