Peru: Maize Market 2024

Maize Market Size in Peru

The Peruvian maize market expanded modestly to $X in 2022, surging by 3.3% against the previous year. Over the period under review, the total consumption indicated a pronounced increase from 2012 to 2022: its value increased at an average annual rate of +3.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -3.0% against 2020 indices. Over the period under review, the market attained the peak level at $X in 2020; afterwards, it flattened through to 2022.

Maize Production in Peru

In value terms, maize production rose sharply to $X in 2022 estimated in export price. Overall, production, however, recorded prominent growth. The growth pace was the most rapid in 2016 when the production volume increased by 81%. Maize production peaked at $X in 2020; however, from 2021 to 2022, production failed to regain momentum.

In 2022, the average maize yield in Peru declined slightly to X tons per ha, approximately mirroring the year before. The yield figure increased at an average annual rate of +1.2% over the period from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations throughout the analyzed period. The most prominent rate of growth was recorded in 2017 with an increase of 8.1%. As a result, the yield reached the peak level of X tons per ha. From 2018 to 2022, the growth of the average maize yield remained at a lower figure. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

In 2022, approx. X ha of maize (green) were harvested in Peru; waning by -3.6% against the previous year. Over the period under review, the harvested area, however, continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2018 with an increase of 15%. Over the period under review, the harvested area dedicated to maize production reached the maximum at X ha in 2021, and then dropped in the following year.

Maize Exports

Exports from Peru

In 2022, approx. X tons of maize (green) were exported from Peru; increasing by 2.3% against the previous year. Overall, exports posted a buoyant increase. The growth pace was the most rapid in 2017 with an increase of 253%. The exports peaked at X tons in 2020; however, from 2021 to 2022, the exports failed to regain momentum.

In value terms, maize exports totaled $X in 2022. Over the period under review, exports continue to indicate prominent growth. The growth pace was the most rapid in 2017 when exports increased by 272%. The exports peaked at $X in 2020; afterwards, it flattened through to 2022.

Exports by Country

Ecuador (X tons) was the main destination for maize exports from Peru, accounting for a 83% share of total exports. Moreover, maize exports to Ecuador exceeded the volume sent to the second major destination, Spain (X tons), more than tenfold. The third position in this ranking was taken by Germany (X tons), with a 3.6% share.

From 2012 to 2022, the average annual growth rate of volume to Ecuador stood at +38.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Spain (+19.9% per year) and Germany (-2.8% per year).

In value terms, Ecuador ($X) remains the key foreign market for maize (green) exports from Peru, comprising 48% of total exports. The second position in the ranking was taken by Germany ($X), with a 13% share of total exports. It was followed by Spain, with an 11% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Ecuador amounted to +47.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (+22.4% per year) and Spain (+40.0% per year).

Export Prices by Country

In 2022, the average maize export price amounted to $X per ton, approximately equating the previous year. Overall, export price indicated a perceptible expansion from 2012 to 2022: its price increased at an average annual rate of +4.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, maize export price increased by +26.4% against 2018 indices. The pace of growth was the most pronounced in 2021 when the average export price increased by 34% against the previous year. As a result, the export price reached the peak level of $X per ton, leveling off in the following year.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Finland ($X per ton), while the average price for exports to Ecuador ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Canada (+27.7%), while the prices for the other major destinations experienced more modest paces of growth.

Maize Imports

Imports into Peru

In 2022, the amount of maize (green) imported into Peru dropped remarkably to X kg, which is down by -50.9% compared with 2021. Overall, imports saw a precipitous setback. The pace of growth appeared the most rapid in 2019 when imports increased by 1,273%. As a result, imports attained the peak of X tons. From 2020 to 2022, the growth of imports failed to regain momentum.

In value terms, maize imports shrank significantly to $X in 2022. Over the period under review, imports saw a sharp curtailment. The most prominent rate of growth was recorded in 2016 with an increase of 1,096%. Over the period under review, imports reached the maximum at $X in 2019; however, from 2020 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, Egypt (X kg) constituted the largest supplier of maize to Peru, accounting for a 57% share of total imports. Moreover, maize imports from Egypt exceeded the figures recorded by the second-largest supplier, Spain (X kg), threefold. The third position in this ranking was taken by Italy (X kg), with an 18% share.

From 2012 to 2022, the average annual growth rate of volume from Egypt stood at +1,500.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Spain (-86.4% per year) and Italy (-38.3% per year).

In value terms, Egypt ($X) constituted the largest supplier of maize (green) to Peru, comprising 73% of total imports. The second position in the ranking was taken by Italy ($X), with a 15% share of total imports. It was followed by Spain, with a 12% share.

From 2012 to 2022, the average annual growth rate of value from Egypt totaled +1,817.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (-33.5% per year) and Spain (-83.3% per year).

Import Prices by Country

In 2022, the average maize import price amounted to $X per ton, rising by 64% against the previous year. Over the period under review, the import price posted a strong increase. The pace of growth was the most pronounced in 2020 when the average import price increased by 270%. The import price peaked in 2022 and is likely to continue growth in the near future.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Egypt ($X per ton), while the price for the Netherlands ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Spain (+23.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :