Eastern Europe: Maize Oil Market 2024

Maize Oil Market Size in Eastern Europe

The East European maize oil market dropped to $X in 2022, reducing by -2.3% against the previous year. The market value increased at an average annual rate of +3.6% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market attained the peak level at $X in 2021, and then reduced slightly in the following year.

Maize Oil Production in Eastern Europe

In value terms, maize oil production shrank slightly to $X in 2022 estimated in export price. In general, production recorded a pronounced reduction. The growth pace was the most rapid in 2016 when the production volume increased by 2,328%. As a result, production reached the peak level of $X. From 2017 to 2022, production growth failed to regain momentum.

Maize Oil Exports

Exports in Eastern Europe

In 2022, overseas shipments of maize oil decreased by -2.6% to X tons, falling for the second year in a row after two years of growth. Over the period under review, exports, however, continue to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2019 with an increase of 39%. The volume of export peaked at X tons in 2020; however, from 2021 to 2022, the exports failed to regain momentum.

In value terms, maize oil exports soared to $X in 2022. Total exports indicated a modest expansion from 2012 to 2022: its value increased at an average annual rate of +1.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +92.3% against 2018 indices. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

Hungary represented the main exporter of maize oil in Eastern Europe, with the volume of exports resulting at X tons, which was approx. 65% of total exports in 2022. It was distantly followed by Poland (X tons), Ukraine (X tons) and Russia (X tons), together generating a 31% share of total exports. The Czech Republic (X tons) took a relatively small share of total exports.

Exports from Hungary decreased at an average annual rate of -1.4% from 2012 to 2022. At the same time, the Czech Republic (+129.5%), Poland (+51.8%) and Russia (+11.0%) displayed positive paces of growth. Moreover, the Czech Republic emerged as the fastest-growing exporter exported in Eastern Europe, with a CAGR of +129.5% from 2012-2022. By contrast, Ukraine (-6.2%) illustrated a downward trend over the same period. While the share of Poland (+12 p.p.), Russia (+5.2 p.p.) and the Czech Republic (+2.1 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Ukraine (-9.3 p.p.) and Hungary (-9.9 p.p.) displayed negative dynamics.

In value terms, Hungary ($X) remains the largest maize oil supplier in Eastern Europe, comprising 67% of total exports. The second position in the ranking was taken by Poland ($X), with an 11% share of total exports. It was followed by Ukraine, with a 9.4% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Hungary was relatively modest. The remaining exporting countries recorded the following average annual rates of exports growth: Poland (+37.0% per year) and Ukraine (-5.5% per year).

Export Prices by Country

In 2022, the export price in Eastern Europe amounted to $X per ton, with an increase of 25% against the previous year. Export price indicated a mild expansion from 2012 to 2022: its price increased at an average annual rate of +1.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, maize oil export price increased by +103.2% against 2019 indices. The pace of growth was the most pronounced in 2021 when the export price increased by 42% against the previous year. Over the period under review, the export prices hit record highs in 2022 and is likely to see steady growth in years to come.

Average prices varied noticeably amongst the major exporting countries. In 2022, major exporting countries recorded the following prices: in Hungary ($X per ton) and Russia ($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 more modest paces of growth.

Maize Oil Imports

Imports in Eastern Europe

In 2022, after two years of growth, there was significant decline in supplies from abroad of maize oil, when their volume decreased by -7% to X tons. In general, imports, however, enjoyed pronounced growth. The growth pace was the most rapid in 2020 when imports increased by 99% against the previous year. The volume of import peaked at X tons in 2021, and then contracted in the following year.

In value terms, maize oil imports surged to $X in 2022. Over the period under review, imports, however, posted perceptible growth. The most prominent rate of growth was recorded in 2016 when imports increased by 86%. Over the period under review, imports reached the maximum in 2022 and are expected to retain growth in the immediate term.

Imports by Country

In 2022, Poland (X tons) was the largest importer of maize oil, comprising 45% of total imports. It was distantly followed by Romania (X tons), Slovakia (X tons), Belarus (X tons) and Hungary (X tons), together committing a 48% share of total imports. The Czech Republic (X tons) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to maize oil imports into Poland stood at +10.4%. At the same time, Slovakia (+99.4%), Romania (+30.2%), the Czech Republic (+13.9%), Belarus (+10.4%) and Hungary (+2.9%) displayed positive paces of growth. Moreover, Slovakia emerged as the fastest-growing importer imported in Eastern Europe, with a CAGR of +99.4% from 2012-2022. From 2012 to 2022, the share of Poland, Romania, Slovakia, Belarus and the Czech Republic increased by +21, +17, +15, +3.5 and +2.2 percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Poland ($X), Romania ($X) and Slovakia ($X) were the countries with the highest levels of imports in 2022, together accounting for 78% of total imports.

Romania, with a CAGR of +34.5%, recorded the highest rates of growth with regard to the value of imports, among the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the import price in Eastern Europe amounted to $X per ton, rising by 29% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.0%. The most prominent rate of growth was recorded in 2016 an increase of 31%. The level of import peaked in 2022 and is likely to see steady growth in the immediate term.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Romania (+3.3%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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