Hungary: Maize Oil Market 2024

Maize Oil Market Size in Hungary

The Hungarian maize oil market shrank markedly to $X in 2022, dropping by -23.1% against the previous year. Over the period under review, consumption, however, continues to indicate a significant increase. Maize oil consumption peaked at $X in 2021, and then shrank sharply in the following year.

Maize Oil Production in Hungary

In value terms, maize oil production fell to $X in 2022 estimated in export price. Overall, production showed a precipitous decline. The pace of growth was the most pronounced in 2016 when the production volume increased by 34% against the previous year. Maize oil production peaked at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Maize Oil Exports

Exports from Hungary

Maize oil exports from Hungary soared to X tons in 2022, with an increase of 19% on the year before. Overall, exports, however, continue to indicate a mild contraction. The most prominent rate of growth was recorded in 2019 when exports increased by 27% against the previous year. Over the period under review, the exports attained the peak figure at X tons in 2013; however, from 2014 to 2022, the exports stood at a somewhat lower figure.

In value terms, maize oil exports soared to $X in 2022. In general, exports saw a relatively flat trend pattern. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

Greece (X tons), Belgium (X tons) and Poland (X tons) were the main destinations of maize oil exports from Hungary, with a combined 48% share of total exports. The Netherlands, Bosnia and Herzegovina, Saudi Arabia, Austria, Morocco, Sweden and Italy lagged somewhat behind, together accounting for a further 36%.

From 2012 to 2022, the biggest increases were recorded for the Netherlands (with a CAGR of +51.5%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Greece ($X), Belgium ($X) and Poland ($X) appeared to be the largest markets for maize oil exported from Hungary worldwide, with a combined 50% share of total exports. Saudi Arabia, the Netherlands, Bosnia and Herzegovina, Morocco, Sweden, Austria and Italy lagged somewhat behind, together accounting for a further 33%.

In terms of the main countries of destination, the Netherlands, with a CAGR of +119.1%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average maize oil export price stood at $X per ton in 2022, rising by 32% against the previous year. In general, export price indicated a slight increase from 2012 to 2022: its price increased at an average annual rate of +1.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, maize oil export price increased by +119.3% against 2019 indices. The most prominent rate of growth was recorded in 2021 when the average export price increased by 51%. The export price peaked in 2022 and is likely to see steady growth in years to come.

Average prices varied somewhat for the major foreign markets. In 2022, amid the top suppliers, the highest price was recorded for prices to Morocco ($X per ton) and Greece ($X per ton), while the average price for exports to Austria ($X per ton) and Italy ($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 the Netherlands (+44.6%), while the prices for the other major destinations experienced more modest paces of growth.

Maize Oil Imports

Imports into Hungary

In 2022, after two years of decline, there was significant growth in purchases abroad of maize oil, when their volume increased by 445% to X tons. Overall, imports showed measured growth. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, maize oil imports surged to $X in 2022. In general, imports posted temperate growth. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

Belgium (X tons), Slovakia (X tons) and Austria (X tons) were the main suppliers of maize oil imports to Hungary, with a combined 97% 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 Slovakia (with a CAGR of +31.5%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Belgium ($X), Slovakia ($X) and Austria ($X) were the largest maize oil suppliers to Hungary, together comprising 93% of total imports.

Slovakia, with a CAGR of +37.4%, recorded the highest rates of growth with regard to the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average maize oil import price stood at $X per ton in 2022, shrinking by -24.6% against the previous year. Overall, import price indicated a modest expansion from 2012 to 2022: its price increased at an average annual rate of +1.1% 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 decreased by -26.1% against 2019 indices. The growth pace was the most rapid in 2015 when the average import price increased by 41% against the previous year. The import price peaked at $X per ton in 2019; however, from 2020 to 2022, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was the Netherlands ($X per ton), while the price for Slovakia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Netherlands (+217.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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