EU: Crude Maize Oil Market 2024

Crude Maize Oil Market Size in the EU

In 2022, the EU crude maize oil market decreased by -5.7% to $X for the first time since 2019, thus ending a two-year rising trend. Over the period under review, consumption showed a pronounced slump. The level of consumption peaked at $X in 2012; however, from 2013 to 2022, consumption remained at a lower figure.

Crude Maize Oil Production in the EU

In value terms, crude maize oil production amounted to $X in 2022 estimated in export price. Overall, production saw a noticeable descent. The pace of growth was the most pronounced in 2016 when the production volume increased by 11%. The level of production peaked at $X in 2012; however, from 2013 to 2022, production remained at a lower figure.

Crude Maize Oil Exports

Exports in the EU

After two years of decline, shipments abroad of crude maize (corn) oil increased by 19% to X tons in 2022. In general, exports, however, showed a perceptible shrinkage. Over the period under review, the exports attained the peak figure at X tons in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, crude maize oil exports skyrocketed to $X in 2022. Over the period under review, exports, however, showed a pronounced contraction. Over the period under review, the exports hit record highs at $X in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

Exports by Country

In 2022, Hungary (X tons) represented the major exporter of crude maize (corn) oil, constituting 53% of total exports. France (X tons) held a 21% share (based on physical terms) of total exports, which put it in second place, followed by Italy (7.5%), Poland (6.7%) and Spain (6.1%). The Czech Republic (X tons) held a minor share of total exports.

From 2012 to 2022, average annual rates of growth with regard to crude maize oil exports from Hungary stood at -1.3%. At the same time, Poland (+241.4%), the Czech Republic (+141.3%), Italy (+18.3%), Spain (+2.2%) and France (+1.6%) displayed positive paces of growth. Moreover, Poland emerged as the fastest-growing exporter exported in the European Union, with a CAGR of +241.4% from 2012-2022. Hungary (+11 p.p.), France (+8.6 p.p.), Poland (+6.7 p.p.), Italy (+6.6 p.p.), Spain (+2.7 p.p.) and the Czech Republic (+1.7 p.p.) significantly strengthened its position in terms of the total exports, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Hungary ($X) remains the largest crude maize oil supplier in the European Union, comprising 54% of total exports. The second position in the ranking was held by France ($X), with a 20% share of total exports. It was followed by Italy, with a 7.4% 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: France (+3.3% per year) and Italy (+12.8% per year).

Export Prices by Country

In 2022, the export price in the European Union amounted to $X per ton, with an increase of 24% against the previous year. Export price indicated a mild increase from 2012 to 2022: its price increased at an average annual rate of +1.6% 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 +109.2% against 2019 indices. The most prominent rate of growth was recorded in 2021 an increase of 52% against the previous year. Over the period under review, the export prices reached the maximum in 2022 and is expected to retain growth in years to come.

Average prices varied somewhat amongst the major exporting countries. In 2022, major exporting countries recorded the following prices: in Spain ($X per ton) and Hungary ($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 Spain (+2.2%), while the other leaders experienced more modest paces of growth.

Crude Maize Oil Imports

Imports in the EU

In 2022, imports of crude maize (corn) oil in the European Union fell markedly to X tons, with a decrease of -23.1% compared with 2021 figures. In general, imports showed a deep downturn. The growth pace was the most rapid in 2015 when imports increased by 68%. Over the period under review, imports reached the peak figure at X tons in 2012; however, from 2013 to 2022, imports failed to regain momentum.

In value terms, crude maize oil imports declined to $X in 2022. Overall, imports continue to indicate a abrupt slump. The most prominent rate of growth was recorded in 2020 when imports increased by 96% against the previous year. Over the period under review, imports reached the peak figure at $X in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

Imports by Country

Belgium (X tons) and Greece (X tons) were the largest importers of crude maize (corn) oil in 2022, amounting to approx. 24% and 21% of total imports, respectively. Spain (X tons) took the next position in the ranking, followed by Poland (X tons), Austria (X tons) and the Netherlands (X tons). All these countries together took near 34% share of total imports. France (X tons), Sweden (X tons), Germany (X tons) and Slovakia (X tons) took a little share of total imports.

From 2012 to 2022, the biggest increases were recorded for Slovakia (with a CAGR of +106.9%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest crude maize oil importing markets in the European Union were Belgium ($X), Greece ($X) and Spain ($X), with a combined 61% share of total imports. Poland, Austria, the Netherlands, France, Sweden, Germany and Slovakia lagged somewhat behind, together accounting for a further 31%.

Slovakia, with a CAGR of +82.8%, recorded the highest rates of growth with regard to the value of imports, in terms of 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

The import price in the European Union stood at $X per ton in 2022, surging by 29% against the previous year. Import price indicated slight growth from 2012 to 2022: its price increased at an average annual rate of +1.8% 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 import price increased by +104.0% against 2019 indices. The growth pace was the most rapid in 2021 an increase of 32%. Over the period under review, import prices attained the maximum in 2022 and is expected to retain growth in the immediate term.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Spain (+3.6%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :