Ukraine: Refined Maize Oil Market 2024

Refined Maize Oil Market Size in Ukraine

The Ukrainian refined maize oil market dropped slightly to $X in 2021, therefore, remained relatively stable against the previous year. In general, consumption recorded a abrupt descent. Over the period under review, the market attained the maximum level at $X in 2012; however, from 2013 to 2021, consumption remained at a lower figure.

Refined Maize Oil Production in Ukraine

In value terms, refined maize oil production contracted to $X in 2021 estimated in export price. Over the period under review, production recorded a deep setback. The most prominent rate of growth was recorded in 2015 when the production volume increased by 7.4% against the previous year. Over the period under review, production attained the peak level at $X in 2012; however, from 2013 to 2021, production failed to regain momentum.

Refined Maize Oil Exports

Exports from Ukraine

In 2021, approx. X tons of refined maize (corn) oil were exported from Ukraine; with a decrease of -33.5% against the previous year's figure. Over the period under review, exports saw a dramatic decline. The pace of growth appeared the most rapid in 2016 with an increase of 147% against the previous year. Over the period under review, the exports attained the peak figure at X tons in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

In value terms, refined maize oil exports reduced to $X in 2021. Overall, exports faced a dramatic descent. The most prominent rate of growth was recorded in 2016 with an increase of 109%. The exports peaked at $X in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

Exports by Country

Azerbaijan (X tons), Georgia (X tons) and Russia (X kg) were the main destinations of refined maize oil exports from Ukraine, together comprising 100% of total exports.

From 2012 to 2021, the biggest increases were recorded for Georgia (with a CAGR of +12.0%), while shipments for the other leaders experienced a decline.

In value terms, the largest markets for refined maize oil exported from Ukraine were Azerbaijan ($X), Georgia ($X) and Russia ($X), with a combined 99% share of total exports.

Georgia, with a CAGR of +18.7%, 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 a decline.

Export Prices by Country

In 2021, the average refined maize oil export price amounted to $X per ton, growing by 32% against the previous year. Over the period under review, the export price, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 an increase of 33%. As a result, the export price attained the peak level of $X per ton. From 2015 to 2021, the average export prices failed to regain momentum.

There were significant differences in the average prices for the major external markets. In 2021, amid the top suppliers, the country with the highest price was China ($X per ton), while the average price for exports to Azerbaijan ($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 China (+18.4%), while the prices for the other major destinations experienced more modest paces of growth.

Refined Maize Oil Imports

Imports into Ukraine

In 2021, the amount of refined maize (corn) oil imported into Ukraine rose rapidly to X tons, surging by 5.8% against the previous year's figure. Over the period under review, imports continue to indicate a buoyant expansion. The most prominent rate of growth was recorded in 2019 when imports increased by 416%. Imports peaked in 2021 and are expected to retain growth in the near future.

In value terms, refined maize oil imports surged to $X in 2021. In general, imports saw strong growth. The most prominent rate of growth was recorded in 2019 when imports increased by 337%. Imports peaked in 2021 and are likely to see steady growth in years to come.

Imports by Country

In 2021, Italy (X tons) was the main supplier of refined maize oil to Ukraine, with a 92% share of total imports. Moreover, refined maize oil imports from Italy exceeded the figures recorded by the second-largest supplier, Greece (X tons), more than tenfold.

From 2012 to 2021, the average annual rate of growth in terms of volume from Italy totaled +39.8%.

In value terms, Italy ($X) constituted the largest supplier of refined maize (corn) oil to Ukraine, comprising 95% of total imports. The second position in the ranking was taken by Greece ($X), with a 4% share of total imports.

From 2012 to 2021, the average annual rate of growth in terms of value from Italy stood at +40.0%.

Import Prices by Country

The average refined maize oil import price stood at $X per ton in 2021, increasing by 30% against the previous year. Overall, import price indicated strong growth from 2012 to 2021: its price increased at an average annual rate of +5.7% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2014 when the average import price increased by 74%. As a result, import price attained the peak level of $X per ton. From 2015 to 2021, the average import prices remained at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Italy ($X per ton), while the price for Greece stood at $X per ton.

From 2012 to 2021, 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

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