Sweden: Refined Maize Oil Market 2024

Refined Maize Oil Market Size in Sweden

The Swedish refined maize oil market dropped sharply to $X in 2021, declining by -17.2% against the previous year. In general, consumption saw a pronounced decline. Over the period under review, the market reached the maximum level at $X in 2012; however, from 2013 to 2021, consumption failed to regain momentum.

Refined Maize Oil Production in Sweden

In value terms, refined maize oil production declined to $X in 2021 estimated in export price. Overall, production recorded a pronounced setback. The most prominent rate of growth was recorded in 2020 with an increase of 41% against the previous year. Over the period under review, production attained the maximum level at $X in 2012; however, from 2013 to 2021, production stood at a somewhat lower figure.

Refined Maize Oil Exports

Exports from Sweden

In 2021, shipments abroad of refined maize (corn) oil increased by 127% to X tons, rising for the second year in a row after four years of decline. Overall, exports saw a moderate expansion. Over the period under review, the exports hit record highs at X tons in 2013; however, from 2014 to 2021, the exports failed to regain momentum.

In value terms, refined maize oil exports soared to $X in 2021. Over the period under review, exports posted tangible growth. The exports peaked at $X in 2013; however, from 2014 to 2021, the exports failed to regain momentum.

Exports by Country

The UK (X tons) was the main destination for refined maize oil exports from Sweden, accounting for a 56% share of total exports. Moreover, refined maize oil exports to the UK exceeded the volume sent to the second major destination, Denmark (X tons), fourfold. The third position in this ranking was held by the Netherlands (X tons), with a 10% share.

From 2012 to 2021, the average annual growth rate of volume to the UK totaled +15.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Denmark (-3.6% per year) and the Netherlands (-9.0% per year).

In value terms, the UK ($X) emerged as the key foreign market for refined maize (corn) oil exports from Sweden, comprising 46% of total exports. The second position in the ranking was taken by Denmark ($X), with a 14% share of total exports. It was followed by the Netherlands, with a 12% share.

From 2012 to 2021, the average annual growth rate of value to the UK totaled +18.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Denmark (-2.8% per year) and the Netherlands (-4.8% per year).

Export Prices by Country

The average refined maize oil export price stood at $X per ton in 2021, flattening at the previous year. Over the period under review, the export price, however, saw a relatively flat trend pattern. The growth pace was the most rapid in 2020 when the average export price increased by 15% against the previous year. As a result, the export price attained the peak level of $X per ton, and then declined in the following year.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Vietnam ($X per ton), while the average price for exports to the UK ($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 Saudi Arabia (+5.7%), while the prices for the other major destinations experienced more modest paces of growth.

Refined Maize Oil Imports

Imports into Sweden

In 2021, approx. X tons of refined maize (corn) oil were imported into Sweden; shrinking by -11.3% compared with 2020 figures. Overall, imports saw a deep contraction. The most prominent rate of growth was recorded in 2017 with an increase of 96% against the previous year. As a result, imports attained the peak of X tons. From 2018 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, refined maize oil imports rose markedly to $X in 2021. In general, imports saw a abrupt descent. The pace of growth was the most pronounced in 2017 when imports increased by 108%. As a result, imports reached the peak of $X. From 2018 to 2021, the growth of imports remained at a lower figure.

Imports by Country

Turkey (X tons), Belgium (X tons) and Austria (X tons) were the main suppliers of refined maize oil imports to Sweden, with a combined 81% share of total imports.

From 2012 to 2021, the biggest increases were recorded for Austria (with a CAGR of +11.5%), while purchases for the other leaders experienced mixed trend patterns.

In value terms, the largest refined maize oil suppliers to Sweden were Turkey ($X), Belgium ($X) and Egypt ($X), with a combined 81% share of total imports.

Turkey, with a CAGR of +11.7%, recorded the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced mixed trend patterns.

Import Prices by Country

In 2021, the average refined maize oil import price amounted to $X per ton, jumping by 21% against the previous year. Over the period under review, the import price continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 when the average import price increased by 30%. As a result, import price reached the peak level of $X per ton. From 2016 to 2021, the average import prices failed to regain momentum.

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 the UK ($X per ton), while the price for Belgium ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Egypt (+9.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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