Ukraine: Maize Oil Market 2024

Maize Oil Market Size in Ukraine

In 2022, the Ukrainian maize oil market increased by 128% to $X, rising for the second year in a row after two years of decline. In general, consumption enjoyed resilient growth. Maize oil consumption peaked in 2022 and is likely to see gradual growth in the near future.

Maize Oil Production in Ukraine

In value terms, maize oil production skyrocketed to $X in 2022 estimated in export price. In general, production showed a pronounced setback. The most prominent rate of growth was recorded in 2020 when the production volume increased by 96% against the previous year. Maize oil production peaked at $X in 2012; however, from 2013 to 2022, production remained at a lower figure.

Maize Oil Exports

Exports from Ukraine

For the third year in a row, Ukraine recorded decline in shipments abroad of maize oil, which decreased by -53.2% to X tons in 2022. Overall, exports continue to indicate a abrupt slump. The growth pace was the most rapid in 2019 when exports increased by 155%. As a result, the exports reached the peak of X tons. From 2020 to 2022, the growth of the exports failed to regain momentum.

In value terms, maize oil exports fell markedly to $X in 2022. Over the period under review, exports saw a abrupt shrinkage. The pace of growth appeared the most rapid in 2019 when exports increased by 101% against the previous year. Over the period under review, the exports hit record highs at $X in 2021, and then shrank notably in the following year.

Exports by Country

Turkey (X tons) was the main destination for maize oil exports from Ukraine, accounting for a 56% share of total exports. Moreover, 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 5.8% 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 (+24.5% per year).

In value terms, the largest markets for maize oil exported from Ukraine were Turkey ($X), Austria ($X) and Oman ($X), with a combined 88% share of total exports. The United Arab Emirates and Jordan lagged somewhat behind, together comprising a further 10%.

The United Arab Emirates, with a CAGR of +77.6%, recorded the highest growth rate of the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average maize oil export price amounted to $X per ton, increasing by 13% against the previous year. Over the period under review, the export price recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when the average export price increased by 40%. The export price peaked in 2022 and is likely to see gradual growth in years to come.

Average prices varied somewhat for the major export markets. In 2022, amid the top suppliers, the highest price was recorded for prices to Jordan ($X per ton) and Austria ($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 Oman (+12.8%), while the prices for the other major destinations experienced more modest paces of growth.

Maize Oil Imports

Imports into Ukraine

After three years of growth, purchases abroad of maize oil decreased by -58.7% to X tons in 2022. Overall, imports continue to indicate a slight contraction. The pace of growth appeared the most rapid in 2019 with an increase of 417% against the previous year. Imports peaked at X tons in 2021, and then contracted significantly in the following year.

In value terms, maize oil imports contracted significantly to $X in 2022. In general, imports, however, enjoyed a buoyant expansion. The pace of growth appeared the most rapid in 2019 with an increase of 338%. Over the period under review, imports reached the maximum at $X in 2021, and then fell notably in the following year.

Imports by Country

In 2022, Italy (X tons) constituted the largest supplier of maize oil to Ukraine, with a 88% share of total imports. Moreover, maize oil imports from Italy exceeded the figures recorded by the second-largest supplier, Greece (X tons), more than tenfold. The UK (X kg) ranked third in terms of total imports with a 2% share.

From 2012 to 2022, the average annual growth rate of volume from Italy totaled +23.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Greece (+25.6% per year) and the UK (0.0% per year).

In value terms, Italy ($X) constituted the largest supplier of maize oil to Ukraine, comprising 90% of total imports. The second position in the ranking was taken by Greece ($X), with a 2.9% share of total imports. It was followed by the UK, with a 2.6% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Italy stood at +25.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Greece (+19.4% per year) and the UK (0.0% per year).

Import Prices by Country

The average maize oil import price stood at $X per ton in 2022, increasing by 20% against the previous year. Overall, import price indicated a buoyant expansion from 2012 to 2022: its price increased at an average annual rate of +7.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, maize oil import price increased by +54.2% against 2020 indices. The most prominent rate of growth was recorded in 2014 an increase of 74% against the previous year. Over the period under review, average import prices hit record highs in 2022 and is likely to see steady 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 the UK ($X per ton), while the price for Greece ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Turkey (+27.8%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :