Eastern Asia: Maize Oil Market 2024

Maize Oil Market Size in Eastern Asia

The East Asian maize oil market reached $X in 2022, surging by 1.6% against the previous year. The total consumption indicated a noticeable increase from 2012 to 2022: its value increased at an average annual rate of +4.8% 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 -2.9% against 2020 indices. The level of consumption peaked at $X in 2020; however, from 2021 to 2022, consumption failed to regain momentum.

Maize Oil Production in Eastern Asia

In value terms, maize oil production stood at $X in 2022 estimated in export price. The total output value increased at an average annual rate of +3.2% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2013 with an increase of 29% against the previous year. Over the period under review, production attained the maximum level at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

Maize Oil Exports

Exports in Eastern Asia

In 2022, the amount of maize oil exported in Eastern Asia was estimated at X tons, remaining stable against 2021. Overall, exports saw modest growth. The pace of growth was the most pronounced in 2017 when exports increased by 55%. As a result, the exports attained the peak of X tons. From 2018 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, maize oil exports skyrocketed to $X in 2022. Over the period under review, exports continue to indicate a measured expansion. The pace of growth was the most pronounced in 2017 when exports increased by 43%. Over the period under review, the exports attained the peak figure in 2022 and are likely to see steady growth in years to come.

Exports by Country

In 2022, China (X tons) represented the main exporter of maize oil, constituting 64% of total exports. It was distantly followed by South Korea (X tons), Taiwan (Chinese) (X tons) and Japan (X tons), together comprising a 33% share of total exports. Hong Kong SAR (X tons) followed a long way behind the leaders.

China was also the fastest-growing in terms of the maize oil exports, with a CAGR of +4.6% from 2012 to 2022. At the same time, Taiwan (Chinese) (+4.4%) displayed positive paces of growth. By contrast, Hong Kong SAR (-1.1%), South Korea (-4.6%) and Japan (-5.3%) illustrated a downward trend over the same period. China (+19 p.p.) and Taiwan (Chinese) (+2.1 p.p.) significantly strengthened its position in terms of the total exports, while Japan and South Korea saw its share reduced by -4.6% and -15.9% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) emerged as the largest maize oil supplier in Eastern Asia, comprising 69% of total exports. The second position in the ranking was taken by South Korea ($X), with a 19% share of total exports. It was followed by Japan, with a 4.4% share.

In China, maize oil exports expanded at an average annual rate of +6.7% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: South Korea (-2.8% per year) and Japan (-1.6% per year).

Export Prices by Country

In 2022, the export price in Eastern Asia amounted to $X per ton, rising by 33% against the previous year. Export price indicated measured growth from 2012 to 2022: its price increased at an average annual rate of +2.2% 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 +108.4% against 2019 indices. The pace of growth was the most pronounced in 2021 an increase of 33%. Over the period under review, the export prices reached the peak figure in 2022 and is expected to retain growth in the near future.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Hong Kong SAR ($X per ton), while Taiwan (Chinese) ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Japan (+3.9%), while the other leaders experienced more modest paces of growth.

Maize Oil Imports

Imports in Eastern Asia

In 2022, approx. X tons of maize oil were imported in Eastern Asia; with a decrease of -42.3% on the previous year. Overall, imports continue to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2014 with an increase of 80% against the previous year. The volume of import peaked at X tons in 2021, and then shrank dramatically in the following year.

In value terms, maize oil imports fell sharply to $X in 2022. Total imports indicated temperate growth from 2012 to 2022: its value increased at an average annual rate of +2.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +12.9% against 2018 indices. The growth pace was the most rapid in 2014 when imports increased by 45% against the previous year. The level of import peaked at $X in 2021, and then contracted notably in the following year.

Imports by Country

Hong Kong SAR represented the largest importer of maize oil in Eastern Asia, with the volume of imports reaching X tons, which was approx. 70% of total imports in 2022. South Korea (X tons) took a 12% share (based on physical terms) of total imports, which put it in second place, followed by Macao SAR (8.9%). Taiwan (Chinese) (X tons), Japan (X tons) and China (X tons) held a little share of total imports.

Hong Kong SAR experienced a relatively flat trend pattern with regard to volume of imports of maize oil. At the same time, Taiwan (Chinese) (+18.2%) and Japan (+8.0%) displayed positive paces of growth. Moreover, Taiwan (Chinese) emerged as the fastest-growing importer imported in Eastern Asia, with a CAGR of +18.2% from 2012-2022. China and Macao SAR experienced a relatively flat trend pattern. By contrast, South Korea (-5.6%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Hong Kong SAR, Taiwan (Chinese) and Japan increased by +4.5, +3.5 and +1.5 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Hong Kong SAR ($X) constitutes the largest market for imported maize oil in Eastern Asia, comprising 69% of total imports. The second position in the ranking was taken by South Korea ($X), with a 12% share of total imports. It was followed by Macao SAR, with a 9.8% share.

In Hong Kong SAR, maize oil imports increased at an average annual rate of +2.3% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: South Korea (+1.6% per year) and Macao SAR (+1.5% per year).

Import Prices by Country

In 2022, the import price in Eastern Asia amounted to $X per ton, surging by 31% against the previous year. Import price indicated a notable expansion from 2012 to 2022: its price increased at an average annual rate of +2.4% 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 +88.9% against 2019 indices. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

Average prices varied somewhat amongst the major importing countries. In 2022, major importing countries recorded the following prices: in Macao SAR ($X per ton) and China ($X per ton), while Taiwan (Chinese) ($X per ton) and Japan ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by South Korea (+7.6%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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