Latin America and the Caribbean: Maize Oil Market 2024

Maize Oil Market Size in Latin America and the Caribbean

The Latin American maize oil market stood at $X in 2022, rising by 5.5% against the previous year. Over the period under review, consumption, however, showed a perceptible slump. The most prominent rate of growth was recorded in 2018 when the market value increased by 9.2% against the previous year. Over the period under review, the market attained the maximum level at $X in 2012; however, from 2013 to 2022, consumption stood at a somewhat lower figure.

Maize Oil Production in Latin America and the Caribbean

In value terms, maize oil production reached $X in 2022 estimated in export price. Overall, production, however, showed a perceptible contraction. The growth pace was the most rapid in 2020 when the production volume increased by 12% against the previous year. The level of production peaked at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

Maize Oil Exports

Exports in Latin America and the Caribbean

In 2022, after three years of growth, there was decline in overseas shipments of maize oil, when their volume decreased by -0.9% to X tons. In general, exports, however, recorded a strong increase. The growth pace was the most rapid in 2015 when exports increased by 51%. Over the period under review, the exports attained the peak figure at X tons in 2021, and then fell modestly in the following year.

In value terms, maize oil exports surged to $X in 2022. Total exports indicated temperate growth from 2012 to 2022: its value increased at an average annual rate of +3.4% 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 +86.3% against 2018 indices. The pace of growth appeared the most rapid in 2021 with an increase of 35% against the previous year. Over the period under review, the exports hit record highs in 2022 and are likely to see steady growth in the near future.

Exports by Country

The Dominican Republic was the major exporting country with an export of about X tons, which finished at 50% of total exports. It was distantly followed by Brazil (X tons) and Argentina (X tons), together comprising a 43% share of total exports. Paraguay (X tons) and Mexico (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 Paraguay (with a CAGR of +34.4%), while the other leaders experienced more modest paces of growth.

In value terms, Brazil ($X) remains the largest maize oil supplier in Latin America and the Caribbean, comprising 56% of total exports. The second position in the ranking was held by the Dominican Republic ($X), with a 17% share of total exports. It was followed by Argentina, with a 12% share.

From 2012 to 2022, the average annual growth rate of value in Brazil totaled +3.6%. In the other countries, the average annual rates were as follows: the Dominican Republic (+9.5% per year) and Argentina (-4.2% per year).

Export Prices by Country

In 2022, the export price in Latin America and the Caribbean amounted to $X per ton, growing by 20% against the previous year. Overall, the export price, however, saw a perceptible descent. The pace of growth appeared the most rapid in 2021 when the export price increased by 29%. Over the period under review, the export prices attained the maximum at $X per ton in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Mexico (+5.1%), while the other leaders experienced more modest paces of growth.

Maize Oil Imports

Imports in Latin America and the Caribbean

In 2022, supplies from abroad of maize oil was finally on the rise to reach X tons after two years of decline. Over the period under review, imports, however, saw a deep contraction. The pace of growth was the most pronounced in 2019 with an increase of 59% against the previous year. Over the period under review, imports reached the peak figure at X tons in 2012; however, from 2013 to 2022, imports failed to regain momentum.

In value terms, maize oil imports surged to $X in 2022. Overall, imports, however, showed a noticeable downturn. The level of import peaked at $X in 2012; however, from 2013 to 2022, imports failed to regain momentum.

Imports by Country

Mexico represented the largest importing country with an import of around X tons, which resulted at 32% of total imports. Brazil (X tons) ranks second in terms of the total imports with a 16% share, followed by the Dominican Republic (11%), Uruguay (9.5%), Haiti (6%), Honduras (5.3%), Chile (4.9%) and Jamaica (4.8%).

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by Brazil (with a CAGR of +38.2%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Mexico ($X) constitutes the largest market for imported maize oil in Latin America and the Caribbean, comprising 29% of total imports. The second position in the ranking was held by the Dominican Republic ($X), with a 14% share of total imports. It was followed by Brazil, with a 14% share.

In Mexico, maize oil imports increased at an average annual rate of +12.9% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: the Dominican Republic (+10.4% per year) and Brazil (+43.5% per year).

Import Prices by Country

The import price in Latin America and the Caribbean stood at $X per ton in 2022, surging by 17% against the previous year. Import price indicated a perceptible expansion from 2012 to 2022: its price increased at an average annual rate of +2.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, maize oil import price increased by +133.0% against 2019 indices. The pace of growth appeared the most rapid in 2021 an increase of 67% against the previous year. Over the period under review, import prices hit record highs in 2022 and is expected to retain growth in the near future.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was the Dominican Republic ($X per ton), while Haiti ($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 (+5.3%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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