China: Maize Oil Market 2024

Maize Oil Market Size in China

The Chinese maize oil market totaled $X in 2022, approximately mirroring the previous year. In general, the total consumption indicated resilient growth from 2012 to 2022: its value increased at an average annual rate of +6.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -5.0% against 2020 indices. Maize oil consumption peaked at $X in 2020; however, from 2021 to 2022, consumption stood at a somewhat lower figure.

Maize Oil Production in China

In value terms, maize oil production expanded slightly to $X in 2022 estimated in export price. In general, the total production indicated noticeable growth from 2012 to 2022: its value increased at an average annual rate of +4.6% 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 -4.2% against 2020 indices. The most prominent rate of growth was recorded in 2020 when the production volume increased by 20%. As a result, production reached the peak level of $X. From 2021 to 2022, production growth remained at a lower figure.

Maize Oil Exports

Exports from China

In 2022, exports of maize oil from China surged to X tons, with an increase of 101% compared with the previous year. Over the period under review, exports showed a perceptible expansion. The pace of growth was the most pronounced in 2020 when exports increased by 126%. The exports peaked in 2022 and are likely to continue growth in the immediate term.

In value terms, maize oil exports surged to $X in 2022. Overall, exports enjoyed a prominent increase. The most prominent rate of growth was recorded in 2020 when exports increased by 155%. The exports peaked in 2022 and are expected to retain growth in the near future.

Exports by Country

The United Arab Emirates (X tons), Oman (X tons) and Malaysia (X tons) were the main destinations of maize oil exports from China, together accounting for 55% of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Oman (with a CAGR of +28.0%), while the other leaders experienced more modest paces of growth.

In value terms, the United Arab Emirates ($X), Oman ($X) and Malaysia ($X) were the largest markets for maize oil exported from China worldwide, with a combined 56% share of total exports.

Oman, with a CAGR of +52.1%, saw the highest growth rate of the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average maize oil export price amounted to $X per ton, growing by 19% against the previous year. Over the period under review, export price indicated a measured expansion from 2012 to 2022: its price 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, maize oil export price increased by +94.2% against 2018 indices. The most prominent rate of growth was recorded in 2021 when the average export price increased by 36%. The export price peaked in 2022 and is expected to retain growth in the near future.

Average prices varied noticeably for the major external markets. In 2022, amid the top suppliers, the countries with the highest prices were Oman ($X per ton) and Jordan ($X per ton), while the average price for exports to Malaysia ($X per ton) and Singapore ($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 Oman (+18.8%), while the prices for the other major destinations experienced more modest paces of growth.

Maize Oil Imports

Imports into China

In 2022, supplies from abroad of maize oil decreased by -13.4% to X tons, falling for the second year in a row after two years of growth. Overall, imports showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2015 when imports increased by 119%. Imports peaked at X tons in 2020; however, from 2021 to 2022, imports failed to regain momentum.

In value terms, maize oil imports totaled $X in 2022. In general, imports, however, showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2015 with an increase of 101%. As a result, imports reached the peak of $X. From 2016 to 2022, the growth of imports remained at a lower figure.

Imports by Country

Turkey (X tons), the United States (X tons) and Russia (X tons) were the main suppliers of maize oil imports to China, with a combined 24% share of total imports. South Korea, Thailand, Mexico and Japan lagged somewhat behind, together comprising a further 10%.

From 2012 to 2022, the biggest increases were recorded for Mexico (with a CAGR of +18.5%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the United States ($X), Turkey ($X) and Russia ($X) constituted the largest maize oil suppliers to China, together accounting for 34% of total imports.

Russia, with a CAGR of +26.5%, recorded the highest rates of growth with regard to the value of imports, among 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 21% against the previous year. Overall, import price indicated a modest increase from 2012 to 2022: its price increased at an average annual rate of +1.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, maize oil import price increased by +106.7% against 2020 indices. The pace of growth appeared the most rapid in 2021 when the average import price increased by 71%. The import price peaked at $X per ton in 2013; afterwards, it flattened through to 2022.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Japan ($X per ton), while the price for Turkey ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Thailand (+9.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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