Indonesia: Refined Maize Oil Market 2024

Refined Maize Oil Market Size in Indonesia

In 2021, after two years of decline, there was significant growth in the Indonesian refined maize oil market, when its value increased by 6.7% to $X. The market value increased at an average annual rate of +1.8% over the period from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded in certain years. Over the period under review, the market attained the peak level at $X in 2018; however, from 2019 to 2021, consumption stood at a somewhat lower figure.

Refined Maize Oil Production in Indonesia

In value terms, refined maize oil production expanded significantly to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +2.4% over the period from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2014 when the production volume increased by 28% against the previous year. Over the period under review, production hit record highs at $X in 2018; however, from 2019 to 2021, production failed to regain momentum.

Refined Maize Oil Exports

Exports from Indonesia

In 2021, shipments abroad of refined maize (corn) oil increased by 43% to X tons, rising for the third year in a row after six years of decline. Overall, exports, however, showed a significant decrease. Over the period under review, the exports hit record highs at X tons in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

In value terms, refined maize oil exports skyrocketed to $X in 2021. Over the period under review, exports, however, recorded a precipitous setback. The exports peaked at $X in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

Exports by Country

Yemen (X tons) was the main destination for refined maize oil exports from Indonesia, accounting for a 65% share of total exports. Moreover, refined maize oil exports to Yemen exceeded the volume sent to the second major destination, Brunei Darussalam (X tons), threefold. Tonga (X tons) ranked third in terms of total exports with a 7.9% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Yemen stood at -14.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Brunei Darussalam (-18.5% per year) and Tonga (0.0% per year).

In value terms, the largest markets for refined maize oil exported from Indonesia were Yemen ($X), Brunei Darussalam ($X) and Tonga ($X), with a combined 99% share of total exports.

In terms of the main countries of destination, Tonga, with a CAGR of 0.0%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced a decline.

Export Prices by Country

In 2021, the average refined maize oil export price amounted to $X per ton, with a decrease of -2.7% against the previous year. In general, the export price, however, continues to indicate a strong increase. The most prominent rate of growth was recorded in 2018 an increase of 64%. As a result, the export price reached the peak level of $X per ton. From 2019 to 2021, the average export prices failed to regain momentum.

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 Brunei Darussalam ($X per ton), while the average price for exports to Malaysia ($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 Burkina Faso (+14.5%), while the prices for the other major destinations experienced mixed trend patterns.

Refined Maize Oil Imports

Imports into Indonesia

For the fourth consecutive year, Indonesia recorded growth in supplies from abroad of refined maize (corn) oil, which increased by 8.1% to X tons in 2021. Over the period under review, total imports indicated a buoyant increase from 2012 to 2021: its volume increased at an average annual rate of +8.9% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +115.6% against 2012 indices. The pace of growth appeared the most rapid in 2013 with an increase of 46% against the previous year. Imports peaked in 2021 and are likely to see steady growth in the immediate term.

In value terms, refined maize oil imports surged to $X in 2021. In general, total imports indicated buoyant growth from 2012 to 2021: its value increased at an average annual rate of +6.9% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +120.5% against 2015 indices. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

France (X tons), Malaysia (X tons) and South Korea (X tons) were the main suppliers of refined maize oil imports to Indonesia, with a combined 59% share of total imports. These countries were followed by Singapore, Canada, China, Australia and Belgium, which together accounted for a further 8.1%.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by China (with a CAGR of +50.1%), while imports for the other leaders experienced more modest paces of growth.

In value terms, France ($X), Malaysia ($X) and South Korea ($X) appeared to be the largest refined maize oil suppliers to Indonesia, together accounting for 63% of total imports.

In terms of the main suppliers, South Korea, with a CAGR of +38.3%, 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 refined maize oil import price stood at $X per ton in 2021, surging by 45% against the previous year. In general, the import price, however, saw a mild reduction. Over the period under review, average import prices hit record highs at $X per ton in 2012; however, from 2013 to 2021, import prices remained at a lower figure.

Prices varied noticeably by country of origin: 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 2021, the most notable rate of growth in terms of prices was attained by South Korea (+5.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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