Middle East: Maize Starch Market 2024

Maize Starch Market Size in the Middle East

The Middle Eastern maize starch market skyrocketed to $X in 2021, increasing by 24% against the previous year. In general, consumption continues to indicate a prominent increase. As a result, consumption reached the peak level of $X. From 2020 to 2021, the growth of the market remained at a somewhat lower figure.

Maize Starch Production in the Middle East

In value terms, maize starch production soared to $X in 2021 estimated in export price. Overall, production recorded significant growth. The growth pace was the most rapid in 2019 with an increase of 77%. As a result, production attained the peak level of $X. From 2020 to 2021, production growth remained at a lower figure.

Maize Starch Exports

Exports in the Middle East

In 2021, overseas shipments of maize (corn) starch decreased by -4.4% to X tons, falling for the second consecutive year after eight years of growth. Overall, exports, however, continue to indicate significant growth. The pace of growth appeared the most rapid in 2013 when exports increased by 91%. The volume of export peaked at X tons in 2019; however, from 2020 to 2021, the exports failed to regain momentum.

In value terms, maize starch exports rose sharply to $X in 2021. In general, exports, however, posted a resilient expansion. The growth pace was the most rapid in 2013 with an increase of 80%. The level of export peaked in 2021 and is likely to see gradual growth in the near future.

Exports by Country

Turkey dominates exports structure, reaching X tons, which was approx. 95% of total exports in 2021. Saudi Arabia (X tons) followed a long way behind the leaders.

Turkey was also the fastest-growing in terms of the maize (corn) starch exports, with a CAGR of +27.2% from 2012 to 2021. At the same time, Saudi Arabia (+1.6%) displayed positive paces of growth. While the share of Turkey (+37 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Saudi Arabia (-11.4 p.p.) displayed negative dynamics.

In value terms, Turkey ($X) remains the largest maize starch supplier in the Middle East, comprising 93% of total exports. The second position in the ranking was taken by Saudi Arabia ($X), with a 4.5% share of total exports.

From 2012 to 2021, the average annual growth rate of value in Turkey amounted to +22.5%.

Export Prices by Country

The export price in the Middle East stood at $X per ton in 2021, growing by 15% against the previous year. Overall, the export price, however, continues to indicate a pronounced shrinkage. The level of export peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices remained at a lower figure.

Average prices varied somewhat amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was Saudi Arabia ($X per ton), while Turkey totaled $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Saudi Arabia (-0.2%).

Maize Starch Imports

Imports in the Middle East

In 2021, purchases abroad of maize (corn) starch decreased by -10.2% to X tons, falling for the second consecutive year after eight years of growth. Overall, imports, however, continue to indicate a strong increase. The pace of growth was the most pronounced in 2013 with an increase of 54% against the previous year. Over the period under review, imports attained the peak figure at X tons in 2019; however, from 2020 to 2021, imports stood at a somewhat lower figure.

In value terms, maize starch imports reached $X in 2021. Total imports indicated a strong increase from 2012 to 2021: its value increased at an average annual rate of +8.0% 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 +51.9% against 2015 indices. The growth pace was the most rapid in 2013 when imports increased by 52%. The level of import peaked in 2021 and is likely to continue growth in the immediate term.

Imports by Country

In 2021, the United Arab Emirates (X tons), Iraq (X tons) and Syrian Arab Republic (X tons) was the key importer of maize (corn) starch in the Middle East, generating 62% of total import. Yemen (X tons) ranks next in terms of the total imports with a 6.8% share, followed by Lebanon (5.9%), Saudi Arabia (5.6%), Jordan (5.4%) and Oman (4.6%).

From 2012 to 2021, the biggest increases were recorded for Syrian Arab Republic (with a CAGR of +23.0%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest maize starch importing markets in the Middle East were the United Arab Emirates ($X), Iraq ($X) and Syrian Arab Republic ($X), with a combined 54% share of total imports.

Syrian Arab Republic, with a CAGR of +21.8%, saw 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

The import price in the Middle East stood at $X per ton in 2021, growing by 16% against the previous year. Over the period under review, the import price, however, continues to indicate a mild decline. Over the period under review, import prices hit record highs at $X per ton in 2012; however, from 2013 to 2021, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2021, amid the top importers, the country with the highest price was Saudi Arabia ($X per ton), while the United Arab Emirates ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Saudi Arabia (+0.7%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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