Peru: Refined Maize Oil Market 2025

Refined Maize Oil Market Size in Peru

The Peruvian refined maize oil market skyrocketed to $X in 2021, growing by 17% against the previous year. In general, the total consumption indicated a modest increase from 2012 to 2021: its value increased at an average annual rate of +1.2% 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 -12.6% against 2019 indices. Over the period under review, the market attained the peak level at $X in 2015; however, from 2016 to 2021, consumption remained at a lower figure.

Refined Maize Oil Production in Peru

In value terms, refined maize oil production soared to $X in 2021 estimated in export price. Overall, the total production indicated a measured increase from 2012 to 2021: its value increased at an average annual rate of +2.1% 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 decreased by -14.8% against 2019 indices. The most prominent rate of growth was recorded in 2014 with an increase of 56%. Refined maize oil production peaked at $X in 2015; however, from 2016 to 2021, production stood at a somewhat lower figure.

Refined Maize Oil Exports

Exports from Peru

In 2021, shipments abroad of refined maize (corn) oil decreased by -2.6% to X kg, falling for the fourth year in a row after six years of growth. Over the period under review, exports showed a perceptible slump. The most prominent rate of growth was recorded in 2016 when exports increased by 340%. The exports peaked at X tons in 2017; however, from 2018 to 2021, the exports stood at a somewhat lower figure.

In value terms, refined maize oil exports surged to $X in 2021. In general, exports, however, posted strong growth. The most prominent rate of growth was recorded in 2014 with an increase of 434% against the previous year. The exports peaked at $X in 2017; however, from 2018 to 2021, the exports remained at a lower figure.

Exports by Country

Ecuador (X kg) was the main destination for refined maize oil exports from Peru, accounting for a 95% share of total exports. Moreover, refined maize oil exports to Ecuador exceeded the volume sent to the second major destination, Iceland (X kg), more than tenfold.

From 2012 to 2021, the average annual rate of growth in terms of volume to Ecuador amounted to +25.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Iceland (0.0% per year) and Chile (-37.4% per year).

In value terms, Ecuador ($X) remains the key foreign market for refined maize (corn) oil exports from Peru, comprising 76% of total exports. The second position in the ranking was held by Chile ($X), with a 16% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value to Ecuador totaled +45.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Chile (-6.3% per year) and Iceland (0.0% per year).

Export Prices by Country

In 2021, the average refined maize oil export price amounted to $X per ton, jumping by 104% against the previous year. Over the period under review, the export price showed a buoyant increase. The growth pace was the most rapid in 2018 when the average export price increased by 115% against the previous year. The export price peaked in 2021 and is likely to see steady growth in the near future.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Chile ($X per ton), while the average price for exports to Ecuador ($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 Uruguay (+8,534.9%), while the prices for the other major destinations experienced more modest paces of growth.

Refined Maize Oil Imports

Imports into Peru

In 2021, refined maize oil imports into Peru surged to X tons, picking up by 162% against the year before. In general, imports, however, showed a relatively flat trend pattern. Over the period under review, imports reached the peak figure at X tons in 2012; however, from 2013 to 2021, imports remained at a lower figure.

In value terms, refined maize oil imports surged to $X in 2021. Overall, imports recorded a mild expansion. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

Italy (X tons), Argentina (X tons) and the United States (X tons) were the main suppliers of refined maize oil imports to Peru, with a combined 88% share of total imports. Spain lagged somewhat behind, comprising a further 12%.

From 2012 to 2021, the biggest increases were recorded for Spain (with a CAGR of +67.8%), while purchases for the other leaders experienced mixed trend patterns.

In value terms, the largest refined maize oil suppliers to Peru were Italy ($X), Argentina ($X) and the United States ($X), together accounting for 89% of total imports. These countries were followed by Spain, which accounted for a further 11%.

Spain, with a CAGR of +46.8%, saw 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 mixed trend patterns.

Import Prices by Country

The average refined maize oil import price stood at $X per ton in 2021, increasing by 28% against the previous year. Over the last nine years, it increased at an average annual rate of +2.6%. Over the period under review, average import prices hit record highs at $X per ton in 2016; however, from 2017 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 the United States ($X per ton), while the price for Argentina ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Argentina (+3.6%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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