Hungary: Refined Maize Oil Market 2024

Refined Maize Oil Market Size in Hungary

The Hungarian refined maize oil market contracted to $X in 2021, shrinking by -11.1% against the previous year. Overall, consumption continues to indicate a deep contraction. Refined maize oil consumption peaked at $X in 2012; however, from 2013 to 2021, consumption stood at a somewhat lower figure.

Refined Maize Oil Production in Hungary

In value terms, refined maize oil production fell to $X in 2021 estimated in export price. In general, production continues to indicate a abrupt contraction. The most prominent rate of growth was recorded in 2020 with an increase of 32%. Over the period under review, production reached the peak level at $X in 2012; however, from 2013 to 2021, production stood at a somewhat lower figure.

Refined Maize Oil Exports

Exports from Hungary

In 2021, refined maize oil exports from Hungary skyrocketed to X tons, increasing by 455% on the previous year. Overall, exports, however, recorded a dramatic slump. The most prominent rate of growth was recorded in 2018 when exports increased by 115,800% against the previous year. Over the period under review, the exports attained the maximum at X tons in 2014; however, from 2015 to 2021, the exports remained at a lower figure.

In value terms, refined maize oil exports skyrocketed to $X in 2021. In general, exports, however, recorded a dramatic slump. The most prominent rate of growth was recorded in 2018 with an increase of 151,250% against the previous year. The exports peaked at $X in 2014; however, from 2015 to 2021, the exports failed to regain momentum.

Exports by Country

Lithuania (X tons) was the main destination for refined maize oil exports from Hungary, with a 80% share of total exports. Moreover, refined maize oil exports to Lithuania exceeded the volume sent to the second major destination, Romania (X kg), sevenfold. The UK (X kg) ranked third in terms of total exports with a 5.7% share.

From 2012 to 2021, the average annual growth rate of volume to Lithuania was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Romania (-48.8% per year) and the UK (+721.6% per year).

In value terms, Lithuania ($X) emerged as the key foreign market for refined maize (corn) oil exports from Hungary, comprising 69% of total exports. The second position in the ranking was held by Romania ($X), with a 16% share of total exports. It was followed by the UK, with an 8.5% share.

From 2012 to 2021, the average annual growth rate of value to Lithuania was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Romania (-44.3% per year) and the UK (+725.4% per year).

Export Prices by Country

In 2021, the average refined maize oil export price amounted to $X per ton, falling by -33.7% against the previous year. In general, the export price, however, continues to indicate a noticeable increase. The most prominent rate of growth was recorded in 2017 an increase of 605%. Over the period under review, the average export prices attained the maximum at $X per ton in 2020, and then shrank markedly in the following year.

There were significant differences in the average prices for the major overseas markets. In 2021, amid the top suppliers, the country with the highest price was Denmark ($X per ton), while the average price for exports to Lithuania ($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 Denmark (+16.6%), while the prices for the other major destinations experienced more modest paces of growth.

Refined Maize Oil Imports

Imports into Hungary

In 2021, purchases abroad of refined maize (corn) oil decreased by -19.9% to X tons, falling for the second consecutive year after two years of growth. Overall, imports recorded a drastic downturn. The growth pace was the most rapid in 2019 with an increase of 122% against the previous year. Imports peaked at X tons in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

In value terms, refined maize oil imports contracted rapidly to $X in 2021. In general, imports continue to indicate a deep setback. The most prominent rate of growth was recorded in 2019 when imports increased by 168% against the previous year. Over the period under review, imports reached the peak figure at $X in 2012; however, from 2013 to 2021, imports failed to regain momentum.

Imports by Country

Austria (X tons), Belgium (X tons) and Denmark (X tons) were the main suppliers of refined maize oil imports to Hungary, with a combined 97% share of total imports.

From 2012 to 2021, the biggest increases were recorded for Denmark (with a CAGR of +190.4%), while purchases for the other leaders experienced mixed trend patterns.

In value terms, Austria ($X), Belgium ($X) and Denmark ($X) appeared to be the largest refined maize oil suppliers to Hungary, with a combined 94% share of total imports.

Denmark, with a CAGR of +164.2%, saw the highest growth rate of the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced mixed trend patterns.

Import Prices by Country

The average refined maize oil import price stood at $X per ton in 2021, waning by -6.8% against the previous year. In general, import price indicated a notable expansion from 2012 to 2021: its price increased at an average annual rate of +4.5% 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 2015 when the average import price increased by 41%. The import price peaked at $X per ton in 2020, and then declined in the following year.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Germany ($X per ton), while the price for Belgium ($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 (+14.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :