Asia-Pacific: Maize Starch Market 2024

Maize Starch Market Size in Asia-Pacific

After five years of growth, the Asia-Pacific maize starch market decreased by -0.6% to $X in 2021. The total consumption indicated prominent growth from 2012 to 2021: its value increased at an average annual rate of +7.2% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +51.9% against 2014 indices. Over the period under review, the market reached the peak level at $X in 2020, and then dropped in the following year.

Maize Starch Production in Asia-Pacific

In value terms, maize starch production dropped modestly to $X in 2021 estimated in export price. The total production indicated a buoyant increase from 2012 to 2021: its value increased at an average annual rate of +6.7% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +45.1% against 2014 indices. The most prominent rate of growth was recorded in 2017 when the production volume increased by 27%. Over the period under review, production attained the maximum level at $X in 2020, and then declined modestly in the following year.

Maize Starch Exports

Exports in Asia-Pacific

In 2021, shipments abroad of maize (corn) starch decreased by -19.6% to X tons for the first time since 2016, thus ending a four-year rising trend. Overall, exports, however, posted a prominent expansion. The pace of growth was the most pronounced in 2018 when exports increased by 86%. The volume of export peaked at X tons in 2020, and then shrank remarkably in the following year.

In value terms, maize starch exports reduced to $X in 2021. In general, exports, however, posted a prominent increase. The growth pace was the most rapid in 2018 with an increase of 100% against the previous year. 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) was the main exporter of maize (corn) starch, committing 64% of total exports. It was distantly followed by China (X tons), Indonesia (X tons) and South Korea (X tons), together achieving a 30% share of total exports. Pakistan (X tons) took a little share of total exports.

India was also the fastest-growing in terms of the maize (corn) starch exports, with a CAGR of +15.9% from 2012 to 2021. At the same time, Pakistan (+11.9%), Indonesia (+8.2%) and China (+3.8%) displayed positive paces of growth. By contrast, South Korea (-2.3%) illustrated a downward trend over the same period. From 2012 to 2021, the share of India increased by +24 percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, India ($X) emerged as the largest maize starch supplier in Asia-Pacific, comprising 57% of total exports. The second position in the ranking was taken by China ($X), with a 22% share of total exports. It was followed by Indonesia, with an 8.5% share.

From 2012 to 2021, the average annual rate of growth in terms of value in India amounted to +13.6%. In the other countries, the average annual rates were as follows: China (+3.1% per year) and Indonesia (+7.6% per year).

Export Prices by Country

In 2021, the export price in Asia-Pacific amounted to $X per ton, surging by 17% against the previous year. In general, the export price, however, showed a pronounced contraction. Over the period under review, the export prices hit record highs 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 ($X per ton) and Pakistan ($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-Pacific

In 2021, supplies from abroad of maize (corn) starch decreased by -17.9% to X tons, falling for the second year in a row after six years of growth. Overall, imports, however, enjoyed prominent growth. The growth pace was the most rapid in 2018 with an increase of 91% 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 contracted modestly to $X in 2021. Over the period under review, imports, however, recorded a strong expansion. The most prominent rate of growth was recorded in 2018 with an increase of 103% against the previous year. Over the period under review, imports reached the maximum at $X in 2020, and then reduced in the following year.

Imports by Country

Malaysia (X tons) and Indonesia (X tons) represented roughly 55% of total imports in 2021. The Philippines (X tons) took the next position in the ranking, followed by Vietnam (X tons), Taiwan (Chinese) (X tons) and Thailand (X tons). All these countries together held near 29% share of total imports. Australia (X tons) held a relatively small share 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-Pacific were Malaysia ($X), Indonesia ($X) and the Philippines ($X), together comprising 61% of total imports. Vietnam, Thailand, Taiwan (Chinese) and Australia lagged somewhat behind, together accounting for a further 24%.

Vietnam, with a CAGR of +29.5%, saw the highest rates of growth with regard to 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

In 2021, the import price in Asia-Pacific amounted to $X per ton, growing by 16% against the previous year. Over the period under review, the import price, however, saw a slight decrease. Over the period under review, import prices hit record highs at $X per ton in 2013; however, from 2014 to 2021, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2021, amid the top importers, the country with the highest price was Australia ($X per ton), while Indonesia ($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 more modest paces of growth.

Source: IndexBox Platform

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