Latin America and the Caribbean: Maize Starch Market 2024

Maize Starch Market Size in Latin America and the Caribbean

The Latin American maize starch market rose modestly to $X in 2021, picking up by 3.3% against the previous year. The total consumption indicated a strong increase from 2012 to 2021: its value increased at an average annual rate of +9.6% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +128.7% against 2012 indices. The level of consumption peaked in 2021 and is likely to continue growth in the near future.

Maize Starch Production in Latin America and the Caribbean

In value terms, maize starch production amounted to $X in 2021 estimated in export price. The total production indicated a strong expansion from 2012 to 2021: its value increased at an average annual rate of +9.5% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by -1.0% against 2019 indices. The pace of growth appeared the most rapid in 2014 with an increase of 36%. Over the period under review, production hit record highs at $X in 2019; however, from 2020 to 2021, production remained at a lower figure.

Maize Starch Exports

Exports in Latin America and the Caribbean

In 2021, after two years of growth, there was significant decline in shipments abroad of maize (corn) starch, when their volume decreased by -18.2% to X tons. Over the period under review, exports recorded a slight descent. The pace of growth appeared the most rapid in 2020 with an increase of 25% against the previous year. Over the period under review, the exports attained the peak figure at X tons in 2014; however, from 2015 to 2021, the exports remained at a lower figure.

In value terms, maize starch exports rose sharply to $X in 2021. Overall, exports recorded a noticeable descent. The pace of growth was the most pronounced in 2020 with an increase of 27% against the previous year. Over the period under review, the exports reached the maximum at $X in 2013; however, from 2014 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Brazil represented the key exporter of maize (corn) starch in Latin America and the Caribbean, with the volume of exports accounting for X tons, which was approx. 52% of total exports in 2021. Argentina (X tons) ranks second in terms of the total exports with a 17% share, followed by Mexico (12%), Paraguay (9.5%) and Colombia (5.6%).

Brazil was also the fastest-growing in terms of the maize (corn) starch exports, with a CAGR of +21.4% from 2012 to 2021. Argentina (-5.3%), Colombia (-8.1%), Paraguay (-9.7%) and Mexico (-12.0%) illustrated a downward trend over the same period. While the share of Brazil (+44 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Colombia (-4.9 p.p.), Argentina (-7.5 p.p.), Paraguay (-11.3 p.p.) and Mexico (-20.7 p.p.) displayed negative dynamics.

In value terms, Brazil ($X) remains the largest maize starch supplier in Latin America and the Caribbean, comprising 50% of total exports. The second position in the ranking was held by Mexico ($X), with a 16% share of total exports. It was followed by Argentina, with a 13% share.

In Brazil, maize starch exports increased at an average annual rate of +18.9% over the period from 2012-2021. The remaining exporting countries recorded the following average annual rates of exports growth: Mexico (-11.6% per year) and Argentina (-8.3% per year).

Export Prices by Country

The export price in Latin America and the Caribbean stood at $X per ton in 2021, picking up by 31% against the previous year. Over the period under review, the export price, however, continues to indicate a mild decline. The level of export peaked at $X per ton in 2012; however, from 2013 to 2021, 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 ($X per ton), while Argentina ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Paraguay (+3.6%), while the other leaders experienced mixed trends in the export price figures.

Maize Starch Imports

Imports in Latin America and the Caribbean

In 2021, purchases abroad of maize (corn) starch increased by 18% to X tons, rising for the sixth year in a row after three years of decline. Total imports indicated perceptible growth from 2012 to 2021: its volume increased at an average annual rate of +4.6% 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 +104.9% against 2015 indices. The pace of growth appeared the most rapid in 2017 with an increase of 26%. The volume of import peaked in 2021 and is likely to see gradual growth in the immediate term.

In value terms, maize starch imports soared to $X in 2021. Total imports indicated a tangible expansion from 2012 to 2021: its value increased at an average annual rate of +2.9% 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 +89.3% against 2015 indices. The pace of growth appeared the most rapid in 2017 with an increase of 23% against the previous year. The level of import peaked in 2021 and is expected to retain growth in the near future.

Imports by Country

Mexico was the main importing country with an import of about X tons, which resulted at 40% of total imports. It was distantly followed by Chile (X tons), Guatemala (X tons), Colombia (X tons) and Costa Rica (X tons), together mixing up a 35% share of total imports. Ecuador (X tons), the Dominican Republic (X tons), El Salvador (X tons), Bolivia (X tons), Panama (X tons), Uruguay (X tons), Honduras (X tons) and Peru (X tons) took a little share of total imports.

Imports into Mexico increased at an average annual rate of +11.7% from 2012 to 2021. At the same time, Panama (+192.0%), Ecuador (+6.3%), Chile (+5.2%), Colombia (+3.6%), Guatemala (+3.3%), Bolivia (+3.1%), Honduras (+2.8%), El Salvador (+1.9%) and Costa Rica (+1.6%) displayed positive paces of growth. Moreover, Panama emerged as the fastest-growing importer imported in Latin America and the Caribbean, with a CAGR of +192.0% from 2012-2021. The Dominican Republic and Uruguay experienced a relatively flat trend pattern. By contrast, Peru (-6.2%) illustrated a downward trend over the same period. Mexico (+18 p.p.) and Panama (+2.3 p.p.) significantly strengthened its position in terms of the total imports, while the Dominican Republic and Peru saw its share reduced by -1.9% and -3% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Mexico ($X) constitutes the largest market for imported maize (corn) starch in Latin America and the Caribbean, comprising 38% of total imports. The second position in the ranking was held by Chile ($X), with a 16% share of total imports. It was followed by Guatemala, with a 9% share.

From 2012 to 2021, the average annual rate of growth in terms of value in Mexico amounted to +8.6%. The remaining importing countries recorded the following average annual rates of imports growth: Chile (+2.5% per year) and Guatemala (+2.6% per year).

Import Prices by Country

In 2021, the import price in Latin America and the Caribbean amounted to $X per ton, surging by 2.1% against the previous year. In general, the import price, however, saw a mild shrinkage. The level of import peaked at $X per ton in 2012; however, from 2013 to 2021, import prices stood at a somewhat lower figure.

Average prices varied somewhat amongst the major importing countries. In 2021, major importing countries recorded the following prices: in Guatemala ($X per ton) and Colombia ($X per ton), while the Dominican Republic ($X per ton) and Uruguay ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Guatemala (-0.6%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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