United Kingdom: Crude Maize Oil Market 2024

Crude Maize Oil Market Size in the UK

The UK crude maize oil market declined to $X in 2022, waning by -6.1% against the previous year. The market value increased at an average annual rate of +3.0% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Crude maize oil consumption peaked at $X in 2019; however, from 2020 to 2022, consumption failed to regain momentum.

Crude Maize Oil Production in the UK

In value terms, crude maize oil production declined significantly to $X in 2022 estimated in export price. Overall, production posted a noticeable increase. The growth pace was the most rapid in 2021 when the production volume increased by 301% against the previous year. Crude maize oil production peaked at $X in 2019; however, from 2020 to 2022, production stood at a somewhat lower figure.

Crude Maize Oil Exports

Exports from the UK

After three years of decline, overseas shipments of crude maize (corn) oil decreased by -79.3% to X tons in 2022. Over the period under review, exports saw a abrupt descent. The pace of growth was the most pronounced in 2018 when exports increased by 424%. Over the period under review, the exports attained the maximum at X tons in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

In value terms, crude maize oil exports contracted significantly to $X in 2022. Overall, exports recorded a abrupt curtailment. The pace of growth was the most pronounced in 2017 with an increase of 417%. Over the period under review, the exports attained the maximum at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

Spain (X tons) was the main destination for crude maize oil exports from the UK, with a 79% share of total exports. Moreover, crude maize oil exports to Spain exceeded the volume sent to the second major destination, Romania (X kg), sevenfold. The third position in this ranking was held by Belgium (X kg), with a 7.1% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Spain totaled +10.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Romania (-49.6% per year) and Belgium (0.0% per year).

In value terms, Romania ($X), Spain ($X) and the Netherlands ($X) constituted the largest markets for crude maize oil exported from the UK worldwide, with a combined 82% share of total exports.

Spain, with a CAGR of +0.3%, saw the highest rates of growth with regard to the value of exports, among 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

The average crude maize oil export price stood at $X per ton in 2022, jumping by 18% against the previous year. In general, the export price continues to indicate mild growth. The most prominent rate of growth was recorded in 2019 an increase of 276%. As a result, the export price reached the peak level of $X per ton. From 2020 to 2022, the average export prices remained at a somewhat lower figure.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was the Netherlands ($X per ton), while the average price for exports to Spain ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Denmark (+7.0%), while the prices for the other major destinations experienced mixed trend patterns.

Crude Maize Oil Imports

Imports into the UK

After two years of decline, overseas purchases of crude maize (corn) oil increased by 2,791% to X tons in 2022. Over the period under review, imports, however, showed a drastic downturn. Over the period under review, imports hit record highs at X tons in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

In value terms, crude maize oil imports surged to $X in 2022. In general, imports, however, saw a abrupt setback. Imports peaked at $X in 2012; however, from 2013 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, Spain (X tons) constituted the largest supplier of crude maize oil to the UK, with a 89% share of total imports. Moreover, crude maize oil imports from Spain exceeded the figures recorded by the second-largest supplier, France (X kg), more than tenfold.

From 2012 to 2022, the average annual growth rate of volume from Spain totaled +107.1%. The remaining supplying countries recorded the following average annual rates of imports growth: France (+34.8% per year) and Hungary (0.0% per year).

In value terms, Spain ($X) constituted the largest supplier of crude maize (corn) oil to the UK, comprising 91% of total imports. The second position in the ranking was held by France ($X), with a 4.8% share of total imports.

From 2012 to 2022, the average annual growth rate of value from Spain totaled +61.9%. The remaining supplying countries recorded the following average annual rates of imports growth: France (+34.6% per year) and Hungary (0.0% per year).

Import Prices by Country

The average crude maize oil import price stood at $X per ton in 2022, rising by 1,015% against the previous year. In general, the import price continues to indicate prominent growth. As a result, import price attained the peak level and is likely to continue 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 Hungary ($X per ton), while the price for France ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by France (-0.1%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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