Ecuador: Maize Starch Market 2024

Maize Starch Market Size in Ecuador

The Ecuadorian maize starch market rose to $X in 2021, growing by 4.3% against the previous year. Over the period under review, consumption recorded a strong expansion. Over the period under review, the market reached the maximum level in 2021 and is expected to retain growth in the immediate term.

Maize Starch Production in Ecuador

In value terms, maize starch production stood at $X in 2021 estimated in export price. Overall, production saw a resilient expansion. The pace of growth appeared the most rapid in 2014 with an increase of 49%. Over the period under review, production hit record highs at $X in 2019; however, from 2020 to 2021, production failed to regain momentum.

Maize Starch Exports

Exports from Ecuador

In 2021, after two years of growth, there was significant decline in overseas shipments of maize (corn) starch, when their volume decreased by -31.1% to X kg. In general, exports saw a significant contraction. The most prominent rate of growth was recorded in 2019 when exports increased by 387% against the previous year. Over the period under review, the exports hit record highs at X tons in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

In value terms, maize starch exports reduced slightly to $X in 2021. Overall, exports saw a abrupt contraction. The most prominent rate of growth was recorded in 2019 with an increase of 519% against the previous year. Over the period under review, the exports attained the peak figure at $X in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

Exports by Country

Peru (X kg) was the main destination for maize starch exports from Ecuador, accounting for a 94% share of total exports. Moreover, maize starch exports to Peru exceeded the volume sent to the second major destination, the United States (X kg), more than tenfold. Spain (X kg) ranked third in terms of total exports with a 0.5% share.

From 2012 to 2021, the average annual growth rate of volume to Peru amounted to +24.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (-34.0% per year) and Spain (-56.6% per year).

In value terms, Peru ($X) emerged as the key foreign market for maize (corn) starch exports from Ecuador, comprising 94% of total exports. The second position in the ranking was held by the United States ($X), with a 5.5% share of total exports. It was followed by Spain, with a 0.3% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Peru stood at +88.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (-28.3% per year) and Spain (-55.8% per year).

Export Prices by Country

The average maize starch export price stood at $X per ton in 2021, rising by 41% against the previous year. Overall, the export price continues to indicate a prominent expansion. The pace of growth was the most pronounced in 2017 an increase of 48% against the previous year. Over the period under review, the average export prices hit record highs in 2021 and is expected to retain growth in the immediate term.

There were significant differences in the average prices for the major export markets. In 2021, amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to Canada ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Peru (+51.4%), while the prices for the other major destinations experienced more modest paces of growth.

Maize Starch Imports

Imports into Ecuador

In 2021, overseas purchases of maize (corn) starch increased by 20% to X tons, rising for the third year in a row after two years of decline. In general, total imports indicated strong growth from 2012 to 2021: its volume increased at an average annual rate of +6.3% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +50.7% against 2018 indices. The most prominent rate of growth was recorded in 2016 when imports increased by 34% against the previous year. Over the period under review, imports attained the maximum in 2021 and are expected to retain growth in the near future.

In value terms, maize starch imports skyrocketed to $X in 2021. Over the period under review, total imports indicated a measured increase from 2012 to 2021: its value increased at an average annual rate of +2.8% 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 +81.9% against 2018 indices. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

Colombia (X tons), Argentina (X tons) and Mexico (X tons) were the main suppliers of maize starch imports to Ecuador, with a combined 82% share of total imports.

From 2012 to 2021, the biggest increases were recorded for Argentina (with a CAGR of +53.4%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest maize starch suppliers to Ecuador were Colombia ($X), Argentina ($X) and Brazil ($X), together comprising 81% of total imports.

In terms of the main suppliers, Argentina, with a CAGR of +55.1%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the average maize starch import price amounted to $X per ton, jumping by 28% against the previous year. Overall, the import price, however, recorded a noticeable decrease. The import price peaked at $X per ton in 2012; however, from 2013 to 2021, import prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the United States ($X per ton), while the price for Argentina ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United States (+23.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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