Asia-Pacific: Refined Maize Oil Market 2024

Refined Maize Oil Market Size in Asia-Pacific

In 2021, the Asia-Pacific refined maize oil market increased by 6.7% to $X for the first time since 2018, thus ending a two-year declining trend. Overall, consumption continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2018 when the market value increased by 7% against the previous year. As a result, consumption reached the peak level of $X. From 2019 to 2021, the growth of the market remained at a lower figure.

Refined Maize Oil Production in Asia-Pacific

In value terms, refined maize oil production rose notably to $X in 2021 estimated in export price. In general, production saw a relatively flat trend pattern. The level of production peaked at $X in 2018; however, from 2019 to 2021, production failed to regain momentum.

Refined Maize Oil Exports

Exports in Asia-Pacific

In 2021, overseas shipments of refined maize (corn) oil decreased by -15.1% to X tons, falling for the fourth year in a row after four years of growth. In general, exports continue to indicate a mild slump. The pace of growth was the most pronounced in 2017 when exports increased by 23% against the previous year. As a result, the exports attained the peak of X tons. From 2018 to 2021, the growth of the exports failed to regain momentum.

In value terms, refined maize oil exports skyrocketed to $X in 2021. Overall, exports continue to indicate a slight contraction. Over the period under review, the exports attained the maximum at $X in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

Exports by Country

China (X tons) and South Korea (X tons) represented roughly 58% of total exports in 2021. Malaysia (X tons) took the next position in the ranking, followed by Japan (X tons) and Singapore (X tons). All these countries together took near 28% share of total exports. The following exporters - Myanmar (X tons), Taiwan (Chinese) (X tons) and Hong Kong SAR (X tons) - together made up 9.3% of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the leading exporting countries, was attained by Japan (with a CAGR of +94.0%), while the other leaders experienced more modest paces of growth.

In value terms, China ($X), South Korea ($X) and Malaysia ($X) appeared to be the countries with the highest levels of exports in 2021, together comprising 74% of total exports. Japan, Singapore, Hong Kong SAR, Taiwan (Chinese) and Myanmar lagged somewhat behind, together comprising a further 21%.

In terms of the main exporting countries, Japan, with a CAGR of +69.0%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the export price in Asia-Pacific amounted to $X per ton, growing by 37% against the previous year. Overall, the export price, however, saw 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 Hong Kong SAR ($X per ton), while Myanmar ($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 more modest paces of growth.

Refined Maize Oil Imports

Imports in Asia-Pacific

Refined maize oil imports declined slightly to X tons in 2021, almost unchanged from 2020. Over the period under review, imports, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 when imports increased by 5.7% against the previous year. The volume of import peaked at X tons in 2017; however, from 2018 to 2021, imports failed to regain momentum.

In value terms, refined maize oil imports surged to $X in 2021. In general, imports, however, recorded a relatively flat trend pattern. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

Malaysia (X tons) and Hong Kong SAR (X tons) represented the key importers of refined maize (corn) oil in 2021, recording near 26% and 20% of total imports, respectively. Indonesia (X tons) took an 11% share (based on physical terms) of total imports, which put it in second place, followed by the Philippines (9.5%), Singapore (7.5%) and South Korea (4.9%). Vietnam (X tons), Afghanistan (X tons), Australia (X tons), Pakistan (X tons), Taiwan (Chinese) (X tons) and Macao SAR (X tons) followed a long way behind the leaders.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by South Korea (with a CAGR of +40.8%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest refined maize oil importing markets in Asia-Pacific were Malaysia ($X), Hong Kong SAR ($X) and Indonesia ($X), with a combined 56% share of total imports. These countries were followed by the Philippines, Singapore, Vietnam, South Korea, Afghanistan, Pakistan, Macao SAR, Australia and Taiwan (Chinese), which together accounted for a further 39%.

In terms of the main importing countries, Taiwan (Chinese), with a CAGR of +29.0%, saw the highest rates of growth with regard to the value of imports, 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, with an increase of 32% against the previous year. In general, the import price, however, saw a relatively flat trend pattern. The level of import peaked at $X per ton in 2012; afterwards, it flattened through to 2021.

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 Macao SAR ($X per ton), while South Korea ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Pakistan (+4.5%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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