Eastern Europe: Refined Maize Oil Market 2024

Refined Maize Oil Market Size in Eastern Europe

The East European refined maize oil market was finally on the rise to reach $X in 2021, after three years of decline. Overall, consumption, however, saw a perceptible descent. Over the period under review, the market attained the peak level at $X in 2012; however, from 2013 to 2021, consumption stood at a somewhat lower figure.

Refined Maize Oil Production in Eastern Europe

In value terms, refined maize oil production expanded to $X in 2021 estimated in export price. Over the period under review, production, however, continues to indicate a abrupt curtailment. The pace of growth appeared the most rapid in 2014 when the production volume increased by 5.2%. The level of production peaked at $X in 2012; however, from 2013 to 2021, production stood at a somewhat lower figure.

Refined Maize Oil Exports

Exports in Eastern Europe

In 2021, exports of refined maize (corn) oil in Eastern Europe contracted to X tons, shrinking by -5.3% against the previous year. Overall, exports, however, continue to indicate a strong expansion. The pace of growth was the most pronounced in 2015 with an increase of 364%. As a result, the exports attained the peak of X tons. From 2016 to 2021, the growth of the exports remained at a lower figure.

In value terms, refined maize oil exports skyrocketed to $X in 2021. In general, exports, however, enjoyed resilient growth. The pace of growth was the most pronounced in 2015 when exports increased by 249%. As a result, the exports reached the peak of $X. From 2016 to 2021, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Russia (X tons) and Poland (X tons) prevails in exports structure, together creating 90% of total exports. It was distantly followed by Romania (X tons), comprising a 6.8% share of total exports. Ukraine (X tons) followed a long way behind the leaders.

From 2012 to 2021, the biggest increases were recorded for Romania (with a CAGR of +94.5%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Russia ($X) remains the largest refined maize oil supplier in Eastern Europe, comprising 64% of total exports. The second position in the ranking was held by Poland ($X), with a 24% share of total exports. It was followed by Romania, with a 7% share.

In Russia, refined maize oil exports increased at an average annual rate of +15.3% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Poland (+24.5% per year) and Romania (+85.2% per year).

Export Prices by Country

In 2021, the export price in Eastern Europe amounted to $X per ton, with an increase of 34% against the previous year. Overall, the export price, however, saw a mild decline. The level of export peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices remained at a lower figure.

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 Russia ($X per ton), while Poland ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Russia (+1.6%), while the other leaders experienced a decline in the export price figures.

Refined Maize Oil Imports

Imports in Eastern Europe

After three years of growth, overseas purchases of refined maize (corn) oil decreased by -13.5% to X tons in 2021. Over the period under review, imports showed a abrupt decline. The pace of growth was the most pronounced in 2019 when imports increased by 46% against the previous year. The volume of import peaked at X tons in 2012; however, from 2013 to 2021, imports failed to regain momentum.

In value terms, refined maize oil imports expanded rapidly to $X in 2021. Overall, imports showed a deep setback. The pace of growth appeared the most rapid in 2016 with an increase of 109%. The level of import peaked at $X in 2012; however, from 2013 to 2021, imports remained at a lower figure.

Imports by Country

Poland represented the major importing country with an import of about X tons, which reached 50% of total imports. Belarus (X tons) ranks second in terms of the total imports with a 21% share, followed by Hungary (5.7%) and Estonia (4.8%). The following importers - the Czech Republic (X tons), Romania (X tons) and Ukraine (X tons) - together made up 10% of total imports.

Imports into Poland decreased at an average annual rate of -4.4% from 2012 to 2021. At the same time, Estonia (+12.2%), Ukraine (+8.4%) and Belarus (+5.7%) displayed positive paces of growth. Moreover, Estonia emerged as the fastest-growing importer imported in Eastern Europe, with a CAGR of +12.2% from 2012-2021. By contrast, the Czech Republic (-1.3%), Romania (-6.4%) and Hungary (-14.4%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Belarus, Poland, Estonia, Ukraine and the Czech Republic increased by +15, +14, +4, +2 and +1.8 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Poland ($X) constitutes the largest market for imported refined maize (corn) oil in Eastern Europe, comprising 40% of total imports. The second position in the ranking was held by Romania ($X), with an 18% share of total imports. It was followed by Belarus, with a 15% share.

In Poland, refined maize oil imports plunged by an average annual rate of -3.0% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Romania (+15.6% per year) and Belarus (+3.8% per year).

Import Prices by Country

In 2021, the import price in Eastern Europe amounted to $X per ton, picking up by 23% against the previous year. Import price indicated a notable expansion from 2012 to 2021: its price increased at an average annual rate of +2.8% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2016 when the import price increased by 55% against the previous year. Over the period under review, import prices hit record highs at $X per ton in 2017; however, from 2018 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 Romania ($X per ton), while Belarus ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Romania (+23.5%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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