South-Eastern Asia: Maize Oil Market 2024

Maize Oil Market Size in South-Eastern Asia

The Southeast Asian maize oil market soared to $X in 2022, picking up by 44% against the previous year. Over the period under review, consumption showed resilient growth. The level of consumption peaked in 2022 and is expected to retain growth in the near future.

Maize Oil Production in South-Eastern Asia

In value terms, maize oil production rose to $X in 2022 estimated in export price. Overall, production continues to indicate a pronounced downturn. The growth pace was the most rapid in 2014 with an increase of 59% against the previous year. Over the period under review, production attained the maximum level at $X in 2012; however, from 2013 to 2022, production remained at a lower figure.

Maize Oil Exports

Exports in South-Eastern Asia

In 2022, overseas shipments of maize oil were finally on the rise to reach X tons after four years of decline. In general, exports, however, continue to indicate a deep slump. The growth pace was the most rapid in 2017 with an increase of 41% against the previous year. As a result, the exports reached the peak of X tons. From 2018 to 2022, the growth of the exports remained at a lower figure.

In value terms, maize oil exports rose to $X in 2022. Over the period under review, exports, however, saw a abrupt decrease. The pace of growth appeared the most rapid in 2017 when exports increased by 31%. As a result, the exports attained the peak of $X. From 2018 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

Malaysia was the largest exporter of maize oil in South-Eastern Asia, with the volume of exports reaching X tons, which was approx. 66% of total exports in 2022. It was distantly followed by Singapore (X tons) and Myanmar (X tons), together creating a 31% share of total exports. Brunei Darussalam (X tons) held a little share of total exports.

Exports from Malaysia increased at an average annual rate of +1.6% from 2012 to 2022. At the same time, Brunei Darussalam (+36.5%) and Myanmar (+35.1%) displayed positive paces of growth. Moreover, Brunei Darussalam emerged as the fastest-growing exporter exported in South-Eastern Asia, with a CAGR of +36.5% from 2012-2022. By contrast, Singapore (-21.8%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Malaysia, Myanmar and Brunei Darussalam increased by +46, +15 and +1.5 percentage points, respectively.

In value terms, Malaysia ($X) remains the largest maize oil supplier in South-Eastern Asia, comprising 69% of total exports. The second position in the ranking was taken by Singapore ($X), with a 22% share of total exports. It was followed by Myanmar, with a 6.1% share.

In Malaysia, maize oil exports expanded at an average annual rate of +2.2% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: Singapore (-15.6% per year) and Myanmar (+36.9% per year).

Export Prices by Country

In 2022, the export price in South-Eastern Asia amounted to $X per ton, declining by -2.2% against the previous year. Over the period under review, the export price, however, recorded pronounced growth. The pace of growth was the most pronounced in 2021 when the export price increased by 57%. As a result, the export price attained the peak level of $X per ton, and then contracted slightly in the following year.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Singapore ($X per ton), while Brunei Darussalam ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Singapore (+8.0%), while the other leaders experienced more modest paces of growth.

Maize Oil Imports

Imports in South-Eastern Asia

In 2022, the amount of maize oil imported in South-Eastern Asia soared to X tons, rising by 41% against 2021 figures. Over the period under review, imports posted a remarkable increase. The pace of growth was the most pronounced in 2016 when imports increased by 91% against the previous year. Over the period under review, imports reached the maximum at X tons in 2020; however, from 2021 to 2022, imports failed to regain momentum.

In value terms, maize oil imports surged to $X in 2022. In general, imports posted a prominent expansion. The pace of growth was the most pronounced in 2016 with an increase of 75%. The level of import peaked in 2022 and is likely to see gradual growth in years to come.

Imports by Country

Singapore was the main importing country with an import of around X tons, which accounted for 67% of total imports. Malaysia (X tons) ranks second in terms of the total imports with a 20% share, followed by Indonesia (5.2%) and the Philippines (4.6%). Vietnam (X tons) took a minor share of total imports.

Singapore was also the fastest-growing in terms of the maize oil imports, with a CAGR of +19.7% from 2012 to 2022. At the same time, Indonesia (+8.7%) and the Philippines (+5.5%) displayed positive paces of growth. Malaysia experienced a relatively flat trend pattern. By contrast, Vietnam (-3.1%) illustrated a downward trend over the same period. While the share of Singapore (+40 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of the Philippines (-2 p.p.), Vietnam (-4.9 p.p.) and Malaysia (-31.4 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Singapore ($X) constitutes the largest market for imported maize oil in South-Eastern Asia, comprising 67% of total imports. The second position in the ranking was taken by Malaysia ($X), with a 15% share of total imports. It was followed by Indonesia, with an 8.4% share.

In Singapore, maize oil imports expanded at an average annual rate of +19.1% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Malaysia (+4.4% per year) and Indonesia (+9.1% per year).

Import Prices by Country

The import price in South-Eastern Asia stood at $X per ton in 2022, with an increase of 16% against the previous year. Import price indicated a notable expansion from 2012 to 2022: its price increased at an average annual rate of +2.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, maize oil import price increased by +81.2% against 2019 indices. The most prominent rate of growth was recorded in 2021 when the import price increased by 54% against the previous year. Over the period under review, import prices hit record highs in 2022 and is likely to see gradual growth in the immediate term.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Indonesia ($X per ton), while Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Malaysia (+4.9%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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