Italy: Refined Maize Oil Market 2024

Refined Maize Oil Market Size in Italy

The Italian refined maize oil market skyrocketed to $X in 2021, growing by 15% against the previous year. The market value increased at an average annual rate of +3.5% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market reached the peak level in 2021 and is expected to retain growth in the immediate term.

Refined Maize Oil Production in Italy

In value terms, refined maize oil production skyrocketed to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +3.9% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, production reached the peak level and is likely to continue growth in the immediate term.

Refined Maize Oil Exports

Exports from Italy

Refined maize oil exports from Italy totaled X tons in 2021, approximately equating the year before. Overall, total exports indicated a slight increase from 2012 to 2021: its volume increased at an average annual rate of +1.2% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports decreased by -23.7% against 2019 indices. The growth pace was the most rapid in 2016 with an increase of 69% against the previous year. As a result, the exports attained the peak of X tons. From 2017 to 2021, the growth of the exports failed to regain momentum.

In value terms, refined maize oil exports skyrocketed to $X in 2021. The total export value increased at an average annual rate of +1.2% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2016 with an increase of 72%. As a result, the exports reached the peak of $X. From 2017 to 2021, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Greece (X tons) was the main destination for refined maize oil exports from Italy, with a 33% share of total exports. Moreover, refined maize oil exports to Greece exceeded the volume sent to the second major destination, Cyprus (X tons), threefold. Albania (X tons) ranked third in terms of total exports with a 9.4% share.

From 2012 to 2021, the average annual growth rate of volume to Greece amounted to -6.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Cyprus (+50.4% per year) and Albania (+17.9% per year).

In value terms, Greece ($X) remains the key foreign market for refined maize (corn) oil exports from Italy, comprising 33% of total exports. The second position in the ranking was taken by Albania ($X), with an 11% share of total exports. It was followed by Jamaica, with a 9.9% share.

From 2012 to 2021, the average annual growth rate of value to Greece totaled -6.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Albania (+18.0% per year) and Jamaica (+66.1% per year).

Export Prices by Country

In 2021, the average refined maize oil export price amounted to $X per ton, increasing by 26% against the previous year. In general, the export price, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2020 when the average export price increased by 28%. The export price peaked at $X per ton in 2012; afterwards, it flattened through to 2021.

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 France ($X per ton), while the average price for exports to Austria ($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 Libya (+7.4%), while the prices for the other major destinations experienced more modest paces of growth.

Refined Maize Oil Imports

Imports into Italy

In 2021, refined maize oil imports into Italy dropped markedly to X tons, shrinking by -86.7% compared with 2020. Over the period under review, imports continue to indicate a sharp downturn. The pace of growth was the most pronounced in 2018 when imports increased by 83%. As a result, imports attained the peak of X tons. From 2019 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, refined maize oil imports shrank rapidly to $X in 2021. Overall, imports showed a dramatic slump. The growth pace was the most rapid in 2018 when imports increased by 84% against the previous year. Imports peaked at $X in 2013; however, from 2014 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, Spain (X tons) constituted the largest refined maize oil supplier to Italy, accounting for a 77% share of total imports. Moreover, refined maize oil imports from Spain exceeded the figures recorded by the second-largest supplier, Austria (X tons), fourfold. The third position in this ranking was taken by France (X kg), with a 0.1% share.

From 2012 to 2021, the average annual growth rate of volume from Spain amounted to +10.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Austria (-6.1% per year) and France (-65.6% per year).

In value terms, Spain ($X) constituted the largest supplier of refined maize (corn) oil to Italy, comprising 73% of total imports. The second position in the ranking was held by Austria ($X), with a 23% share of total imports. It was followed by France, with a 0.1% share.

From 2012 to 2021, the average annual rate of growth in terms of value from Spain stood at +10.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Austria (-8.2% per year) and France (-64.9% per year).

Import Prices by Country

In 2021, the average refined maize oil import price amounted to $X per ton, jumping by 40% against the previous year. Over the period under review, the import price saw a relatively flat trend pattern. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

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 France ($X per ton), while the price for Belgium ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by France (+2.0%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :