Latin America and the Caribbean: Crude Maize Oil Market 2024

Crude Maize Oil Market Size in Latin America and the Caribbean

The Latin American crude maize oil market was estimated at $X in 2022, surging by 5.2% against the previous year. Overall, consumption, however, saw a pronounced reduction. Over the period under review, the market hit record highs at $X in 2012; however, from 2013 to 2022, consumption remained at a lower figure.

Crude Maize Oil Production in Latin America and the Caribbean

In value terms, crude maize oil production expanded to $X in 2022 estimated in export price. Over the period under review, production continues to indicate a pronounced downturn. The growth pace was the most rapid in 2020 when the production volume increased by 19% against the previous year. Over the period under review, production attained the maximum level at $X in 2012; however, from 2013 to 2022, production remained at a lower figure.

Crude Maize Oil Exports

Exports in Latin America and the Caribbean

Crude maize oil exports declined to X tons in 2022, reducing by -5% on the year before. Over the period under review, exports, however, continue to indicate a prominent increase. The most prominent rate of growth was recorded in 2015 when exports increased by 79% against the previous year. The volume of export peaked at X tons in 2019; however, from 2020 to 2022, the exports stood at a somewhat lower figure.

In value terms, crude maize oil exports expanded notably to $X in 2022. Total exports indicated a perceptible increase from 2012 to 2022: its value increased at an average annual rate of +3.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +77.8% against 2018 indices. The growth pace was the most rapid in 2015 with an increase of 46%. Over the period under review, the exports attained the maximum in 2022 and are likely to see gradual growth in years to come.

Exports by Country

The Dominican Republic was the major exporting country with an export of around X tons, which finished at 52% of total exports. Brazil (X tons) took a 35% share (based on physical terms) of total exports, which put it in second place, followed by Argentina (10%). Paraguay (X tons) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the key exporting countries, was attained by the Dominican Republic (with a CAGR of +29.8%), while the other leaders experienced more modest paces of growth.

In value terms, Brazil ($X) remains the largest crude maize oil supplier in Latin America and the Caribbean, comprising 67% of total exports. The second position in the ranking was held by the Dominican Republic ($X), with a 16% share of total exports. It was followed by Argentina, with a 12% share.

In Brazil, crude maize oil exports increased at an average annual rate of +3.8% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: the Dominican Republic (+7.2% per year) and Argentina (-1.4% per year).

Export Prices by Country

The export price in Latin America and the Caribbean stood at $X per ton in 2022, rising by 16% against the previous year. Over the period under review, the export price, however, saw a abrupt decrease. The pace of growth was the most pronounced in 2021 when the export price increased by 28%. The level of export peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Brazil ($X per ton), while the Dominican Republic ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Paraguay (+3.7%), while the other leaders experienced mixed trends in the export price figures.

Crude Maize Oil Imports

Imports in Latin America and the Caribbean

In 2022, after two years of decline, there was significant growth in overseas purchases of crude maize (corn) oil, when their volume increased by 37% to X tons. Over the period under review, imports, however, showed a deep downturn. The pace of growth was the most pronounced in 2019 when imports increased by 169%. The volume of import peaked at X tons in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

In value terms, crude maize oil imports soared to $X in 2022. Overall, imports, however, showed a abrupt shrinkage. The most prominent rate of growth was recorded in 2019 with an increase of 90%. The level of import peaked at $X in 2012; however, from 2013 to 2022, imports failed to regain momentum.

Imports by Country

Brazil (X tons), the Dominican Republic (X tons), Mexico (X tons) and Uruguay (X tons) represented roughly 75% of total imports in 2022. It was distantly followed by Haiti (X tons) and Chile (X tons), together mixing up an 18% share of total imports. Jamaica (X tons) held a minor share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by Mexico (with a CAGR of +43.6%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the Dominican Republic ($X), Uruguay ($X) and Brazil ($X) appeared to be the countries with the highest levels of imports in 2022, together accounting for 59% of total imports. Mexico, Haiti, Chile and Jamaica lagged somewhat behind, together comprising a further 34%.

Mexico, with a CAGR of +42.3%, recorded the highest rates of growth with regard to the value of imports, in terms of the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the import price in Latin America and the Caribbean amounted to $X per ton, increasing by 17% against the previous year. Overall, the import price showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 when the import price increased by 79%. Over the period under review, import prices reached the peak figure in 2022 and is expected to retain growth in the immediate term.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Jamaica ($X per ton), while Mexico ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Dominican Republic (+5.7%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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