Spain: Maize Oil Market 2024

Maize Oil Market Size in Spain

The Spanish maize oil market shrank to $X in 2022, with a decrease of -2.5% against the previous year. In general, consumption saw a pronounced shrinkage. As a result, consumption attained the peak level of $X. From 2016 to 2022, the growth of the market remained at a somewhat lower figure.

Maize Oil Production in Spain

In value terms, maize oil production fell rapidly to $X in 2022 estimated in export price. Over the period under review, production, however, saw a buoyant expansion. The most prominent rate of growth was recorded in 2021 when the production volume increased by 178% against the previous year. Over the period under review, production attained the maximum level at $X in 2016; however, from 2017 to 2022, production stood at a somewhat lower figure.

Maize Oil Exports

Exports from Spain

Maize oil exports from Spain declined notably to X tons in 2022, with a decrease of -43.4% compared with the previous year's figure. Overall, exports showed a abrupt decrease. The most prominent rate of growth was recorded in 2016 when exports increased by 983%. Over the period under review, the exports reached the maximum at X tons in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

In value terms, maize oil exports declined notably to $X in 2022. Over the period under review, exports continue to indicate a deep downturn. The pace of growth was the most pronounced in 2016 with an increase of 1,189%. Over the period under review, the exports hit record highs at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

Portugal (X tons), Belgium (X tons) and France (X tons) were the main destinations of maize oil exports from Spain, with a combined 70% share of total exports.

From 2012 to 2022, the biggest increases were recorded for France (with a CAGR of +194.1%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for maize oil exported from Spain were Portugal ($X), Belgium ($X) and the Philippines ($X), together comprising 65% of total exports. France, South Korea, Hong Kong SAR and Saudi Arabia lagged somewhat behind, together comprising a further 28%.

Among the main countries of destination, France, with a CAGR of +186.8%, saw 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

In 2022, the average maize oil export price amounted to $X per ton, increasing by 45% against the previous year. Over the period under review, export price indicated a modest increase from 2012 to 2022: its price increased at an average annual rate of +1.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, maize oil export price increased by +117.1% against 2019 indices. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the Philippines ($X per ton), while the average price for exports to France ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the Philippines (+6.2%), while the prices for the other major destinations experienced more modest paces of growth.

Maize Oil Imports

Imports into Spain

In 2022, approx. X tons of maize oil were imported into Spain; dropping by -69.3% on the year before. Over the period under review, imports showed a sharp contraction. The most prominent rate of growth was recorded in 2015 with an increase of 600%. Imports peaked at X tons in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

In value terms, maize oil imports fell remarkably to $X in 2022. In general, imports continue to indicate a sharp curtailment. The most prominent rate of growth was recorded in 2015 when imports increased by 509%. Over the period under review, imports reached the peak figure at $X in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

Imports by Country

Argentina (X tons), France (X tons) and Brazil (X tons) were the main suppliers of maize oil imports to Spain, with a combined 90% share of total imports. Italy, Colombia and the United States lagged somewhat behind, together comprising a further 9.2%.

From 2012 to 2022, the biggest increases were recorded for Italy (with a CAGR of +30.8%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Argentina ($X) constituted the largest supplier of maize oil to Spain, comprising 51% of total imports. The second position in the ranking was taken by France ($X), with a 22% share of total imports. It was followed by Brazil, with a 16% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Argentina stood at +17.1%. The remaining supplying countries recorded the following average annual rates of imports growth: France (+3.6% per year) and Brazil (-16.4% per year).

Import Prices by Country

In 2022, the average maize oil import price amounted to $X per ton, growing by 65% against the previous year. Over the period under review, the import price enjoyed a pronounced increase. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+44.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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