Sweden: Maize Oil Market 2024

Maize Oil Market Size in Sweden

The Swedish maize oil market surged to $X in 2022, growing by 23% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, consumption, however, showed a abrupt contraction. Maize oil consumption peaked at $X in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

Maize Oil Exports

Exports from Sweden

In 2022, shipments abroad of maize oil increased by 4% to X tons, rising for the third year in a row after four years of decline. Over the period under review, exports saw a notable expansion. The growth pace was the most rapid in 2021 with an increase of 125% against the previous year. Over the period under review, the exports hit record highs at X tons in 2013; however, from 2014 to 2022, the exports failed to regain momentum.

In value terms, maize oil exports skyrocketed to $X in 2022. Overall, exports posted a buoyant expansion. The pace of growth appeared the most rapid in 2021 with an increase of 130%. The exports peaked in 2022 and are likely to continue growth in years to come.

Exports by Country

The UK (X tons) was the main destination for maize oil exports from Sweden, with a 55% share of total exports. Moreover, maize oil exports to the UK exceeded the volume sent to the second major destination, Germany (X tons), fivefold. The third position in this ranking was held by Denmark (X tons), with an 11% share.

From 2012 to 2022, the average annual growth rate of volume to the UK amounted to +14.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (+22.1% per year) and Denmark (-4.5% per year).

In value terms, the UK ($X) remains the key foreign market for maize oil exports from Sweden, comprising 50% of total exports. The second position in the ranking was held by the Netherlands ($X), with an 11% share of total exports. It was followed by Germany, with a 10% share.

From 2012 to 2022, the average annual rate of growth in terms of value to the UK stood at +20.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Netherlands (-3.0% per year) and Germany (+22.1% per year).

Export Prices by Country

In 2022, the average maize oil export price amounted to $X per ton, picking up by 13% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.2%. The most prominent rate of growth was recorded in 2020 when the average export price increased by 17% against the previous year. Over the period under review, the average export prices attained the maximum in 2022 and is likely to continue growth in years to come.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was Vietnam ($X per ton), while the average price for exports to Denmark ($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 Netherlands (+6.1%), while the prices for the other major destinations experienced more modest paces of growth.

Maize Oil Imports

Imports into Sweden

In 2022, supplies from abroad of maize oil increased by 6.1% to X tons, rising for the third consecutive year after four years of decline. In general, imports, however, saw a mild decline. The pace of growth was the most pronounced in 2020 when imports increased by 30% against the previous year. Imports peaked at X tons in 2013; however, from 2014 to 2022, imports failed to regain momentum.

In value terms, maize oil imports surged to $X in 2022. Overall, imports saw a relatively flat trend pattern. The growth pace was the most rapid in 2021 with an increase of 67%. Over the period under review, imports reached the peak figure in 2022 and are expected to retain growth in the near future.

Imports by Country

In 2022, Hungary (X tons) constituted the largest maize oil supplier to Sweden, with a 68% share of total imports. Moreover, maize oil imports from Hungary exceeded the figures recorded by the second-largest supplier, France (X tons), fourfold. Turkey (X tons) ranked third in terms of total imports with a 7.2% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Hungary amounted to +19.5%. The remaining supplying countries recorded the following average annual rates of imports growth: France (-2.2% per year) and Turkey (+10.6% per year).

In value terms, Hungary ($X) constituted the largest supplier of maize oil to Sweden, comprising 67% of total imports. The second position in the ranking was taken by France ($X), with a 14% share of total imports. It was followed by Turkey, with a 13% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Hungary amounted to +29.3%. The remaining supplying countries recorded the following average annual rates of imports growth: France (+0.7% per year) and Turkey (+15.5% per year).

Import Prices by Country

In 2022, the average maize oil import price amounted to $X per ton, increasing by 16% against the previous year. Over the last decade, it increased at an average annual rate of +1.7%. The most prominent rate of growth was recorded in 2021 when the average import price increased by 29% against the previous year. The import price peaked in 2022 and is expected to retain growth in the immediate term.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Turkey ($X per ton), while the price for France ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Egypt (+10.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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