GCC: Maize Starch Market 2024

Maize Starch Market Size in GCC

In 2021, the GCC maize starch market decreased by -8% to $X for the first time since 2015, thus ending a five-year rising trend. Overall, consumption, however, continues to indicate a resilient increase. The level of consumption peaked at $X in 2020, and then dropped in the following year.

Maize Starch Production in GCC

In value terms, maize starch production dropped to $X in 2021 estimated in export price. Over the period under review, production, however, posted a prominent expansion. The pace of growth was the most pronounced in 2019 when the production volume increased by 56%. Over the period under review, production hit record highs at $X in 2020, and then reduced in the following year.

Maize Starch Exports

Exports in GCC

In 2021, overseas shipments of maize (corn) starch decreased by -26% to X tons, falling for the second consecutive year after three years of growth. In general, exports, however, continue to indicate pronounced growth. The growth pace was the most rapid in 2017 when exports increased by 47%. The volume of export peaked at X tons in 2019; however, from 2020 to 2021, the exports failed to regain momentum.

In value terms, maize starch exports declined to $X in 2021. Total exports indicated noticeable growth from 2012 to 2021: its value increased at an average annual rate of +3.7% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2017 when exports increased by 59% against the previous year. The level of export peaked at $X in 2020, and then contracted in the following year.

Exports by Country

In 2021, Saudi Arabia (X tons) was the largest exporter of maize (corn) starch, constituting 80% of total exports. It was distantly followed by the United Arab Emirates (X tons), creating an 18% share of total exports.

From 2012 to 2021, average annual rates of growth with regard to maize starch exports from Saudi Arabia stood at +1.6%. At the same time, the United Arab Emirates (+12.8%) displayed positive paces of growth. Moreover, the United Arab Emirates emerged as the fastest-growing exporter exported in GCC, with a CAGR of +12.8% from 2012-2021. While the share of the United Arab Emirates (+9.9 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Saudi Arabia (-11.5 p.p.) displayed negative dynamics.

In value terms, Saudi Arabia ($X) remains the largest maize starch supplier in GCC, comprising 76% of total exports. The second position in the ranking was taken by the United Arab Emirates ($X), with a 23% share of total exports.

In Saudi Arabia, maize starch exports increased at an average annual rate of +1.5% over the period from 2012-2021.

Export Prices by Country

In 2021, the export price in GCC amounted to $X per ton, with an increase of 19% against the previous year. Overall, the export price showed a relatively flat trend pattern. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

Average prices varied somewhat amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was the United Arab Emirates ($X per ton), while Saudi Arabia amounted to $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+3.4%).

Maize Starch Imports

Imports in GCC

In 2021, overseas purchases of maize (corn) starch decreased by -27.3% to X tons, falling for the second year in a row after five years of growth. Over the period under review, imports, however, saw resilient growth. The pace of growth was the most pronounced in 2013 with an increase of 40%. The volume of import peaked at X tons in 2019; however, from 2020 to 2021, imports remained at a lower figure.

In value terms, maize starch imports contracted to $X in 2021. Overall, imports, however, saw a strong expansion. The most prominent rate of growth was recorded in 2013 when imports increased by 47% against the previous year. Over the period under review, imports hit record highs at $X in 2019; however, from 2020 to 2021, imports stood at a somewhat lower figure.

Imports by Country

The United Arab Emirates represented the largest importer of maize (corn) starch in GCC, with the volume of imports accounting for X tons, which was near 65% of total imports in 2021. Saudi Arabia (X tons) ranks second in terms of the total imports with a 13% share, followed by Oman (10%) and Kuwait (6.9%). The following importers - Qatar (X tons) and Bahrain (X tons) - together made up 5.4% of total imports.

Imports into the United Arab Emirates increased at an average annual rate of +9.4% from 2012 to 2021. At the same time, Qatar (+20.1%), Oman (+16.0%), Saudi Arabia (+6.4%), Bahrain (+6.4%) and Kuwait (+6.2%) displayed positive paces of growth. Moreover, Qatar emerged as the fastest-growing importer imported in GCC, with a CAGR of +20.1% from 2012-2021. Oman (+4.3 p.p.) and Qatar (+2 p.p.) significantly strengthened its position in terms of the total imports, while Kuwait and Saudi Arabia saw its share reduced by -2.1% and -3.6% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United Arab Emirates ($X) constitutes the largest market for imported maize (corn) starch in GCC, comprising 51% of total imports. The second position in the ranking was held by Saudi Arabia ($X), with a 24% share of total imports. It was followed by Oman, with a 10% share.

In the United Arab Emirates, maize starch imports expanded at an average annual rate of +8.1% over the period from 2012-2021. The remaining importing countries recorded the following average annual rates of imports growth: Saudi Arabia (+7.1% per year) and Oman (+15.9% per year).

Import Prices by Country

In 2021, the import price in GCC amounted to $X per ton, with an increase of 17% against the previous year. Over the period under review, the import price, however, saw a relatively flat trend pattern. Over the period under review, import prices attained the peak figure at $X per ton in 2013; however, from 2014 to 2021, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Saudi Arabia ($X per ton), while the United Arab Emirates ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Kuwait (+1.9%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform