Iraq: Maize Starch Market 2024

Maize Starch Market Size in Iraq

The Iraqi maize starch market stood at $X in 2021, approximately mirroring the previous year. In general, consumption showed a strong increase. Maize starch consumption peaked in 2021 and is likely to see steady growth in the near future.

Maize Starch Production in Iraq

In value terms, maize starch production contracted modestly to $X in 2021 estimated in export price. Over the period under review, production saw a resilient increase. The pace of growth appeared the most rapid in 2019 when the production volume increased by 38%. Maize starch production peaked at $X in 2020, and then contracted modestly in the following year.

Maize Starch Exports

Exports from Iraq

In 2021, shipments abroad of maize (corn) starch decreased by -57.6% to X kg, falling for the sixth consecutive year after two years of growth. Overall, exports faced a dramatic contraction. The growth pace was the most rapid in 2014 with an increase of 156%. The exports peaked at X tons in 2015; however, from 2016 to 2021, the exports stood at a somewhat lower figure.

In value terms, maize starch exports dropped dramatically to $X in 2021. Over the period under review, exports saw a sharp shrinkage. The most prominent rate of growth was recorded in 2014 when exports increased by 48% against the previous year. Over the period under review, the exports reached the maximum at $X in 2015; however, from 2016 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Turkey (X kg) and the United Arab Emirates (X kg) were the main destinations of maize starch exports from Iraq.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by the United Arab Emirates (with a CAGR of 0.0%).

In value terms, Turkey ($X) remains the key foreign market for maize (corn) starch exports from Iraq, comprising 80% of total exports. The second position in the ranking was held by the United Arab Emirates ($X), with a 20% share of total exports.

From 2012 to 2021, the average annual growth rate of value to Turkey amounted to -42.4%.

Export Prices by Country

In 2021, the average maize starch export price amounted to $X per ton, increasing by 62% against the previous year. Over the period under review, the export price enjoyed a resilient increase. The most prominent rate of growth was recorded in 2013 an increase of 83%. Over the period under review, the average export prices hit record highs in 2021 and is likely to see gradual growth in years to come.

There were significant differences in the average prices for the major external markets. In 2021, amid the top suppliers, the country with the highest price was Turkey ($X per ton), while the average price for exports to the United Arab Emirates amounted to $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Turkey (+9.6%).

Maize Starch Imports

Imports into Iraq

In 2021, approx. X tons of maize (corn) starch were imported into Iraq; growing by 13% against the year before. Overall, imports recorded a prominent increase. The most prominent rate of growth was recorded in 2013 when imports increased by 92%. Over the period under review, imports attained the maximum in 2021 and are likely to see gradual growth in the near future.

In value terms, maize starch imports surged to $X in 2021. In general, total imports indicated a resilient expansion from 2012 to 2021: its value increased at an average annual rate of +10.7% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +68.5% against 2017 indices. The growth pace was the most rapid in 2013 when imports increased by 89% against the previous year. Over the period under review, imports reached the peak figure in 2021 and are expected to retain growth in years to come.

Imports by Country

In 2021, Turkey (X tons) was the main supplier of maize starch to Iraq, with a 95% share of total imports. It was followed by Syrian Arab Republic (X tons), with a 2.6% share of total imports.

From 2012 to 2021, the average annual growth rate of volume from Turkey amounted to +19.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Syrian Arab Republic (-11.1% per year) and the United Arab Emirates (+64.3% per year).

In value terms, Turkey ($X) constituted the largest supplier of maize (corn) starch to Iraq, comprising 93% of total imports. The second position in the ranking was taken by the United Arab Emirates ($X), with a 5.1% share of total imports.

From 2012 to 2021, the average annual rate of growth in terms of value from Turkey totaled +13.6%. The remaining supplying countries recorded the following average annual rates of imports growth: the United Arab Emirates (+80.3% per year) and Syrian Arab Republic (-24.5% per year).

Import Prices by Country

In 2021, the average maize starch import price amounted to $X per ton, rising by 18% against the previous year. In general, the import price, however, continues to indicate a pronounced slump. The import price peaked at $X per ton in 2012; however, from 2013 to 2021, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was the United Arab Emirates ($X per ton), while the price for Syrian Arab Republic ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+9.8%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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