India: Refined Maize Oil Market 2024

Refined Maize Oil Market Size in India

In 2021, the Indian refined maize oil market increased by 19% to $X for the first time since 2018, thus ending a two-year declining trend. Over the period under review, the total consumption indicated a buoyant expansion from 2012 to 2021: its value increased at an average annual rate of +5.2% 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 decreased by -18.6% against 2018 indices. Refined maize oil consumption peaked at $X in 2018; however, from 2019 to 2021, consumption stood at a somewhat lower figure.

Refined Maize Oil Production in India

In value terms, refined maize oil production soared to $X in 2021 estimated in export price. In general, production continues to indicate a resilient expansion. Over the period under review, production reached the peak level at $X in 2018; however, from 2019 to 2021, production stood at a somewhat lower figure.

Refined Maize Oil Exports

Exports from India

In 2021, refined maize oil exports from India shrank remarkably to X tons, which is down by -51.3% against 2020. Over the period under review, exports saw a abrupt decrease. The growth pace was the most rapid in 2020 with an increase of 625% against the previous year. The exports peaked at X tons in 2015; however, from 2016 to 2021, the exports failed to regain momentum.

In value terms, refined maize oil exports rose significantly to $X in 2021. Overall, exports, however, enjoyed a resilient increase. The most prominent rate of growth was recorded in 2015 with an increase of 536%. As a result, the exports attained the peak of $X. From 2016 to 2021, the growth of the exports failed to regain momentum.

Exports by Country

Indonesia (X tons), Singapore (X tons) and Australia (X tons) were the main destinations of refined maize oil exports from India, with a combined 67% share of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Indonesia (with a CAGR of +291.7%), while the other leaders experienced more modest paces of growth.

In value terms, Australia ($X), Indonesia ($X) and Singapore ($X) constituted the largest markets for refined maize oil exported from India worldwide, together comprising 64% of total exports.

Among the main countries of destination, Indonesia, with a CAGR of +294.6%, 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

In 2021, the average refined maize oil export price amounted to $X per ton, rising by 133% against the previous year. Over the period under review, the export price continues to indicate strong growth. Over the period under review, the average export prices attained the maximum at $X per ton in 2019; however, from 2020 to 2021, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major export markets. In 2021, amid the top suppliers, the country with the highest price was Australia ($X per ton), while the average price for exports to the United Arab Emirates ($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 Sri Lanka (+59.3%), while the prices for the other major destinations experienced more modest paces of growth.

Refined Maize Oil Imports

Imports into India

In 2021, supplies from abroad of refined maize (corn) oil was finally on the rise to reach X tons for the first time since 2018, thus ending a two-year declining trend. Over the period under review, imports continue to indicate a temperate expansion. The growth pace was the most rapid in 2017 when imports increased by 188%. Imports peaked at X tons in 2018; however, from 2019 to 2021, imports remained at a lower figure.

In value terms, refined maize oil imports soared to $X in 2021. In general, imports continue to indicate measured growth. The growth pace was the most rapid in 2017 with an increase of 187%. Over the period under review, imports attained the peak figure at $X in 2018; however, from 2019 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, Germany (X tons) was the main refined maize oil supplier to India, with a 97% share of total imports. It was followed by the United States (X kg), with a 2.1% share of total imports.

From 2012 to 2021, the average annual growth rate of volume from Germany amounted to +34.2%.

In value terms, Germany ($X) constituted the largest supplier of refined maize (corn) oil to India, comprising 94% of total imports. The second position in the ranking was held by the United States ($X), with a 3.5% share of total imports.

From 2012 to 2021, the average annual growth rate of value from Germany stood at +42.9%.

Import Prices by Country

In 2021, the average refined maize oil import price amounted to $X per ton, with an increase of 2.4% against the previous year. Overall, the import price, however, continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2020 when the average import price increased by 23% against the previous year. The import price peaked at $X per ton in 2012; afterwards, it flattened through to 2021.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the United States ($X per ton), while the price for Germany amounted to $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Germany (+6.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :