Denmark: Refined Maize Oil Market 2024

Refined Maize Oil Market Size in Denmark

In 2021, after two years of decline, there was growth in the Danish refined maize oil market, when its value increased by 3.8% to $X. The market value increased at an average annual rate of +1.2% over the period from 2012 to 2021; the trend pattern remained consistent, with only minor fluctuations being observed in certain years. Refined maize oil consumption peaked at $X in 2014; however, from 2015 to 2021, consumption failed to regain momentum.

Refined Maize Oil Production in Denmark

In value terms, refined maize oil production expanded modestly to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +1.1% over the period from 2012 to 2021; the trend pattern remained relatively stable, with only minor fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2013 with an increase of 26% against the previous year. Over the period under review, production hit record highs at $X in 2014; however, from 2015 to 2021, production stood at a somewhat lower figure.

Refined Maize Oil Exports

Exports from Denmark

In 2021, overseas shipments of refined maize (corn) oil increased by 615% to X tons, rising for the third consecutive year after two years of decline. In general, exports, however, continue to indicate a abrupt downturn. The pace of growth was the most pronounced in 2019 when exports increased by 4,900%. Over the period under review, the exports reached the peak figure at X tons in 2016; however, from 2017 to 2021, the exports stood at a somewhat lower figure.

In value terms, refined maize oil exports surged to $X in 2021. Over the period under review, exports, however, showed a abrupt descent. The most prominent rate of growth was recorded in 2019 with an increase of 5,278%. Over the period under review, the exports hit record highs at $X in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

Exports by Country

Greenland (X tons) was the main destination for refined maize oil exports from Denmark, accounting for a 85% share of total exports. Moreover, refined maize oil exports to Greenland exceeded the volume sent to the second major destination, Faroe Islands (X kg), sixfold.

From 2012 to 2021, the average annual rate of growth in terms of volume to Greenland was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Faroe Islands (-18.9% per year) and Sweden (-30.9% per year).

In value terms, Greenland ($X) remains the key foreign market for refined maize (corn) oil exports from Denmark, comprising 87% of total exports. The second position in the ranking was held by Faroe Islands ($X), with a 12% share of total exports.

From 2012 to 2021, the average annual growth rate of value to Greenland was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Faroe Islands (-20.2% per year) and Sweden (-29.5% per year).

Export Prices by Country

The average refined maize oil export price stood at $X per ton in 2021, dropping by -15.8% against the previous year. Overall, the export price recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 an increase of 24% against the previous year. Over the period under review, the average export prices hit record highs at $X per ton in 2014; however, from 2015 to 2021, the export prices remained at a lower figure.

Average prices varied noticeably for the major foreign markets. In 2021, amid the top suppliers, the country with the highest price was Sweden ($X per ton), while the average price for exports to Faroe Islands ($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 Sweden (+1.9%), while the prices for the other major destinations experienced a decline.

Refined Maize Oil Imports

Imports into Denmark

In 2021, the amount of refined maize (corn) oil imported into Denmark skyrocketed to X tons, picking up by 28% against 2020 figures. The total import volume increased at an average annual rate of +3.4% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, refined maize oil imports skyrocketed to $X in 2021. Over the period under review, total imports indicated tangible growth from 2012 to 2021: its value increased at an average annual rate of +4.5% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +61.7% against 2018 indices. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, the Netherlands (X tons) constituted the largest refined maize oil supplier to Denmark, accounting for a 69% share of total imports. Moreover, refined maize oil imports from the Netherlands exceeded the figures recorded by the second-largest supplier, Sweden (X tons), threefold.

From 2012 to 2021, the average annual growth rate of volume from the Netherlands totaled +3.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Sweden (-8.9% per year) and Italy (+10.0% per year).

In value terms, the Netherlands ($X) constituted the largest supplier of refined maize (corn) oil to Denmark, comprising 68% of total imports. The second position in the ranking was taken by Sweden ($X), with a 26% share of total imports.

From 2012 to 2021, the average annual growth rate of value from the Netherlands stood at +3.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Sweden (-7.6% per year) and Italy (+9.5% per year).

Import Prices by Country

In 2021, the average refined maize oil import price amounted to $X per ton, surging by 18% against the previous year. Over the last nine years, it increased at an average annual rate of +1.1%. The most prominent rate of growth was recorded in 2017 when the average import price increased by 20%. Over the period under review, average import prices attained the peak figure in 2021 and is expected to retain growth in the immediate term.

Average prices varied somewhat amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Sweden ($X per ton), while the price for Italy ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Sweden (+1.5%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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