Ukraine: Crude Maize Oil Market 2024

Crude Maize Oil Market Size in Ukraine

In 2022, the Ukrainian crude maize oil market increased by 129% to $X, rising for the second consecutive year after two years of decline. Over the period under review, consumption enjoyed a prominent expansion. Crude maize oil consumption peaked in 2022 and is expected to retain growth in the near future.

Crude Maize Oil Production in Ukraine

In value terms, crude maize oil production soared to $X in 2022 estimated in export price. In general, production recorded a pronounced contraction. The pace of growth appeared the most rapid in 2020 when the production volume increased by 98% against the previous year. Crude maize oil production peaked at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

Crude Maize Oil Exports

Exports from Ukraine

In 2022, the amount of crude maize (corn) oil exported from Ukraine fell remarkably to X tons, declining by -54.8% compared with the year before. Over the period under review, exports showed a abrupt decrease. The most prominent rate of growth was recorded in 2019 with an increase of 169% against the previous year. As a result, the exports reached the peak of X tons. From 2020 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, crude maize oil exports declined dramatically to $X in 2022. In general, exports saw a perceptible decrease. The most prominent rate of growth was recorded in 2019 with an increase of 116% against the previous year. Over the period under review, the exports attained the maximum at $X in 2021, and then reduced markedly in the following year.

Exports by Country

Turkey (X tons) was the main destination for crude maize oil exports from Ukraine, with a 59% share of total exports. Moreover, crude maize oil exports to Turkey exceeded the volume sent to the second major destination, Austria (X tons), twofold. The third position in this ranking was taken by Oman (X tons), with a 6.1% share.

From 2012 to 2022, the average annual growth rate of volume to Turkey was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Austria (-9.0% per year) and Oman (0.0% per year).

In value terms, Turkey ($X), Austria ($X) and Oman ($X) were the largest markets for crude maize oil exported from Ukraine worldwide, with a combined 94% share of total exports. These countries were followed by the United Arab Emirates, which accounted for a further 6.3%.

In terms of the main countries of destination, the United Arab Emirates, with a CAGR of +77.6%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced mixed trend patterns.

Export Prices by Country

In 2022, the average crude maize oil export price amounted to $X per ton, picking up by 13% against the previous year. Over the period under review, export price indicated a mild expansion from 2012 to 2022: its price increased at an average annual rate of +1.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, crude maize oil export price increased by +111.3% against 2019 indices. The pace of growth appeared the most rapid in 2021 an increase of 40%. The export price peaked in 2022 and is expected to retain growth in the immediate term.

Average prices varied noticeably for the major foreign markets. In 2022, amid the top suppliers, the highest price was recorded for prices to Austria ($X per ton) and Oman ($X per ton), while the average price for exports to Turkey ($X per ton) and the United Arab Emirates ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Austria (+6.7%), while the prices for the other major destinations experienced mixed trend patterns.

Crude Maize Oil Imports

Imports into Ukraine

In 2022, crude maize oil imports into Ukraine surged to X kg, rising by 50% on the previous year's figure. Overall, imports recorded a strong increase. The pace of growth appeared the most rapid in 2020 when imports increased by 400%. As a result, imports reached the peak of X kg. From 2021 to 2022, the growth of imports failed to regain momentum.

In value terms, crude maize oil imports surged to $X in 2022. Over the period under review, imports enjoyed buoyant growth. The most prominent rate of growth was recorded in 2020 with an increase of 499% against the previous year. As a result, imports reached the peak of $X. From 2021 to 2022, the growth of imports remained at a lower figure.

Imports by Country

France (X kg), Belgium (X kg) and Russia (X kg) were the main suppliers of crude maize oil imports to Ukraine, together accounting for 68% of total imports.

From 2012 to 2022, the biggest increases were recorded for Belgium (with a CAGR of +68.4%), while purchases for the other leaders experienced mixed trend patterns.

In value terms, France ($X), Belgium ($X) and Russia ($X) appeared to be the largest crude maize oil suppliers to Ukraine, with a combined 71% share of total imports.

In terms of the main suppliers, Belgium, with a CAGR of +81.1%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced mixed trend patterns.

Import Prices by Country

The average crude maize oil import price stood at $X per ton in 2022, picking up by 3.3% against the previous year. Overall, the import price, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 an increase of 92%. The import price peaked at $X per ton in 2013; however, from 2014 to 2022, import prices stood at a somewhat lower figure.

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 France ($X per ton), while the price for Russia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Belgium (+7.6%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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