Eastern Asia: Refined Maize Oil Market 2024

Refined Maize Oil Market Size in Eastern Asia

In 2021, the East Asian refined maize oil market was finally on the rise to reach $X after two years of decline. Overall, consumption, however, saw a pronounced setback. The growth pace was the most rapid in 2018 with an increase of 7.1% against the previous year. Over the period under review, the market hit record highs at $X in 2012; however, from 2013 to 2021, consumption remained at a lower figure.

Refined Maize Oil Production in Eastern Asia

In value terms, refined maize oil production stood at $X in 2021 estimated in export price. In general, production, however, saw a perceptible decline. The pace of growth was the most pronounced in 2018 with an increase of 4.8% against the previous year. The level of production peaked at $X in 2012; however, from 2013 to 2021, production remained at a lower figure.

Refined Maize Oil Exports

Exports in Eastern Asia

In 2021, shipments abroad of refined maize (corn) oil decreased by -13.5% to X tons for the first time since 2018, thus ending a two-year rising trend. Over the period under review, exports, however, saw a mild expansion. The most prominent rate of growth was recorded in 2017 with an increase of 41% against the previous year. As a result, the exports attained the peak of X tons. From 2018 to 2021, the growth of the exports remained at a somewhat lower figure.

In value terms, refined maize oil exports surged to $X in 2021. In general, exports, however, saw a relatively flat trend pattern. The growth pace was the most rapid in 2017 when exports increased by 27%. Over the period under review, the exports reached the maximum in 2021 and are likely to see gradual growth in the immediate term.

Exports by Country

China (X tons) and South Korea (X tons) represented roughly 79% of total exports in 2021. It was distantly followed by Japan (X tons), making up a 14% share of total exports. The following exporters - Taiwan (Chinese) (X tons) and Hong Kong SAR (X tons) - together made up 6.9% of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the key exporting countries, was attained by Japan (with a CAGR of +94.0%), while the other leaders experienced more modest paces of growth.

In value terms, the largest refined maize oil supplying countries in Eastern Asia were China ($X), South Korea ($X) and Japan ($X), together comprising 92% of total exports.

In terms of the main exporting countries, Japan, with a CAGR of +69.0%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The export price in Eastern Asia stood at $X per ton in 2021, picking up by 44% against the previous year. Overall, the export price, however, showed a relatively flat trend pattern. The level of export peaked at $X per ton in 2012; afterwards, it flattened through to 2021.

There were significant differences in the average prices amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was Hong Kong SAR ($X per ton), while Japan ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Hong Kong SAR (+1.1%), while the other leaders experienced more modest paces of growth.

Refined Maize Oil Imports

Imports in Eastern Asia

In 2021, purchases abroad of refined maize (corn) oil decreased by -12.8% to X tons for the first time since 2018, thus ending a two-year rising trend. Total imports indicated a noticeable expansion from 2012 to 2021: its volume increased at an average annual rate of +3.8% 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 +17.9% against 2018 indices. The pace of growth was the most pronounced in 2020 when imports increased by 30%. As a result, imports attained the peak of X tons, and then fell in the following year.

In value terms, refined maize oil imports rose sharply to $X in 2021. Total imports indicated a moderate expansion from 2012 to 2021: its value increased at an average annual rate of +3.3% 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 +53.8% against 2019 indices. The growth pace was the most rapid in 2020 when imports increased by 37% against the previous year. Over the period under review, imports hit record highs in 2021 and are expected to retain growth in the immediate term.

Imports by Country

Hong Kong SAR represented the main importing country with an import of around X tons, which resulted at 67% of total imports. South Korea (X tons) took a 16% share (based on physical terms) of total imports, which put it in second place, followed by Taiwan (Chinese) (7%) and Macao SAR (6.9%). China (X tons) followed a long way behind the leaders.

Imports into Hong Kong SAR increased at an average annual rate of +1.5% from 2012 to 2021. At the same time, South Korea (+40.8%), Taiwan (Chinese) (+29.8%) and China (+1.4%) displayed positive paces of growth. Moreover, South Korea emerged as the fastest-growing importer imported in Eastern Asia, with a CAGR of +40.8% from 2012-2021. By contrast, Macao SAR (-1.9%) illustrated a downward trend over the same period. While the share of South Korea (+15 p.p.) and Taiwan (Chinese) (+6.1 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Macao SAR (-4.5 p.p.) and Hong Kong SAR (-14.6 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Hong Kong SAR ($X) constitutes the largest market for imported refined maize (corn) oil in Eastern Asia, comprising 67% of total imports. The second position in the ranking was taken by South Korea ($X), with a 14% share of total imports. It was followed by Macao SAR, with a 9.1% share.

From 2012 to 2021, the average annual growth rate of value in Hong Kong SAR stood at +1.4%. The remaining importing countries recorded the following average annual rates of imports growth: South Korea (+28.8% per year) and Macao SAR (+0.1% per year).

Import Prices by Country

The import price in Eastern Asia stood at $X per ton in 2021, surging by 29% against the previous year. Overall, the import price, however, saw a relatively flat trend pattern. The level of import peaked at $X per ton in 2012; however, from 2013 to 2021, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major importing countries. In 2021, amid the top importers, the country with the highest price was Macao SAR ($X per ton), while South Korea ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Macao SAR (+2.0%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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