Greece: Maize Starch Market 2024

Maize Starch Market Size in Greece

The Greek maize starch market declined remarkably to $X in 2021, falling by -18.8% against the previous year. In general, the total consumption indicated notable growth from 2012 to 2021: its value increased at an average annual rate of +3.2% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +38.1% against 2019 indices. As a result, consumption reached the peak level of $X, and then contracted markedly in the following year.

Maize Starch Production in Greece

In value terms, maize starch production fell rapidly to $X in 2021 estimated in export price. In general, production, however, posted moderate growth. The growth pace was the most rapid in 2020 with an increase of 134%. As a result, production reached the peak level of $X, and then contracted rapidly in the following year.

Maize Starch Exports

Exports from Greece

In 2021, maize starch exports from Greece skyrocketed to X tons, rising by 52% on the year before. Overall, total exports indicated a measured increase from 2012 to 2021: its volume increased at an average annual rate of +4.0% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports decreased by -14.8% against 2019 indices. The most prominent rate of growth was recorded in 2018 when exports increased by 68% against the previous year. Over the period under review, the exports reached the peak figure at X tons in 2016; however, from 2017 to 2021, the exports stood at a somewhat lower figure.

In value terms, maize starch exports soared to $X in 2021. In general, total exports indicated temperate growth from 2012 to 2021: its value increased at an average annual rate of +4.2% 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 2018 when exports increased by 64%. Over the period under review, the exports reached the maximum in 2021 and are expected to retain growth in the near future.

Exports by Country

Cyprus (X tons) was the main destination for maize starch exports from Greece, accounting for a 73% share of total exports. Moreover, maize starch exports to Cyprus exceeded the volume sent to the second major destination, Bulgaria (X tons), eightfold. The third position in this ranking was taken by Poland (X tons), with a 6.4% share.

From 2012 to 2021, the average annual growth rate of volume to Cyprus stood at +3.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Bulgaria (-0.6% per year) and Poland (0.0% per year).

In value terms, Cyprus ($X) remains the key foreign market for maize (corn) starch exports from Greece, comprising 70% of total exports. The second position in the ranking was taken by Turkey ($X), with an 8.6% share of total exports. It was followed by Poland, with a 7.1% share.

From 2012 to 2021, the average annual growth rate of value to Cyprus stood at +3.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Turkey (-0.7% per year) and Poland (0.0% per year).

Export Prices by Country

The average maize starch export price stood at $X per ton in 2021, which is down by -2.4% against the previous year. Overall, the export price, however, recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2020 when the average export price increased by 29%. The export price peaked at $X per ton in 2013; however, from 2014 to 2021, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Turkey ($X per ton), while the average price for exports to Bulgaria ($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 Albania (+4.8%), while the prices for the other major destinations experienced mixed trend patterns.

Maize Starch Imports

Imports into Greece

Maize starch imports into Greece contracted to X tons in 2021, flattening at the year before. The total import volume increased at an average annual rate of +3.9% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2018 with an increase of 17% against the previous year. Imports peaked at X tons in 2020, and then declined in the following year.

In value terms, maize starch imports skyrocketed to $X in 2021. Over the period under review, total imports indicated tangible growth from 2012 to 2021: its value increased at an average annual rate of +2.5% 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 +71.3% against 2016 indices. The pace of growth was the most pronounced in 2018 when imports increased by 22%. Imports peaked in 2021 and are likely to see gradual growth in the immediate term.

Imports by Country

In 2021, Bulgaria (X tons) constituted the largest supplier of maize starch to Greece, with a 47% share of total imports. Moreover, maize starch imports from Bulgaria exceeded the figures recorded by the second-largest supplier, Serbia (X tons), threefold. The third position in this ranking was held by Romania (X tons), with a 14% share.

From 2012 to 2021, the average annual growth rate of volume from Bulgaria stood at +5.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Serbia (+12.9% per year) and Romania (-5.0% per year).

In value terms, Bulgaria ($X) constituted the largest supplier of maize (corn) starch to Greece, comprising 43% of total imports. The second position in the ranking was held by Serbia ($X), with a 15% share of total imports. It was followed by Romania, with a 13% share.

From 2012 to 2021, the average annual rate of growth in terms of value from Bulgaria amounted to +3.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Serbia (+11.9% per year) and Romania (-6.8% per year).

Import Prices by Country

The average maize starch import price stood at $X per ton in 2021, rising by 20% against the previous year. Over the period under review, the import price, however, recorded a mild downturn. The import price peaked at $X per ton in 2012; however, from 2013 to 2021, import prices remained at a lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Egypt (+21.2%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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