Brazil: Maize Oil Market 2024

Maize Oil Market Size in Brazil

The Brazilian maize oil market reached $X in 2022, rising by 6.2% against the previous year. Overall, consumption enjoyed a prominent increase. Maize oil consumption peaked at $X in 2020; however, from 2021 to 2022, consumption remained at a lower figure.

Maize Oil Production in Brazil

In value terms, maize oil production expanded remarkably to $X in 2022 estimated in export price. Overall, the total production indicated a moderate increase from 2012 to 2022: its value increased at an average annual rate of +2.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -6.5% against 2020 indices. The pace of growth was the most pronounced in 2020 with an increase of 35% against the previous year. As a result, production attained the peak level of $X. From 2021 to 2022, production growth remained at a lower figure.

Maize Oil Exports

Exports from Brazil

In 2022, after two years of growth, there was decline in shipments abroad of maize oil, when their volume decreased by -4.3% to X tons. Overall, exports, however, showed a mild increase. The most prominent rate of growth was recorded in 2015 when exports increased by 994%. The exports peaked at X tons in 2021, and then dropped modestly in the following year.

In value terms, maize oil exports expanded notably to $X in 2022. In general, exports, however, continue to indicate notable growth. The pace of growth appeared the most rapid in 2015 when exports increased by 743% against the previous year. The exports peaked in 2022 and are expected to retain growth in the near future.

Exports by Country

Tunisia (X tons) was the main destination for maize oil exports from Brazil, with a 77% share of total exports. Moreover, maize oil exports to Tunisia exceeded the volume sent to the second major destination, Uruguay (X tons), more than tenfold. The Dominican Republic (X tons) ranked third in terms of total exports with a 4.7% share.

From 2012 to 2022, the average annual growth rate of volume to Tunisia totaled +5.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Uruguay (+6.3% per year) and the Dominican Republic (+35.3% per year).

In value terms, Tunisia ($X) remains the key foreign market for maize oil exports from Brazil, comprising 75% of total exports. The second position in the ranking was held by the Dominican Republic ($X), with a 6% share of total exports. It was followed by Uruguay, with a 5.7% share.

From 2012 to 2022, the average annual growth rate of value to Tunisia totaled +7.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Dominican Republic (+94.6% per year) and Uruguay (+8.6% per year).

Export Prices by Country

In 2022, the average maize oil export price amounted to $X per ton, jumping by 19% against the previous year. In general, the export price recorded a slight expansion. The most prominent rate of growth was recorded in 2021 an increase of 55%. The export price peaked in 2022 and is expected to retain growth in years to come.

Average prices varied somewhat for the major overseas markets. In 2022, amid the top suppliers, the countries with the highest prices were the Dominican Republic ($X per ton) and Uruguay ($X per ton), while the average price for exports to Egypt ($X per ton) and Algeria ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the Dominican Republic (+43.9%), while the prices for the other major destinations experienced more modest paces of growth.

Maize Oil Imports

Imports into Brazil

In 2022, overseas purchases of maize oil increased by 4.4% to X tons for the first time since 2019, thus ending a two-year declining trend. Overall, imports enjoyed a significant expansion. The most prominent rate of growth was recorded in 2017 with an increase of 13,444%. Imports peaked at X tons in 2019; however, from 2020 to 2022, imports stood at a somewhat lower figure.

In value terms, maize oil imports surged to $X in 2022. Over the period under review, imports posted a significant increase. The most prominent rate of growth was recorded in 2017 when imports increased by 2,904% against the previous year. Over the period under review, imports attained the peak figure at $X in 2019; however, from 2020 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, Paraguay (X tons) constituted the largest supplier of maize oil to Brazil, accounting for a 67% share of total imports. Moreover, maize oil imports from Paraguay exceeded the figures recorded by the second-largest supplier, Uruguay (X tons), twofold.

From 2012 to 2022, the average annual growth rate of volume from Paraguay amounted to +35.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Uruguay (+77.1% per year) and the United States (+10.3% per year).

In value terms, the largest maize oil suppliers to Brazil were Uruguay ($X), Paraguay ($X) and the United States ($X), with a combined 100% share of total imports.

Uruguay, with a CAGR of +138.8%, saw the highest growth rate of the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average maize oil import price stood at $X per ton in 2022, growing by 13% against the previous year. Over the period under review, the import price posted perceptible growth. The pace of growth appeared the most rapid in 2021 an increase of 155% against the previous year. The import price peaked at $X per ton in 2016; however, from 2017 to 2022, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was the United States ($X per ton), while the price for Paraguay ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Uruguay (+34.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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