Greece: Maize Oil Market 2024

Maize Oil Market Size in Greece

In 2022, the Greek maize oil market increased by 31% to $X, rising for the second year in a row after three years of decline. In general, consumption, however, saw a perceptible decrease. Maize oil consumption peaked at $X in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

Maize Oil Production in Greece

In value terms, maize oil production reached $X in 2022 estimated in export price. Over the period under review, production, however, saw a noticeable shrinkage. The most prominent rate of growth was recorded in 2013 with an increase of 13%. As a result, production attained the peak level of $X. From 2014 to 2022, production growth remained at a lower figure.

Maize Oil Exports

Exports from Greece

In 2022, the amount of maize oil exported from Greece soared to X tons, picking up by 99% on the year before. Over the period under review, exports saw a buoyant increase. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, maize oil exports surged to $X in 2022. Overall, exports enjoyed resilient growth. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

Romania (X tons) was the main destination for maize oil exports from Greece, accounting for a 79% share of total exports. Moreover, maize oil exports to Romania exceeded the volume sent to the second major destination, Albania (X tons), ninefold. Cyprus (X tons) ranked third in terms of total exports with a 5.1% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Romania stood at +150.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Albania (-4.6% per year) and Cyprus (+5.2% per year).

In value terms, Romania ($X) emerged as the key foreign market for maize oil exports from Greece, comprising 77% of total exports. The second position in the ranking was held by Albania ($X), with a 9.9% share of total exports. It was followed by Cyprus, with a 6.4% share.

From 2012 to 2022, the average annual growth rate of value to Romania amounted to +133.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Albania (-2.0% per year) and Cyprus (+10.4% per year).

Export Prices by Country

The average maize oil export price stood at $X per ton in 2022, picking up by 19% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.7%. The most prominent rate of growth was recorded in 2020 an increase of 27% against the previous year. Over the period under review, the average export prices attained the maximum in 2022 and is expected to retain growth in years to come.

Average prices varied somewhat for the major overseas markets. In 2022, amid the top suppliers, the highest price was recorded for prices to Cyprus ($X per ton) and Bulgaria ($X per ton), while the average price for exports to Romania ($X per ton) and Iraq ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Italy (+47.8%), while the prices for the other major destinations experienced more modest paces of growth.

Maize Oil Imports

Imports into Greece

After six years of decline, supplies from abroad of maize oil increased by 25% to X tons in 2022. In general, imports, however, saw a deep downturn. Over the period under review, imports attained the maximum at X tons in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

In value terms, maize oil imports skyrocketed to $X in 2022. Overall, imports, however, saw a pronounced curtailment. Over the period under review, imports attained the peak figure at $X in 2012; however, from 2013 to 2022, imports remained at a lower figure.

Imports by Country

Italy (X tons), Hungary (X tons) and Belgium (X tons) were the main suppliers of maize oil imports to Greece, with a combined 98% share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Hungary (with a CAGR of +20.9%), while imports for the other leaders experienced a decline.

In value terms, the largest maize oil suppliers to Greece were Italy ($X), Hungary ($X) and Belgium ($X), with a combined 97% share of total imports.

Among the main suppliers, Hungary, with a CAGR of +24.3%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced mixed trend patterns.

Import Prices by Country

The average maize oil import price stood at $X per ton in 2022, surging by 17% against the previous year. Over the period under review, import price indicated a moderate expansion from 2012 to 2022: its price increased at an average annual rate of +2.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, maize oil import price increased by +110.3% against 2019 indices. The growth pace was the most rapid in 2021 when the average import price increased by 47%. Over the period under review, average import prices hit record highs in 2022 and is likely to see gradual growth in the near future.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by France (+8.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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