Latin America and the Caribbean: Refined Maize Oil Market 2025

Refined Maize Oil Market Size in Latin America and the Caribbean

In 2021, the Latin American refined maize oil market increased by 4.1% to $X for the first time since 2017, thus ending a three-year declining trend. Over the period under review, consumption, however, saw a noticeable curtailment. Over the period under review, the market hit record highs at $X in 2012; however, from 2013 to 2021, consumption failed to regain momentum.

Refined Maize Oil Production in Latin America and the Caribbean

In value terms, refined maize oil production reached $X in 2021 estimated in export price. In general, production, however, saw a noticeable contraction. Over the period under review, production attained the peak level at $X in 2012; however, from 2013 to 2021, production failed to regain momentum.

Refined Maize Oil Exports

Exports in Latin America and the Caribbean

In 2021, refined maize oil exports in Latin America and the Caribbean expanded modestly to X tons, increasing by 4.9% compared with 2020 figures. Over the period under review, exports, however, showed a noticeable contraction. The pace of growth was the most pronounced in 2019 with an increase of 105%. As a result, the exports reached the peak of X tons. From 2020 to 2021, the growth of the exports remained at a lower figure.

In value terms, refined maize oil exports surged to $X in 2021. Overall, exports, however, recorded a noticeable reduction. The growth pace was the most rapid in 2019 with an increase of 157%. As a result, the exports reached the peak of $X. From 2020 to 2021, the growth of the exports failed to regain momentum.

Exports by Country

In 2021, the Dominican Republic (X tons), Paraguay (X tons), Mexico (X tons), Argentina (X tons) and Uruguay (X tons) represented the key exporter of refined maize (corn) oil in Latin America and the Caribbean, committing 85% of total export. It was distantly followed by Honduras (X tons), committing an 8.4% share of total exports. Brazil (X tons) held a relatively small share of total exports.

From 2012 to 2021, the biggest increases were recorded for Uruguay (with a CAGR of +92.5%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the Dominican Republic ($X), Uruguay ($X) and Mexico ($X) were the countries with the highest levels of exports in 2021, together comprising 60% of total exports.

Uruguay, with a CAGR of +206.5%, recorded the highest rates of growth with regard to the value of exports, in terms of the main exporting countries over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the export price in Latin America and the Caribbean amounted to $X per ton, growing by 43% against the previous year. In general, the export price, however, continues to indicate a relatively flat trend pattern. Over the period under review, the export prices attained the peak figure at $X per ton in 2013; however, from 2014 to 2021, the export prices stood at a somewhat lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Uruguay (+59.3%), while the other leaders experienced more modest paces of growth.

Refined Maize Oil Imports

Imports in Latin America and the Caribbean

After four years of decline, purchases abroad of refined maize (corn) oil increased by 29% to X tons in 2021. Overall, imports, however, continue to indicate a drastic downturn. The most prominent rate of growth was recorded in 2016 with an increase of 34%. The volume of import peaked at X tons in 2014; however, from 2015 to 2021, imports stood at a somewhat lower figure.

In value terms, refined maize oil imports skyrocketed to $X in 2021. Over the period under review, imports, however, continue to indicate a pronounced decrease. Over the period under review, imports attained the peak figure at $X in 2014; however, from 2015 to 2021, imports stood at a somewhat lower figure.

Imports by Country

Mexico was the key importing country with an import of around X tons, which accounted for 36% of total imports. It was distantly followed by Brazil (X tons), Honduras (X tons), Jamaica (X tons) and Costa Rica (X tons), together generating a 44% share of total imports. Panama (X tons), Chile (X tons), Uruguay (X tons) and Belize (X tons) held a minor share of total imports.

Imports into Mexico increased at an average annual rate of +3.6% from 2012 to 2021. At the same time, Panama (+97.6%), Brazil (+58.9%), Belize (+10.1%) and Jamaica (+4.4%) displayed positive paces of growth. Moreover, Panama emerged as the fastest-growing importer imported in Latin America and the Caribbean, with a CAGR of +97.6% from 2012-2021. By contrast, Chile (-4.0%), Costa Rica (-5.7%), Uruguay (-7.9%) and Honduras (-8.4%) illustrated a downward trend over the same period. While the share of Mexico (+20 p.p.), Brazil (+17 p.p.), Jamaica (+5.6 p.p.), Panama (+3.1 p.p.) and Belize (+1.6 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Honduras (-4 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Mexico ($X), Brazil ($X) and Honduras ($X) constituted the countries with the highest levels of imports in 2021, with a combined 65% share of total imports. These countries were followed by Jamaica, Panama, Chile, Costa Rica, Uruguay and Belize, which together accounted for a further 23%.

Panama, with a CAGR of +105.4%, 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 2021, the import price in Latin America and the Caribbean amounted to $X per ton, growing by 22% against the previous year. Over the last nine years, it increased at an average annual rate of +1.6%. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Panama (+3.9%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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