Malaysia: Refined Maize Oil Market 2024

Refined Maize Oil Market Size in Malaysia

In 2021, the Malaysian refined maize oil market increased by 0.4% to $X, rising for the second year in a row after two years of decline. Over the period under review, the total consumption indicated a noticeable expansion from 2012 to 2021: its value increased at an average annual rate of +2.4% 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 +17.4% against 2019 indices. Refined maize oil consumption peaked at $X in 2015; however, from 2016 to 2021, consumption failed to regain momentum.

Refined Maize Oil Production in Malaysia

In value terms, refined maize oil production reduced to $X in 2021 estimated in export price. Overall, the total production indicated a modest expansion from 2012 to 2021: its value increased at an average annual rate of +1.3% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +8.1% against 2019 indices. The growth pace was the most rapid in 2014 when the production volume increased by 62% against the previous year. Over the period under review, production reached the maximum level at $X in 2015; however, from 2016 to 2021, production failed to regain momentum.

Refined Maize Oil Exports

Exports from Malaysia

In 2021, shipments abroad of refined maize (corn) oil decreased by -30.8% to X tons, falling for the fourth year in a row after six years of growth. Overall, exports, however, posted modest growth. The most prominent rate of growth was recorded in 2014 with an increase of 62%. The exports peaked at X tons in 2017; however, from 2018 to 2021, the exports failed to regain momentum.

In value terms, refined maize oil exports reduced to $X in 2021. Over the period under review, total exports indicated a noticeable increase from 2012 to 2021: its value increased at an average annual rate of +2.8% 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 -39.4% against 2016 indices. The growth pace was the most rapid in 2014 when exports increased by 57% against the previous year. The exports peaked at $X in 2016; however, from 2017 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Hong Kong SAR (X tons), Singapore (X tons) and Indonesia (X tons) were the main destinations of refined maize oil exports from Malaysia, together accounting for 54% of total exports. Australia, the Philippines, Bahrain, Sri Lanka, Georgia and Fiji lagged somewhat behind, together accounting for a further 33%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Bahrain (with a CAGR of +38.9%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for refined maize oil exported from Malaysia were Hong Kong SAR ($X), Indonesia ($X) and Singapore ($X), with a combined 52% share of total exports. These countries were followed by the Philippines, Australia, Bahrain, Sri Lanka, Georgia and Fiji, which together accounted for a further 36%.

In terms of the main countries of destination, Bahrain, with a CAGR of +54.3%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the average refined maize oil export price amounted to $X per ton, jumping by 29% against the previous year. Overall, export price indicated a mild increase from 2012 to 2021: its price increased at an average annual rate of +1.3% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, refined maize oil export price increased by +60.0% against 2017 indices. As a result, the export 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 suppliers, the country with the highest price was the Philippines ($X per ton), while the average price for exports to Sri Lanka ($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 Bahrain (+11.1%), while the prices for the other major destinations experienced more modest paces of growth.

Refined Maize Oil Imports

Imports into Malaysia

For the third year in a row, Malaysia recorded growth in overseas purchases of refined maize (corn) oil, which increased by 14% to X tons in 2021. In general, total imports indicated a strong expansion from 2012 to 2021: its volume increased at an average annual rate of +6.9% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +43.2% against 2016 indices. The most prominent rate of growth was recorded in 2019 with an increase of 24%. Imports peaked in 2021 and are likely to see gradual growth in years to come.

In value terms, refined maize oil imports surged to $X in 2021. Over the period under review, total imports indicated strong growth from 2012 to 2021: its value increased at an average annual rate of +6.0% 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 +112.9% against 2018 indices. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, South Korea (X tons) constituted the largest supplier of refined maize oil to Malaysia, with a 55% share of total imports. Moreover, refined maize oil imports from South Korea exceeded the figures recorded by the second-largest supplier, China (X tons), threefold. The third position in this ranking was held by Japan (X tons), with a 9.9% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from South Korea stood at +14.7%. The remaining supplying countries recorded the following average annual rates of imports growth: China (-1.2% per year) and Japan (+31.4% per year).

In value terms, South Korea ($X) constituted the largest supplier of refined maize (corn) oil to Malaysia, comprising 50% of total imports. The second position in the ranking was held by China ($X), with a 24% share of total imports. It was followed by Japan, with a 9.2% share.

From 2012 to 2021, the average annual rate of growth in terms of value from South Korea amounted to +13.2%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+0.4% per year) and Japan (+35.7% per year).

Import Prices by Country

In 2021, the average refined maize oil import price amounted to $X per ton, picking up by 37% against the previous year. Over the period under review, the import price, however, recorded a relatively flat trend pattern. The import price peaked at $X per ton in 2012; however, from 2013 to 2021, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Singapore ($X per ton), while the price for the United States ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Singapore (+28.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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