Eastern Europe: Crude Maize Oil Market 2024

Crude Maize Oil Market Size in Eastern Europe

After two years of growth, the East European crude maize oil market decreased by -6.7% to $X in 2022. Over the period under review, consumption, however, posted resilient growth. As a result, consumption attained the peak level of $X, and then fell in the following year.

Crude Maize Oil Production in Eastern Europe

In value terms, crude maize oil production rose slightly to $X in 2022 estimated in export price. Over the period under review, production saw a perceptible shrinkage. The pace of growth was the most pronounced in 2020 with an increase of 35%. The level of production peaked at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

Crude Maize Oil Exports

Exports in Eastern Europe

In 2022, overseas shipments of crude maize (corn) oil decreased by -1.8% to X tons, falling for the second year in a row after two years of growth. Overall, exports recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2019 with an increase of 48% against the previous year. The volume of export peaked at X tons in 2020; however, from 2021 to 2022, the exports stood at a somewhat lower figure.

In value terms, crude maize oil exports soared to $X in 2022. Over the period under review, exports, however, continue to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2016 with an increase of 27% against the previous year. The level of export peaked in 2022 and is likely to continue growth in years to come.

Exports by Country

In 2022, Hungary (X tons) represented the largest exporter of crude maize (corn) oil, creating 75% of total exports. Ukraine (X tons) ranks second in terms of the total exports with an 11% share, followed by Poland (9.5%). The Czech Republic (X tons) followed a long way behind the leaders.

Exports from Hungary decreased at an average annual rate of -1.3% from 2012 to 2022. At the same time, Poland (+241.4%) and the Czech Republic (+141.3%) displayed positive paces of growth. Moreover, Poland emerged as the fastest-growing exporter exported in Eastern Europe, with a CAGR of +241.4% from 2012-2022. By contrast, Ukraine (-5.1%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Poland and the Czech Republic increased by +9.5 and +2.4 percentage points, respectively.

In value terms, Hungary ($X) remains the largest crude maize oil supplier in Eastern Europe, comprising 78% of total exports. The second position in the ranking was taken by Ukraine ($X), with a 10% share of total exports. It was followed by Poland, with an 8% share.

In Hungary, crude maize oil exports remained relatively stable over the period from 2012-2022. In the other countries, the average annual rates were as follows: Ukraine (-4.0% per year) and Poland (+186.4% per year).

Export Prices by Country

In 2022, the export price in Eastern Europe amounted to $X per ton, with an increase of 28% against the previous year. Export price indicated a modest expansion from 2012 to 2022: its price increased at an average annual rate of +1.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, crude maize oil export price increased by +115.6% against 2019 indices. The pace of growth appeared the most rapid in 2021 when the export price increased by 46% against the previous year. Over the period under review, the export prices reached the peak figure in 2022 and is likely to see gradual growth in the immediate term.

Average prices varied noticeably amongst the major exporting countries. In 2022, major exporting countries recorded the following prices: in Hungary ($X per ton) and Ukraine ($X per ton), while Poland ($X per ton) and the Czech Republic ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Hungary (+1.9%), while the other leaders experienced mixed trends in the export price figures.

Crude Maize Oil Imports

Imports in Eastern Europe

In 2022, after two years of growth, there was significant decline in overseas purchases of crude maize (corn) oil, when their volume decreased by -29.5% to X tons. Over the period under review, imports, however, enjoyed a strong increase. The growth pace was the most rapid in 2020 when imports increased by 223% against the previous year. The volume of import peaked at X tons in 2021, and then declined significantly in the following year.

In value terms, crude maize oil imports reduced to $X in 2022. Overall, imports, however, recorded a resilient expansion. The growth pace was the most rapid in 2020 with an increase of 219% against the previous year. The level of import peaked at $X in 2021, and then shrank in the following year.

Imports by Country

Poland was the key importing country with an import of about X tons, which resulted at 63% of total imports. Slovakia (X tons) held the second position in the ranking, distantly followed by Romania (X tons) and the Czech Republic (X tons). All these countries together held approx. 36% share of total imports.

Imports into Poland increased at an average annual rate of +53.6% from 2012 to 2022. At the same time, Slovakia (+106.9%), the Czech Republic (+106.2%) and Romania (+98.4%) displayed positive paces of growth. Moreover, Slovakia emerged as the fastest-growing importer imported in Eastern Europe, with a CAGR of +106.9% from 2012-2022. While the share of Poland (+61 p.p.), Slovakia (+25 p.p.), Romania (+6 p.p.) and the Czech Republic (+4.7 p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Poland ($X) constitutes the largest market for imported crude maize (corn) oil in Eastern Europe, comprising 72% of total imports. The second position in the ranking was taken by Slovakia ($X), with a 17% share of total imports. It was followed by Romania, with a 5.5% share.

In Poland, crude maize oil imports expanded at an average annual rate of +46.7% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Slovakia (+82.8% per year) and Romania (+70.6% per year).

Import Prices by Country

The import price in Eastern Europe stood at $X per ton in 2022, rising by 22% against the previous year. Over the period under review, the import price saw a relatively flat trend pattern. The growth pace was the most rapid in 2019 an increase of 35%. Over the period under review, import prices hit record highs in 2022 and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Poland ($X per ton), while Slovakia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Poland (-4.5%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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