Peru: Maize Starch Market 2024

Maize Starch Market Size in Peru

In 2021, after five years of growth, there was significant decline in the Peruvian maize starch market, when its value decreased by -7% to $X. Over the period under review, the total consumption indicated a prominent expansion from 2012 to 2021: its value increased at an average annual rate of +7.4% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market reached the maximum level at $X in 2020, and then reduced in the following year.

Maize Starch Production in Peru

In value terms, maize starch production reduced to $X in 2021 estimated in export price. In general, the total production indicated a buoyant expansion from 2012 to 2021: its value increased at an average annual rate of +8.3% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +104.4% against 2012 indices. The most prominent rate of growth was recorded in 2014 with an increase of 37% against the previous year. Maize starch production peaked at $X in 2020, and then fell slightly in the following year.

Maize Starch Exports

Exports from Peru

In 2021, shipments abroad of maize (corn) starch was finally on the rise to reach X tons for the first time since 2018, thus ending a two-year declining trend. Overall, exports, however, continue to indicate a abrupt decrease. Over the period under review, the exports attained the peak figure at X tons in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

In value terms, maize starch exports soared to $X in 2021. In general, exports, however, faced a deep downturn. The exports peaked at $X in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Ecuador (X tons) was the main destination for maize starch exports from Peru, with a 99% share of total exports. It was followed by Bolivia (X tons), with a 0.9% share of total exports. Chile (X kg) ranked third in terms of total exports with a 0.1% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Ecuador stood at -9.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Bolivia (-36.4% per year) and Chile (-53.5% per year).

In value terms, Ecuador ($X) remains the key foreign market for maize (corn) starch exports from Peru, comprising 98% of total exports. The second position in the ranking was held by Bolivia ($X), with a 1.6% share of total exports. It was followed by Chile, with a 0.1% share.

From 2012 to 2021, the average annual growth rate of value to Ecuador totaled -8.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Bolivia (-31.3% per year) and Chile (-51.8% per year).

Export Prices by Country

In 2021, the average maize starch export price amounted to $X per ton, surging by 48% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +1.8%. As a result, the export price attained 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 Colombia ($X per ton), while the average price for exports to Ecuador ($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 Colombia (+18.8%), while the prices for the other major destinations experienced more modest paces of growth.

Maize Starch Imports

Imports into Peru

In 2021, approx. X tons of maize (corn) starch were imported into Peru; with a decrease of -38.9% compared with 2020. In general, imports continue to indicate a abrupt descent. The pace of growth was the most pronounced in 2017 when imports increased by 84% against the previous year. As a result, imports reached the peak of X tons. From 2018 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, maize starch imports reduced dramatically to $X in 2021. Over the period under review, imports showed a abrupt contraction. The most prominent rate of growth was recorded in 2017 when imports increased by 50%. Imports peaked at $X in 2012; however, from 2013 to 2021, imports remained at a lower figure.

Imports by Country

Argentina (X tons), Brazil (X tons) and China (X tons) were the main suppliers of maize starch imports to Peru, together comprising 82% of total imports. These countries were followed by Russia, Paraguay, Colombia, Mexico, Turkey, France and the United States, which together accounted for a further 16%.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Paraguay (with a CAGR of +96.8%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Argentina ($X), Brazil ($X) and China ($X) appeared to be the largest maize starch suppliers to Peru, together comprising 75% of total imports. These countries were followed by Russia, Paraguay, Colombia, Mexico, Turkey, France and the United States, which together accounted for a further 21%.

Paraguay, with a CAGR of +103.5%, recorded the highest rates of growth with regard to the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average maize starch import price stood at $X per ton in 2021, surging by 37% against the previous year. Over the period under review, the import price, however, recorded a slight slump. The import price peaked at $X per ton in 2013; however, from 2014 to 2021, import prices failed to regain momentum.

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 France ($X per ton), while the price for Brazil ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by France (+9.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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