CIS: Maize Oil Market 2024

Maize Oil Market Size in CIS

The CIS maize oil market contracted to $X in 2022, remaining relatively unchanged against the previous year. The market value increased at an average annual rate of +1.9% over the period from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, consumption reached the peak level of $X, leveling off in the following year.

Maize Oil Production in CIS

In value terms, maize oil production reduced to $X in 2022 estimated in export price. Over the period under review, production, however, showed a deep downturn. The most prominent rate of growth was recorded in 2019 when the production volume increased by 38%. The level of production peaked at $X in 2014; however, from 2015 to 2022, production remained at a lower figure.

Maize Oil Exports

Exports in CIS

In 2022, the amount of maize oil exported in the CIS expanded markedly to X tons, surging by 7.7% compared with the previous year's figure. Overall, exports, however, faced a drastic downturn. The growth pace was the most rapid in 2015 with an increase of 40% against the previous year. Over the period under review, the exports reached the peak figure at X tons in 2013; however, from 2014 to 2022, the exports remained at a lower figure.

In value terms, maize oil exports declined modestly to $X in 2022. In general, exports, however, showed a drastic downturn. The pace of growth was the most pronounced in 2013 with an increase of 37% against the previous year. As a result, the exports reached the peak of $X. From 2014 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

In 2022, Russia (X tons) represented the main exporter of maize oil, achieving 86% of total exports. It was distantly followed by Azerbaijan (X tons), creating a 13% share of total exports.

Russia was also the fastest-growing in terms of the maize oil exports, with a CAGR of +11.0% from 2012 to 2022. Azerbaijan (-27.7%) illustrated a downward trend over the same period. While the share of Russia (+78 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Azerbaijan (-78 p.p.) displayed negative dynamics.

In value terms, Russia ($X) remains the largest maize oil supplier in the CIS, comprising 79% of total exports. The second position in the ranking was held by Azerbaijan ($X), with a 21% share of total exports.

In Russia, maize oil exports expanded at an average annual rate of +11.2% over the period from 2012-2022.

Export Prices by Country

In 2022, the export price in the CIS amounted to $X per ton, reducing by -9.6% against the previous year. Overall, the export price continues to indicate a abrupt curtailment. The pace of growth appeared the most rapid in 2021 an increase of 41% against the previous year. The level of export peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Azerbaijan ($X per ton), while Russia totaled $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Russia (+0.2%).

Maize Oil Imports

Imports in CIS

In 2022, after three years of growth, there was significant decline in overseas purchases of maize oil, when their volume decreased by -14.6% to X tons. In general, imports saw a pronounced decline. The pace of growth was the most pronounced in 2019 when imports increased by 21% against the previous year. The volume of import peaked at X tons in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

In value terms, maize oil imports reached $X in 2022. Over the period under review, imports, however, saw a pronounced increase. The pace of growth was the most pronounced in 2016 when imports increased by 96%. The level of import peaked in 2022 and is likely to see gradual growth in the near future.

Imports by Country

Azerbaijan dominates imports structure, amounting to X tons, which was near 93% of total imports in 2022. The following importers - Belarus (X tons) and Armenia (X tons) - together made up 5.5% of total imports.

From 2012 to 2022, average annual rates of growth with regard to maize oil imports into Azerbaijan stood at -3.8%. At the same time, Belarus (+10.4%) displayed positive paces of growth. Moreover, Belarus emerged as the fastest-growing importer imported in the CIS, with a CAGR of +10.4% from 2012-2022. Armenia experienced a relatively flat trend pattern. Azerbaijan (+8.7 p.p.) and Belarus (+2.7 p.p.) significantly strengthened its position in terms of the total imports, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Azerbaijan ($X) constitutes the largest market for imported maize oil in the CIS, comprising 94% of total imports. The second position in the ranking was taken by Belarus ($X), with a 2.8% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value in Azerbaijan totaled +6.4%. In the other countries, the average annual rates were as follows: Belarus (+7.8% per year) and Armenia (+1.7% per year).

Import Prices by Country

In 2022, the import price in the CIS amounted to $X per ton, with an increase of 17% against the previous year. Overall, the import price showed a remarkable increase. The most prominent rate of growth was recorded in 2016 when the import price increased by 80%. The level of import peaked in 2022 and is expected to retain growth in the near future.

Average prices varied somewhat amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Armenia ($X per ton), while Belarus ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Azerbaijan (+10.6%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :