Singapore: Maize Starch Market 2024

Maize Starch Market Size in Singapore

After five years of growth, the Singaporean maize starch market decreased by -3.4% to $X in 2021. Overall, the total consumption indicated a remarkable increase from 2012 to 2021: its value increased at an average annual rate of +6.8% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +82.3% against 2013 indices. Maize starch consumption peaked at $X in 2020, and then shrank slightly in the following year.

Maize Starch Production in Singapore

In value terms, maize starch production rose modestly to $X in 2021 estimated in export price. Overall, production showed buoyant growth. The pace of growth appeared the most rapid in 2017 when the production volume increased by 62% against the previous year. Over the period under review, production attained the maximum level at $X in 2019; however, from 2020 to 2021, production remained at a lower figure.

Maize Starch Exports

Exports from Singapore

In 2021, approx. X tons of maize (corn) starch were exported from Singapore; waning by -90.1% on 2020 figures. Overall, exports, however, continue to indicate tangible growth. The most prominent rate of growth was recorded in 2018 when exports increased by 649% against the previous year. The exports peaked at X tons in 2020, and then reduced dramatically in the following year.

In value terms, maize starch exports shrank significantly to $X in 2021. Over the period under review, exports saw a mild downturn. The pace of growth was the most pronounced in 2018 with an increase of 464% against the previous year. The exports peaked at $X in 2020, and then shrank remarkably in the following year.

Exports by Country

Indonesia (X tons) was the main destination for maize starch exports from Singapore, with a 58% share of total exports. Moreover, maize starch exports to Indonesia exceeded the volume sent to the second major destination, Costa Rica (X tons), fourfold. The third position in this ranking was held by Nigeria (X tons), with a 13% share.

From 2012 to 2021, the average annual growth rate of volume to Indonesia totaled +29.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Costa Rica (+2.1% per year) and Nigeria (+20.1% per year).

In value terms, Indonesia ($X) remains the key foreign market for maize (corn) starch exports from Singapore, comprising 48% of total exports. The second position in the ranking was held by Costa Rica ($X), with a 16% share of total exports. It was followed by Nigeria, with an 11% share.

From 2012 to 2021, the average annual growth rate of value to Indonesia totaled +25.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Costa Rica (-2.5% per year) and Nigeria (+11.9% per year).

Export Prices by Country

In 2021, the average maize starch export price amounted to $X per ton, rising by 49% against the previous year. Over the period under review, the export price, however, showed a noticeable slump. The export price peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major overseas markets. In 2021, amid the top suppliers, the country with the highest price was Sri Lanka ($X per ton), while the average price for exports to Bangladesh ($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 Sri Lanka (+27.1%), while the prices for the other major destinations experienced mixed trend patterns.

Maize Starch Imports

Imports into Singapore

In 2021, maize starch imports into Singapore fell significantly to X tons, reducing by -39% against 2020. Over the period under review, imports showed a relatively flat trend pattern. The growth pace was the most rapid in 2020 when imports increased by 75%. As a result, imports reached the peak of X tons, and then shrank sharply in the following year.

In value terms, maize starch imports contracted markedly to $X in 2021. Overall, imports showed a pronounced reduction. The growth pace was the most rapid in 2020 when imports increased by 55%. Imports peaked at $X in 2015; however, from 2016 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, South Korea (X tons) constituted the largest supplier of maize starch to Singapore, with a 36% share of total imports. Moreover, maize starch imports from South Korea exceeded the figures recorded by the second-largest supplier, China (X tons), fivefold. Spain (X tons) ranked third in terms of total imports with a 7.3% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from South Korea amounted to -1.6%. The remaining supplying countries recorded the following average annual rates of imports growth: China (-15.1% per year) and Spain (+1.8% per year).

In value terms, South Korea ($X), New Zealand ($X) and China ($X) appeared to be the largest maize starch suppliers to Singapore, with a combined 52% share of total imports. These countries were followed by Spain, Malaysia, Thailand, Turkey, India, Ukraine, Italy, Israel, South Africa and Indonesia, which together accounted for a further 33%.

Turkey, with a CAGR of +38.7%, recorded the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average maize starch import price stood at $X per ton in 2021, picking up by 26% against the previous year. In general, the import price, however, recorded a perceptible descent. The import price peaked at $X per ton in 2015; however, from 2016 to 2021, import prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was New Zealand ($X per ton), while the price for India ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Turkey (+5.1%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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