Indonesia: Maize Oil Market 2024

Maize Oil Market Size in Indonesia

The Indonesian maize oil market rose modestly to $X in 2022, growing by 2.4% against the previous year. Over the period under review, consumption, however, posted buoyant growth. Over the period under review, the market reached the maximum level in 2022 and is expected to retain growth in the near future.

Maize Oil Production in Indonesia

In value terms, maize oil production shrank to $X in 2022 estimated in export price. In general, production, however, saw a remarkable increase. The growth pace was the most rapid in 2016 with an increase of 62% against the previous year. Over the period under review, production attained the maximum level at $X in 2019; however, from 2020 to 2022, production stood at a somewhat lower figure.

Maize Oil Exports

Exports from Indonesia

In 2022, after nine years of decline, there was growth in shipments abroad of maize oil, when their volume increased by 0.2% to X tons. Overall, exports, however, faced a sharp curtailment. The exports peaked at X tons in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

In value terms, maize oil exports reduced to $X in 2022. Over the period under review, exports, however, recorded a precipitous contraction. The growth pace was the most rapid in 2021 with an increase of 11%. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

South Korea (X tons), Yemen (X tons) and Brunei Darussalam (X tons) were the main destinations of maize oil exports from Indonesia, with a combined 93% share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by South Korea (with a CAGR of -14.7%), while the other leaders experienced a decline.

In value terms, South Korea ($X) emerged as the key foreign market for maize oil exports from Indonesia, comprising 65% of total exports. The second position in the ranking was taken by Yemen ($X), with a 19% share of total exports. It was followed by Brunei Darussalam, with a 16% share.

From 2012 to 2022, the average annual rate of growth in terms of value to South Korea totaled -7.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Yemen (-15.9% per year) and Brunei Darussalam (-14.0% per year).

Export Prices by Country

The average maize oil export price stood at $X per ton in 2022, dropping by -5.3% against the previous year. Overall, the export price, however, recorded a buoyant expansion. The most prominent rate of growth was recorded in 2014 an increase of 40% against the previous year. Over the period under review, the average export prices attained the maximum at $X per ton in 2021, and then shrank in the following year.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was South Korea ($X per ton), while the average price for exports to Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Burkina Faso (+17.0%), while the prices for the other major destinations experienced more modest paces of growth.

Maize Oil Imports

Imports into Indonesia

In 2022, approx. X tons of maize oil were imported into Indonesia; increasing by 7.8% compared with 2021. Overall, total imports indicated a strong expansion from 2012 to 2022: its volume increased at an average annual rate of +8.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +130.0% against 2012 indices. The most prominent rate of growth was recorded in 2013 when imports increased by 45%. Over the period under review, imports attained the peak figure in 2022 and are expected to retain growth in the immediate term.

In value terms, maize oil imports skyrocketed to $X in 2022. In general, imports saw a resilient expansion. The pace of growth appeared the most rapid in 2021 when imports increased by 55%. Over the period under review, imports reached the peak figure in 2022 and are likely to see steady growth in the near future.

Imports by Country

Malaysia (X tons), France (X tons) and South Korea (X tons) were the main suppliers of maize oil imports to Indonesia, together accounting for 66% of total imports. Canada, Singapore, Turkey, Australia and Belgium lagged somewhat behind, together accounting for a further 12%.

From 2012 to 2022, the biggest increases were recorded for Canada (with a CAGR of +38.1%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Malaysia ($X), France ($X) and South Korea ($X) were the largest maize oil suppliers to Indonesia, with a combined 71% share of total imports. Singapore, Canada, Turkey, Australia and Belgium lagged somewhat behind, together accounting for a further 8.6%.

Among the main suppliers, Canada, with a CAGR of +42.0%, saw the highest growth rate of 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 oil import price stood at $X per ton in 2022, picking up by 21% against the previous year. Overall, the import price continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 an increase of 44%. The import price peaked in 2022 and is expected to retain growth in years to come.

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 Malaysia ($X per ton), while the price for Canada ($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 (+6.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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