Sri Lanka: Maize Starch Market 2024

Maize Starch Market Size in Sri Lanka

The Sri Lankan maize starch market dropped to $X in 2021, waning by -6.2% against the previous year. Over the period under review, the total consumption indicated a mild expansion from 2012 to 2021: its value increased at an average annual rate of +1.6% 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 +16.0% against 2019 indices. As a result, consumption reached the peak level of $X. From 2015 to 2021, the growth of the market remained at a lower figure.

Maize Starch Production in Sri Lanka

In value terms, maize starch production shrank to $X in 2021 estimated in export price. In general, production recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 when the production volume increased by 97% against the previous year. As a result, production attained the peak level of $X. From 2015 to 2021, production growth remained at a lower figure.

Maize Starch Exports

Exports from Sri Lanka

In 2021, after two years of growth, there was significant decline in shipments abroad of maize (corn) starch, when their volume decreased by -46.5% to X tons. Over the period under review, exports, however, showed a significant increase. The pace of growth appeared the most rapid in 2019 with an increase of 4,780% against the previous year. The exports peaked at X tons in 2017; however, from 2018 to 2021, the exports remained at a lower figure.

In value terms, maize starch exports dropped significantly to $X in 2021. Overall, exports, however, continue to indicate a strong expansion. The most prominent rate of growth was recorded in 2019 when exports increased by 7,119%. The exports peaked at $X in 2013; however, from 2014 to 2021, the exports failed to regain momentum.

Exports by Country

Canada (X tons), Saudi Arabia (X tons) and Maldives (X kg) were the main destinations of maize starch exports from Sri Lanka, together comprising 99.9% of total exports.

From 2012 to 2021, the biggest increases were recorded for Saudi Arabia (with a CAGR of 0.0%), while shipments for the other leaders experienced mixed trend patterns.

In value terms, the largest markets for maize starch exported from Sri Lanka were Canada ($X), Saudi Arabia ($X) and Maldives ($X).

Saudi Arabia, with a CAGR of 0.0%, saw 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 mixed trend patterns.

Export Prices by Country

The average maize starch export price stood at $X per ton in 2021, with a decrease of -27.9% against the previous year. Over the period under review, the export price continues to indicate a abrupt slump. The most prominent rate of growth was recorded in 2018 when the average export price increased by 63% against the previous year. The export price peaked at $X per ton in 2014; however, from 2015 to 2021, the export prices failed to regain momentum.

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 Maldives ($X per ton), while the average price for exports to Canada ($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 Maldives (-9.3%).

Maize Starch Imports

Imports into Sri Lanka

Maize starch imports into Sri Lanka surged to X tons in 2021, increasing by 16% on 2020. In general, imports posted prominent growth. The pace of growth appeared the most rapid in 2017 when imports increased by 47%. Over the period under review, imports attained the maximum in 2021 and are likely to continue growth in years to come.

In value terms, maize starch imports soared to $X in 2021. Over the period under review, total imports indicated strong growth from 2012 to 2021: its value increased at an average annual rate of +6.9% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +149.2% against 2016 indices. The growth pace was the most rapid in 2017 with an increase of 47% against the previous year. Over the period under review, imports hit record highs in 2021 and are expected to retain growth in years to come.

Imports by Country

In 2021, India (X tons) constituted the largest maize starch supplier to Sri Lanka, with a 68% share of total imports. Moreover, maize starch imports from India exceeded the figures recorded by the second-largest supplier, Turkey (X tons), fourfold. China (X tons) ranked third in terms of total imports with a 9.1% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from India totaled +9.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Turkey (+43.4% per year) and China (+30.9% per year).

In value terms, India ($X) constituted the largest supplier of maize (corn) starch to Sri Lanka, comprising 67% of total imports. The second position in the ranking was taken by Turkey ($X), with a 17% share of total imports. It was followed by China, with a 7.9% share.

From 2012 to 2021, the average annual growth rate of value from India totaled +9.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Turkey (+43.2% per year) and China (+22.4% per year).

Import Prices by Country

In 2021, the average maize starch import price amounted to $X per ton, growing by 12% against the previous year. Over the period under review, the import price, however, saw a slight curtailment. Over the period under review, average import prices hit record highs at $X per ton in 2014; however, from 2015 to 2021, import prices remained at a 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 France ($X per ton), while the price for Italy ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by France (+7.8%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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