South Africa: Refined Maize Oil Market 2024

Refined Maize Oil Market Size in South Africa

In 2021, the South African refined maize oil market decreased by -2.4% to $X, falling for the fourth year in a row after two years of growth. Over the period under review, consumption continues to indicate a pronounced slump. Over the period under review, the market attained the peak level at $X in 2012; however, from 2013 to 2021, consumption stood at a somewhat lower figure.

Refined Maize Oil Production in South Africa

In value terms, refined maize oil production declined slightly to $X in 2021 estimated in export price. In general, production, however, continues to indicate a noticeable setback. The most prominent rate of growth was recorded in 2016 when the production volume increased by 13% against the previous year. Over the period under review, production reached the peak level at $X in 2012; however, from 2013 to 2021, production failed to regain momentum.

Refined Maize Oil Exports

Exports from South Africa

In 2021, shipments abroad of refined maize (corn) oil increased by 17% to X tons, rising for the second year in a row after two years of decline. Overall, exports showed significant growth. The most prominent rate of growth was recorded in 2020 when exports increased by 4,795% against the previous year. Over the period under review, the exports hit record highs in 2021 and are expected to retain growth in years to come.

In value terms, refined maize oil exports soared to $X in 2021. Over the period under review, exports enjoyed significant growth. The most prominent rate of growth was recorded in 2020 with an increase of 5,117%. The exports peaked in 2021 and are likely to see gradual growth in the near future.

Exports by Country

Saudi Arabia (X tons), the United Arab Emirates (X tons) and Oman (X tons) were the main destinations of refined maize oil exports from South Africa, together accounting for 72% of total exports. These countries were followed by Jordan, Israel, Malaysia and Qatar, which together accounted for a further 27%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Jordan (with a CAGR of +129.6%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for refined maize oil exported from South Africa were Saudi Arabia ($X), the United Arab Emirates ($X) and Oman ($X), together accounting for 75% of total exports. Jordan, Israel, Qatar and Malaysia lagged somewhat behind, together accounting for a further 24%.

Jordan, with a CAGR of +150.6%, recorded the highest growth rate of the value of exports, among 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

In 2021, the average refined maize oil export price amounted to $X per ton, growing by 27% against the previous year. Overall, the export price, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 an increase of 44% against the previous year. The export price peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices remained at a lower figure.

Average prices varied somewhat for the major external markets. In 2021, amid the top suppliers, the countries with the highest prices were Saudi Arabia ($X per ton) and Qatar ($X per ton), while the average price for exports to Jordan ($X per ton) and Malaysia ($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 Qatar (+35.8%), while the prices for the other major destinations experienced more modest paces of growth.

Refined Maize Oil Imports

Imports into South Africa

In 2021, purchases abroad of refined maize (corn) oil decreased by -35.7% to X tons, falling for the second consecutive year after two years of growth. Over the period under review, imports, however, enjoyed a buoyant increase. The growth pace was the most rapid in 2015 when imports increased by 644%. As a result, imports attained the peak of X tons. From 2016 to 2021, the growth of imports failed to regain momentum.

In value terms, refined maize oil imports contracted significantly to $X in 2021. In general, imports showed a abrupt decrease. The most prominent rate of growth was recorded in 2018 with an increase of 236%. Imports peaked at $X in 2016; however, from 2017 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, India (X tons) was the main supplier of refined maize oil to South Africa, accounting for a 91% share of total imports. Moreover, refined maize oil imports from India exceeded the figures recorded by the second-largest supplier, the United States (X kg), more than tenfold.

From 2012 to 2021, the average annual rate of growth in terms of volume from India amounted to +102.5%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (-6.9% per year) and Taiwan (Chinese) (-10.5% per year).

In value terms, India ($X) constituted the largest supplier of refined maize (corn) oil to South Africa, comprising 82% of total imports. The second position in the ranking was taken by the United States ($X), with a 14% share of total imports.

From 2012 to 2021, the average annual growth rate of value from India totaled +47.1%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (-13.6% per year) and Taiwan (Chinese) (-16.6% per year).

Import Prices by Country

The average refined maize oil import price stood at $X per ton in 2021, falling by -44.1% against the previous year. Overall, the import price recorded a dramatic contraction. The pace of growth was the most pronounced in 2016 when the average import price increased by 2,367%. Over the period under review, average import prices reached the maximum at $X per ton in 2012; however, from 2013 to 2021, import prices stood at a somewhat lower figure.

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 ($X per ton), while the price for India ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+39.4%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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