Hungary: Maize Starch Market 2024

Maize Starch Market Size in Hungary

In 2021, the Hungarian maize starch market decreased by -6.8% to $X for the first time since 2016, thus ending a four-year rising trend. Overall, consumption, however, saw a significant expansion. Maize starch consumption peaked at $X in 2020, and then fell in the following year.

Maize Starch Production in Hungary

In value terms, maize starch production declined to $X in 2021 estimated in export price. Overall, production, however, posted a resilient expansion. The pace of growth appeared the most rapid in 2017 with an increase of 53%. Over the period under review, production reached the peak level at $X in 2020, and then fell in the following year.

Maize Starch Exports

Exports from Hungary

In 2021, approx. X tons of maize (corn) starch were exported from Hungary; with a decrease of -3.1% on the previous year. Over the period under review, exports, however, recorded a prominent expansion. The most prominent rate of growth was recorded in 2020 when exports increased by 78%. As a result, the exports reached the peak of X tons, and then contracted modestly in the following year.

In value terms, maize starch exports stood at $X in 2021. Overall, exports, however, showed a resilient increase. The pace of growth appeared the most rapid in 2020 with an increase of 58%. The exports peaked in 2021 and are expected to retain growth in the immediate term.

Exports by Country

Poland (X tons), Italy (X tons) and Croatia (X tons) were the main destinations of maize starch exports from Hungary, together accounting for 90% of total exports. Austria, Slovakia, Germany and Slovenia lagged somewhat behind, together comprising a further 8%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Germany (with a CAGR of +66.5%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for maize starch exported from Hungary were Poland ($X), Italy ($X) and Croatia ($X), with a combined 88% share of total exports. Austria, Germany, Slovakia and Slovenia lagged somewhat behind, together accounting for a further 7.8%.

Germany, with a CAGR of +50.9%, recorded the highest rates of growth with regard to the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the average maize starch export price amounted to $X per ton, surging by 4.3% against the previous year. In general, the export price, however, showed a perceptible reduction. The most prominent rate of growth was recorded in 2017 when the average export price increased by 10% against the previous year. The export price peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Slovenia ($X per ton), while the average price for exports to Austria ($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 Slovenia (+0.3%), while the prices for the other major destinations experienced a decline.

Maize Starch Imports

Imports into Hungary

In 2021, purchases abroad of maize (corn) starch increased by 8.3% to X tons, rising for the third consecutive year after three years of decline. The total import volume increased at an average annual rate of +3.5% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2013 with an increase of 36%. Over the period under review, imports attained the peak figure at X tons in 2015; afterwards, it flattened through to 2021.

In value terms, maize starch imports reached $X in 2021. The total import value increased at an average annual rate of +2.3% from 2012 to 2021; however, the trend pattern remained consistent, with only minor fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2013 with an increase of 31%. As a result, imports reached the peak of $X. From 2014 to 2021, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2021, Serbia (X tons) constituted the largest maize starch supplier to Hungary, accounting for a 34% share of total imports. Moreover, maize starch imports from Serbia exceeded the figures recorded by the second-largest supplier, Italy (X tons), twofold. Belgium (X tons) ranked third in terms of total imports with a 13% share.

From 2012 to 2021, the average annual growth rate of volume from Serbia totaled +21.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (+3.8% per year) and Belgium (+128.1% per year).

In value terms, Serbia ($X), Belgium ($X) and Germany ($X) were the largest maize starch suppliers to Hungary, together comprising 51% of total imports.

In terms of the main suppliers, Belgium, with a CAGR of +129.2%, saw 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

The average maize starch import price stood at $X per ton in 2021, shrinking by -6.6% against the previous year. Overall, the import price recorded a slight setback. The pace of growth was the most pronounced in 2018 when the average import price increased by 18%. As a result, import price attained the peak level of $X per ton. From 2019 to 2021, the average import prices remained at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Germany ($X per ton), while the price for Serbia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Germany (+7.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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