U.S.: Refined Maize Oil Market 2024

Refined Maize Oil Market Size in the U.S.

In 2021, the U.S. refined maize oil market decreased by -1.3% to $X for the first time since 2018, thus ending a two-year rising trend. Overall, consumption, however, showed a perceptible shrinkage. The most prominent rate of growth was recorded in 2020 with an increase of 7.2% against the previous year. Over the period under review, the market hit record highs at $X in 2012; however, from 2013 to 2021, consumption failed to regain momentum.

Refined Maize Oil Production in the U.S.

In value terms, refined maize oil production declined to $X in 2021. In general, production, however, showed a deep contraction. The pace of growth appeared the most rapid in 2020 with an increase of 6.9% against the previous year. Refined maize oil production peaked at $X in 2012; however, from 2013 to 2021, production failed to regain momentum.

Refined Maize Oil Exports

Exports from the U.S.

For the third year in a row, the United States recorded decline in overseas shipments of refined maize (corn) oil, which decreased by -2.1% to X tons in 2021. Over the period under review, exports showed a abrupt setback. The most prominent rate of growth was recorded in 2015 with an increase of 14%. As a result, the exports reached the peak of X tons. From 2016 to 2021, the growth of the exports remained at a somewhat lower figure.

In value terms, refined maize oil exports soared to $X in 2021. Overall, exports continue to indicate a abrupt slump. The exports peaked at $X in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

Exports by Country

Kuwait (X tons) was the main destination for refined maize oil exports from the United States, with a 45% share of total exports. Moreover, refined maize oil exports to Kuwait exceeded the volume sent to the second major destination, Egypt (X tons), threefold. Canada (X tons) ranked third in terms of total exports with a 13% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Kuwait amounted to +1.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Egypt (-6.5% per year) and Canada (-4.8% per year).

In value terms, Kuwait ($X) remains the key foreign market for refined maize (corn) oil exports from the United States, comprising 47% of total exports. The second position in the ranking was taken by Egypt ($X), with a 14% share of total exports. It was followed by Canada, with a 12% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Kuwait amounted to +3.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Egypt (-0.4% per year) and Canada (-2.9% per year).

Export Prices by Country

The average refined maize oil export price stood at $X per ton in 2021, picking up by 43% against the previous year. In general, export price indicated a mild expansion from 2012 to 2021: its price increased at an average annual rate of +1.3% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, refined maize oil export price increased by +67.8% against 2018 indices. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

Average prices varied noticeably for the major external markets. In 2021, amid the top suppliers, the countries with the highest prices were Kuwait ($X per ton) and Oman ($X per ton), while the average price for exports to Mexico ($X per ton) and Canada ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Oman (+7.0%), while the prices for the other major destinations experienced more modest paces of growth.

Refined Maize Oil Imports

Imports into the U.S.

In 2021, supplies from abroad of refined maize (corn) oil increased by 12% to X tons, rising for the second year in a row after three years of decline. Over the period under review, imports, however, recorded a drastic downturn. The most prominent rate of growth was recorded in 2016 when imports increased by 93% against the previous year. As a result, imports reached the peak of X tons. From 2017 to 2021, the growth of imports remained at a lower figure.

In value terms, refined maize oil imports soared to $X in 2021. Overall, imports, however, recorded a abrupt decrease. The most prominent rate of growth was recorded in 2016 with an increase of 75%. Imports peaked at $X in 2012; however, from 2013 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, Canada (X tons) constituted the largest supplier of refined maize oil to the United States, accounting for a 86% share of total imports. Moreover, refined maize oil imports from Canada exceeded the figures recorded by the second-largest supplier, Mexico (X tons), tenfold.

From 2012 to 2021, the average annual growth rate of volume from Canada stood at -6.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Mexico (-6.1% per year) and Argentina (0.0% per year).

In value terms, Canada ($X) constituted the largest supplier of refined maize (corn) oil to the United States, comprising 81% of total imports. The second position in the ranking was taken by Mexico ($X), with a 13% share of total imports.

From 2012 to 2021, the average annual growth rate of value from Canada stood at -6.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Mexico (-4.2% per year) and Argentina (0.0% per year).

Import Prices by Country

The average refined maize oil import price stood at $X per ton in 2021, jumping by 40% against the previous year. Over the period under review, the import price, however, showed a relatively flat trend pattern. The import price peaked at $X per ton in 2012; however, from 2013 to 2021, import prices failed to regain momentum.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Mexico (+2.1%).

Source: IndexBox Platform

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