Russian Federation: Refined Maize Oil Market 2024

Refined Maize Oil Market Size in the Russian Federation

In 2021, the Russian refined maize oil market was finally on the rise to reach $X after three years of decline. Overall, consumption, however, showed a pronounced decline. As a result, consumption reached the peak level of $X. From 2015 to 2021, the growth of the market failed to regain momentum.

Refined Maize Oil Production in the Russian Federation

In value terms, refined maize oil production expanded slightly to $X in 2021 estimated in export price. Over the period under review, production, however, saw a pronounced descent. The most prominent rate of growth was recorded in 2014 when the production volume increased by 12%. As a result, production reached the peak level of $X. From 2015 to 2021, production growth remained at a somewhat lower figure.

Refined Maize Oil Exports

Exports from the Russian Federation

In 2021, exports of refined maize (corn) oil from Russia fell remarkably to X tons, waning by -24.6% on 2020. In general, exports, however, posted a resilient expansion. The most prominent rate of growth was recorded in 2015 when exports increased by 717% against the previous year. As a result, the exports attained the peak of X tons. From 2016 to 2021, the growth of the exports remained at a somewhat lower figure.

In value terms, refined maize oil exports rose rapidly to $X in 2021. Over the period under review, exports, however, showed strong growth. The most prominent rate of growth was recorded in 2015 with an increase of 481%. As a result, the exports reached the peak of $X. From 2016 to 2021, the growth of the exports failed to regain momentum.

Exports by Country

Azerbaijan (X tons) was the main destination for refined maize oil exports from Russia, with a 68% share of total exports. Moreover, refined maize oil exports to Azerbaijan exceeded the volume sent to the second major destination, Armenia (X tons), sevenfold. The third position in this ranking was held by Georgia (X tons), with a 5.5% share.

From 2012 to 2021, the average annual growth rate of volume to Azerbaijan amounted to +22.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Armenia (+6.8% per year) and Georgia (+22.0% per year).

In value terms, Azerbaijan ($X) remains the key foreign market for refined maize (corn) oil exports from Russia, comprising 69% of total exports. The second position in the ranking was held by Armenia ($X), with a 10% share of total exports. It was followed by Georgia, with a 5% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Azerbaijan stood at +23.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Armenia (+9.5% per year) and Georgia (+22.2% per year).

Export Prices by Country

The average refined maize oil export price stood at $X per ton in 2021, rising by 44% against the previous year. Overall, export price indicated slight growth from 2012 to 2021: its price increased at an average annual rate of +1.6% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, refined maize oil export price increased by +57.8% against 2019 indices. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

Average prices varied noticeably for the major foreign markets. In 2021, amid the top suppliers, the highest price was recorded for prices to Uzbekistan ($X per ton) and Kyrgyzstan ($X per ton), while the average price for exports to Georgia ($X per ton) and Belarus ($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 Ukraine (+9.3%), while the prices for the other major destinations experienced more modest paces of growth.

Refined Maize Oil Imports

Imports into the Russian Federation

In 2021, approx. X tons of refined maize (corn) oil were imported into Russia; dropping by -52.5% compared with the previous year's figure. Overall, imports showed a sharp shrinkage. The pace of growth appeared the most rapid in 2017 when imports increased by 51%. Imports peaked at X tons in 2012; however, from 2013 to 2021, imports remained at a lower figure.

In value terms, refined maize oil imports contracted significantly to $X in 2021. Over the period under review, imports recorded a dramatic decrease. The pace of growth appeared the most rapid in 2017 when imports increased by 75%. Imports peaked at $X in 2012; however, from 2013 to 2021, imports failed to regain momentum.

Imports by Country

Belarus (X tons), Greece (X tons) and Italy (X tons) were the main suppliers of refined maize oil imports to Russia, together comprising 70% of total imports. These countries were followed by China, South Korea and Belgium, which together accounted for a further 27%.

From 2012 to 2021, the biggest increases were recorded for South Korea (with a CAGR of +5.8%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Belarus ($X), China ($X) and Italy ($X) constituted the largest refined maize oil suppliers to Russia, with a combined 67% share of total imports. Greece, South Korea and Belgium lagged somewhat behind, together comprising a further 29%.

Among the main suppliers, South Korea, with a CAGR of +5.9%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the average refined maize oil import price amounted to $X per ton, jumping by 38% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +4.3%. 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 China ($X per ton), while the price for Greece ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Belgium (+3.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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