Norway: Refined Maize Oil Market 2024

Refined Maize Oil Market Size in Norway

In 2021, the Norwegian refined maize oil market was finally on the rise to reach $X after two years of decline. Over the period under review, the total consumption indicated a mild expansion from 2012 to 2021: its value increased at an average annual rate of +1.7% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption decreased by -16.7% against 2018 indices. As a result, consumption attained the peak level of $X. From 2014 to 2021, the growth of the market remained at a lower figure.

Refined Maize Oil Production in Norway

In value terms, refined maize oil production reached $X in 2021 estimated in export price. In general, the total production indicated a perceptible expansion from 2012 to 2021: its value increased at an average annual rate of +2.3% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by -16.1% against 2018 indices. The most prominent rate of growth was recorded in 2013 when the production volume increased by 83%. As a result, production attained the peak level of $X. From 2014 to 2021, production growth remained at a somewhat lower figure.

Refined Maize Oil Exports

Exports from Norway

Refined maize oil exports from Norway expanded rapidly to X tons in 2021, picking up by 6% against 2020. Overall, exports enjoyed a significant increase. The pace of growth was the most pronounced in 2018 when exports increased by 315%. The exports peaked at X tons in 2019; however, from 2020 to 2021, the exports stood at a somewhat lower figure.

In value terms, refined maize oil exports rose to $X in 2021. Over the period under review, exports saw a prominent increase. The most prominent rate of growth was recorded in 2018 with an increase of 299% against the previous year. The exports peaked at $X in 2019; however, from 2020 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Sweden (X tons) was the main destination for refined maize oil exports from Norway, accounting for a approx. 97% share of total exports.

From 2012 to 2021, the average annual growth rate of volume to Sweden stood at +20.9%.

In value terms, Sweden ($X) also remains the key foreign market for refined maize (corn) oil exports from Norway.

From 2012 to 2021, the average annual rate of growth in terms of value to Sweden totaled +16.9%.

Export Prices by Country

The average refined maize oil export price stood at $X per ton in 2021, which is down by -4.2% against the previous year. Over the period under review, the export price saw a abrupt descent. The most prominent rate of growth was recorded in 2020 when the average export price increased by 8.6% against the previous year. The export price peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices remained at a lower figure.

As there is only one major export destination, the average price level is determined by prices for Sweden.

From 2012 to 2021, the rate of growth in terms of prices for Sweden amounted to -3.4% per year.

Refined Maize Oil Imports

Imports into Norway

In 2021, imports of refined maize (corn) oil into Norway declined significantly to X tons, waning by -52.5% on the previous year's figure. Over the period under review, imports recorded a abrupt decrease. The most prominent rate of growth was recorded in 2013 with an increase of 28% against the previous year. As a result, imports reached the peak of X tons. From 2014 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, refined maize oil imports fell notably to $X in 2021. In general, imports faced a abrupt slump. The pace of growth was the most pronounced in 2013 with an increase of 20%. As a result, imports attained the peak of $X. From 2014 to 2021, the growth of imports failed to regain momentum.

Imports by Country

Turkey (X tons), Belgium (X tons) and the UK (X tons) were the main suppliers of refined maize oil imports to Norway, with a combined 54% share of total imports. The Netherlands, Spain, Italy, Greece and France lagged somewhat behind, together accounting for a further 22%.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Spain (with a CAGR of +4.2%), while imports for the other leaders experienced mixed trend patterns.

In value terms, Belgium ($X), Turkey ($X) and the UK ($X) appeared to be the largest refined maize oil suppliers to Norway, together comprising 51% of total imports. These countries were followed by Spain, the Netherlands, Italy, Greece and France, which together accounted for a further 24%.

Among the main suppliers, Spain, with a CAGR of +7.2%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced mixed trend patterns.

Import Prices by Country

The average refined maize oil import price stood at $X per ton in 2021, increasing by 25% against the previous year. In general, the import price showed a modest increase. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Spain ($X per ton), while the price for France ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Spain (+2.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :