Colombia: Maize Starch Market 2024

Maize Starch Market Size in Colombia

The Colombian maize starch market rose markedly to $X in 2021, surging by 9.5% against the previous year. In general, the total consumption indicated a prominent increase from 2012 to 2021: its value increased at an average annual rate of +9.6% 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 +41.8% against 2016 indices. Maize starch consumption peaked in 2021 and is likely to see steady growth in the immediate term.

Maize Starch Production in Colombia

In value terms, maize starch production rose to $X in 2021 estimated in export price. Overall, the total production indicated prominent growth from 2012 to 2021: its value increased at an average annual rate of +7.9% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by -2.5% against 2019 indices. The growth pace was the most rapid in 2014 with an increase of 41%. Over the period under review, production reached the peak level at $X in 2019; however, from 2020 to 2021, production remained at a lower figure.

Maize Starch Exports

Exports from Colombia

Maize starch exports from Colombia contracted remarkably to X tons in 2021, shrinking by -29.3% against 2020 figures. In general, exports showed a abrupt descent. The most prominent rate of growth was recorded in 2017 when exports increased by 84% against the previous year. As a result, the exports reached the peak of X tons. From 2018 to 2021, the growth of the exports remained at a somewhat lower figure.

In value terms, maize starch exports reduced to $X in 2021. Overall, exports saw a abrupt decline. The most prominent rate of growth was recorded in 2017 with an increase of 59% against the previous year. Over the period under review, the exports attained the peak figure at $X in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

Exports by Country

Ecuador (X tons) was the main destination for maize starch exports from Colombia, with a 93% share of total exports. It was followed by the United States (X tons), with a 3% share of total exports. Peru (X tons) ranked third in terms of total exports with a 2.3% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Ecuador totaled +3.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+41.6% per year) and Peru (+6.4% per year).

In value terms, Ecuador ($X) remains the key foreign market for maize (corn) starch exports from Colombia, comprising 91% of total exports. The second position in the ranking was held by Peru ($X), with a 3.1% share of total exports. It was followed by Guyana, with a 3% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Ecuador was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Peru (+3.4% per year) and Guyana (-1.2% per year).

Export Prices by Country

In 2021, the average maize starch export price amounted to $X per ton, rising by 28% against the previous year. Overall, the export price, however, showed a mild downturn. Over the period under review, the average export prices reached the peak figure at $X per ton in 2014; however, from 2015 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices for the major external markets. In 2021, amid the top suppliers, the country with the highest price was Guyana ($X per ton), while the average price for exports to the United States ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Guyana (-1.8%), while the prices for the other major destinations experienced a decline.

Maize Starch Imports

Imports into Colombia

After three years of decline, supplies from abroad of maize (corn) starch increased by 157% to X tons in 2021. Over the period under review, imports continue to indicate notable growth. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, maize starch imports surged to $X in 2021. Overall, imports saw moderate growth. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

Brazil (X tons), Argentina (X tons) and Mexico (X tons) were the main suppliers of maize starch imports to Colombia, together comprising 96% of total imports.

From 2012 to 2021, the biggest increases were recorded for Mexico (with a CAGR of +315.3%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest maize starch suppliers to Colombia were Brazil ($X), Argentina ($X) and Mexico ($X), with a combined 93% share of total imports.

In terms of the main suppliers, Mexico, with a CAGR of +255.5%, saw the highest growth rate of 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

The average maize starch import price stood at $X per ton in 2021, surging by 16% against the previous year. Overall, the import price, however, recorded a mild contraction. Over the period under review, average import prices hit record highs at $X per ton in 2013; however, from 2014 to 2021, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was France ($X per ton), while the price for Argentina ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by France (+3.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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