Philippines: Maize Starch Market 2024

Maize Starch Market Size in the Philippines

The Philippine maize starch market expanded rapidly to $X in 2021, with an increase of 6.3% against the previous year. In general, consumption enjoyed a remarkable increase. Maize starch consumption peaked at $X in 2019; however, from 2020 to 2021, consumption stood at a somewhat lower figure.

Maize Starch Production in the Philippines

In value terms, maize starch production dropped to $X in 2021 estimated in export price. Over the period under review, the total production indicated a buoyant increase from 2012 to 2021: its value increased at an average annual rate of +10.6% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +14.7% against 2018 indices. The growth pace was the most rapid in 2013 with an increase of 64% against the previous year. Over the period under review, production reached the peak level at $X in 2015; however, from 2016 to 2021, production failed to regain momentum.

Maize Starch Exports

Exports from the Philippines

In 2021, after four years of growth, there was significant decline in overseas shipments of maize (corn) starch, when their volume decreased by -36.4% to X tons. Over the period under review, exports, however, saw a significant increase. The most prominent rate of growth was recorded in 2017 when exports increased by 215,847%. Over the period under review, the exports reached the peak figure at X tons in 2020, and then shrank markedly in the following year.

In value terms, maize starch exports dropped significantly to $X in 2021. Overall, exports, however, showed a significant expansion. The most prominent rate of growth was recorded in 2017 with an increase of 157,194%. Over the period under review, the exports hit record highs at $X in 2020, and then fell remarkably in the following year.

Exports by Country

The United States (X tons), Thailand (X tons) and Australia (X tons) were the main destinations of maize starch exports from the Philippines, with a combined 94% share of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Thailand (with a CAGR of +653.2%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for maize starch exported from the Philippines were the United States ($X), Thailand ($X) and Australia ($X), together accounting for 94% of total exports.

Thailand, with a CAGR of +731.9%, saw the highest growth rate of the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average maize starch export price stood at $X per ton in 2021, picking up by 33% against the previous year. In general, the export price, however, continues to indicate a deep reduction. Over the period under review, the average export prices attained the maximum at $X per ton in 2015; however, from 2016 to 2021, the export prices failed to regain momentum.

Average prices varied noticeably for the major external markets. In 2021, amid the top suppliers, the countries with the highest prices were Vietnam ($X per ton) and Australia ($X per ton), while the average price for exports to Thailand ($X per ton) and the United States ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Australia (+53.9%), while the prices for the other major destinations experienced mixed trend patterns.

Maize Starch Imports

Imports into the Philippines

In 2021, the amount of maize (corn) starch imported into the Philippines skyrocketed to X tons, growing by 28% compared with the previous year. Overall, imports enjoyed a strong expansion. The pace of growth appeared the most rapid in 2018 with an increase of 166%. Over the period under review, imports hit record highs at X tons in 2019; however, from 2020 to 2021, imports stood at a somewhat lower figure.

In value terms, maize starch imports surged to $X in 2021. In general, imports saw a remarkable increase. The pace of growth was the most pronounced in 2015 with an increase of 183%. Over the period under review, imports reached the peak figure in 2021 and are expected to retain growth in years to come.

Imports by Country

China (X tons), Indonesia (X tons) and South Korea (X tons) were the main suppliers of maize starch imports to the Philippines, with a combined 97% share of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by China (with a CAGR of +58.6%), while imports for the other leaders experienced mixed trend patterns.

In value terms, the largest maize starch suppliers to the Philippines were China ($X), Indonesia ($X) and South Korea ($X), together accounting for 97% of total imports.

China, with a CAGR of +57.6%, 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 mixed trend patterns.

Import Prices by Country

In 2021, the average maize starch import price amounted to $X per ton, picking up by 23% against the previous year. In general, import price indicated noticeable growth from 2012 to 2021: its price increased at an average annual rate of +4.8% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, maize starch import price increased by +70.3% against 2017 indices. The pace of growth was the most pronounced in 2020 when the average import price increased by 38%. The import price peaked in 2021 and is expected to retain growth in the immediate term.

Average prices varied noticeably amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Indonesia ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Indonesia (+5.7%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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