Saudi Arabia: Maize Starch Market 2024

Maize Starch Market Size in Saudi Arabia

After two years of growth, the Saudi maize starch market decreased by -7.8% to $X in 2021. Overall, consumption, however, saw a prominent expansion. Over the period under review, the market attained the maximum level at $X in 2020, and then contracted in the following year.

Maize Starch Production in Saudi Arabia

In value terms, maize starch production declined slightly to $X in 2021 estimated in export price. In general, production, however, showed a remarkable increase. The pace of growth appeared the most rapid in 2019 when the production volume increased by 68% against the previous year. Over the period under review, production reached the maximum level at $X in 2020, and then fell in the following year.

Maize Starch Exports

Exports from Saudi Arabia

In 2021, overseas shipments of maize (corn) starch decreased by -29.4% to X tons, falling for the second year in a row after three years of growth. Overall, total exports indicated a modest increase from 2012 to 2021: its volume increased at an average annual rate of +1.6% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports decreased by -30.4% against 2019 indices. The growth pace was the most rapid in 2017 with an increase of 28%. Over the period under review, the exports hit record highs at X tons in 2019; however, from 2020 to 2021, the exports stood at a somewhat lower figure.

In value terms, maize starch exports contracted to $X in 2021. In general, total exports indicated a modest expansion from 2012 to 2021: its value increased at an average annual rate of +1.5% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2017 with an increase of 38%. Over the period under review, the exports hit record highs at $X in 2020, and then contracted in the following year.

Exports by Country

Jordan (X tons) was the main destination for maize starch exports from Saudi Arabia, accounting for a 108% share of total exports. Moreover, maize starch exports to Jordan exceeded the volume sent to the second major destination, Kuwait (X tons), twofold. Yemen (X tons) ranked third in terms of total exports with a 32% share.

From 2012 to 2021, the average annual growth rate of volume to Jordan stood at +12.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Kuwait (+8.4% per year) and Yemen (+33.7% per year).

In value terms, Jordan ($X), Kuwait ($X) and Yemen ($X) constituted the largest markets for maize starch exported from Saudi Arabia worldwide.

Among the main countries of destination, Sudan, with a CAGR of +445.7%, recorded the highest growth rate of the value of exports, 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, increasing by 20% against the previous year. Over the period under review, the export price, however, saw a relatively flat trend pattern. Over the period under review, the average export prices reached the peak figure at $X per ton in 2012; however, from 2013 to 2021, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Bahrain ($X per ton), while the average price for exports to Egypt ($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 Egypt (+31.0%), while the prices for the other major destinations experienced more modest paces of growth.

Maize Starch Imports

Imports into Saudi Arabia

In 2021, overseas purchases of maize (corn) starch decreased by -59% to X tons, falling for the second consecutive year after two years of growth. Overall, imports, however, recorded a remarkable increase. The most prominent rate of growth was recorded in 2019 with an increase of 71% against the previous year. As a result, imports reached the peak of X tons. From 2020 to 2021, the growth of imports failed to regain momentum.

In value terms, maize starch imports reduced rapidly to $X in 2021. In general, imports, however, posted a strong expansion. The growth pace was the most rapid in 2013 with an increase of 63%. Over the period under review, imports hit record highs at $X in 2019; however, from 2020 to 2021, imports stood at a somewhat lower figure.

Imports by Country

Spain (X tons), Egypt (X tons) and the Netherlands (X tons) were the main suppliers of maize starch imports to Saudi Arabia, together comprising 62% of total imports. These countries were followed by France, Italy, Malta, Pakistan and India, which together accounted for a further 32%.

From 2012 to 2021, the biggest increases were recorded for Italy (with a CAGR of +14.2%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Malta ($X), Spain ($X) and Italy ($X) appeared to be the largest maize starch suppliers to Saudi Arabia, with a combined 54% share of total imports.

Among the main suppliers, Italy, with a CAGR of +25.8%, recorded the highest growth rate of 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 maize starch import price amounted to $X per ton, picking up by 75% against the previous year. Overall, the import price recorded a relatively flat trend pattern. As a result, import price reached 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 Malta ($X per ton), while the price for Egypt ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Italy (+10.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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