Southern Asia: Refined Maize Oil Market 2024

Refined Maize Oil Market Size in Southern Asia

In 2021, after two years of decline, there was significant growth in the South Asian refined maize oil market, when its value increased by 12% to $X. The total consumption indicated tangible growth from 2012 to 2021: its value increased at an average annual rate of +3.8% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption decreased by -16.5% against 2018 indices. Over the period under review, the market reached the peak level at $X in 2018; however, from 2019 to 2021, consumption stood at a somewhat lower figure.

Refined Maize Oil Production in Southern Asia

In value terms, refined maize oil production surged to $X in 2021 estimated in export price. The total production indicated noticeable growth from 2012 to 2021: its value increased at an average annual rate of +4.6% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by -18.9% against 2018 indices. The most prominent rate of growth was recorded in 2017 with an increase of 18%. Over the period under review, production reached the peak level at $X in 2018; however, from 2019 to 2021, production stood at a somewhat lower figure.

Refined Maize Oil Exports

Exports in Southern Asia

In 2021, overseas shipments of refined maize (corn) oil increased by 36% to X tons, rising for the second consecutive year after four years of decline. Over the period under review, exports recorded a resilient expansion. The growth pace was the most rapid in 2020 with an increase of 244%. The volume of export peaked in 2021 and is likely to see steady growth in years to come.

In value terms, refined maize oil exports skyrocketed to $X in 2021. Overall, exports continue to indicate a strong expansion. The pace of growth appeared the most rapid in 2020 when exports increased by 171%. Over the period under review, the exports reached the peak figure in 2021 and are likely to see steady growth in the immediate term.

Exports by Country

Pakistan prevails in exports structure, amounting to X tons, which was approx. 88% of total exports in 2021. It was distantly followed by India (X tons), comprising an 8.5% share of total exports. Sri Lanka (X tons) took a little share of total exports.

Pakistan was also the fastest-growing in terms of the refined maize (corn) oil exports, with a CAGR of +37.8% from 2012 to 2021. At the same time, Sri Lanka (+12.4%) displayed positive paces of growth. By contrast, India (-6.4%) illustrated a downward trend over the same period. While the share of Pakistan (+66 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Sri Lanka (-2 p.p.) and India (-61.5 p.p.) displayed negative dynamics.

In value terms, Pakistan ($X) remains the largest refined maize oil supplier in Southern Asia, comprising 71% of total exports. The second position in the ranking was taken by India ($X), with a 26% share of total exports.

In Pakistan, refined maize oil exports expanded at an average annual rate of +35.8% over the period from 2012-2021. In the other countries, the average annual rates were as follows: India (+6.4% per year) and Sri Lanka (+13.6% per year).

Export Prices by Country

The export price in Southern Asia stood at $X per ton in 2021, rising by 7.3% against the previous year. In general, the export price saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 an increase of 44% against the previous year. The level of export peaked at $X per ton in 2017; however, from 2018 to 2021, the export prices remained at a lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was India ($X per ton), while Pakistan ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by India (+13.6%), while the other leaders experienced mixed trends in the export price figures.

Refined Maize Oil Imports

Imports in Southern Asia

Refined maize oil imports shrank markedly to X tons in 2021, with a decrease of -33.9% compared with 2020 figures. In general, imports continue to indicate a perceptible setback. The most prominent rate of growth was recorded in 2015 with an increase of 56% against the previous year. The volume of import peaked at X tons in 2017; however, from 2018 to 2021, imports failed to regain momentum.

In value terms, refined maize oil imports declined to $X in 2021. Overall, imports continue to indicate a perceptible slump. The pace of growth was the most pronounced in 2015 when imports increased by 53% against the previous year. The level of import peaked at $X in 2017; however, from 2018 to 2021, imports remained at a lower figure.

Imports by Country

Afghanistan (X tons) and Pakistan (X tons) represented roughly 78% of total imports in 2021. It was distantly followed by Sri Lanka (X tons), constituting a 16% share of total imports. Maldives (X tons) held a relatively small share of total imports.

From 2012 to 2021, the biggest increases were recorded for Pakistan (with a CAGR of +18.4%), while purchases for the other leaders experienced mixed trends in the imports figures.

In value terms, Afghanistan ($X), Pakistan ($X) and Sri Lanka ($X) were the countries with the highest levels of imports in 2021, together comprising 94% of total imports.

Pakistan, with a CAGR of +23.8%, saw the highest growth rate of the value of imports, among the main importing countries over the period under review, while purchases for the other leaders experienced mixed trends in the imports figures.

Import Prices by Country

The import price in Southern Asia stood at $X per ton in 2021, surging by 30% against the previous year. Over the last nine-year period, it increased at an average annual rate of +1.1%. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

Average prices varied noticeably amongst the major importing countries. In 2021, major importing countries recorded the following prices: in Pakistan ($X per ton) and Sri Lanka ($X per ton), while Maldives ($X per ton) and Afghanistan ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Pakistan (+4.5%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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