United Kingdom: Refined Maize Oil Market 2024

Refined Maize Oil Market Size in the UK

In 2021, the UK refined maize oil market was finally on the rise to reach $X for the first time since 2017, thus ending a three-year declining trend. Overall, consumption, however, faced a abrupt descent. Over the period under review, the market attained the maximum level at $X in 2012; however, from 2013 to 2021, consumption stood at a somewhat lower figure.

Refined Maize Oil Production in the UK

In value terms, refined maize oil production rose significantly to $X in 2021 estimated in export price. In general, production, however, saw a abrupt contraction. The growth pace was the most rapid in 2017 when the production volume increased by 23% 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 the UK

In 2021, shipments abroad of refined maize (corn) oil decreased by -97.4% to X tons for the first time since 2018, thus ending a two-year rising trend. Overall, exports recorded a abrupt setback. The growth pace was the most rapid in 2020 with an increase of 733% against the previous year. As a result, the exports reached the peak of X tons, and then contracted remarkably in the following year.

In value terms, refined maize oil exports reduced rapidly to $X in 2021. Over the period under review, exports continue to indicate a deep setback. The most prominent rate of growth was recorded in 2020 when exports increased by 212%. As a result, the exports reached the peak of $X, and then declined markedly in the following year.

Exports by Country

Germany (X tons), Norway (X tons) and Ireland (X tons) were the main destinations of refined maize oil exports from the UK, together accounting for 77% of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Germany (with a CAGR of +73.0%), while the other leaders experienced more modest paces of growth.

In value terms, Germany ($X) remains the key foreign market for refined maize (corn) oil exports from the UK, comprising 41% of total exports. The second position in the ranking was held by Norway ($X), with an 18% share of total exports. It was followed by Hong Kong SAR, with a 9% share.

From 2012 to 2021, the average annual growth rate of value to Germany stood at +58.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Norway (-17.5% per year) and Hong Kong SAR (-7.3% per year).

Export Prices by Country

In 2021, the average refined maize oil export price amounted to $X per ton, with an increase of 78% against the previous year. In general, the export price, however, saw a drastic downturn. Over the period under review, the average export prices reached the peak figure at $X per ton in 2012; however, from 2013 to 2021, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Cayman Islands ($X per ton), while the average price for exports to Ireland ($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 Cayman Islands (+2.2%), while the prices for the other major destinations experienced more modest paces of growth.

Refined Maize Oil Imports

Imports into the UK

In 2021, approx. X tons of refined maize (corn) oil were imported into the UK; which is down by -5.1% compared with the previous year's figure. Overall, imports saw a pronounced downturn. The growth pace was the most rapid in 2013 when imports increased by 23% against the previous year. As a result, imports reached the peak of X tons. From 2014 to 2021, the growth of imports failed to regain momentum.

In value terms, refined maize oil imports expanded markedly to $X in 2021. In general, imports saw a noticeable contraction. The most prominent rate of growth was recorded in 2019 with an increase of 17%. Over the period under review, imports reached the peak figure at $X in 2015; however, from 2016 to 2021, imports stood at a somewhat lower figure.

Imports by Country

Sweden (X tons), the Netherlands (X tons) and Spain (X tons) were the main suppliers of refined maize oil imports to the UK, together accounting for 85% of total imports.

From 2012 to 2021, the biggest increases were recorded for Sweden (with a CAGR of +3,226.1%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest refined maize oil suppliers to the UK were Sweden ($X), the Netherlands ($X) and Spain ($X), together comprising 83% of total imports.

Sweden, with a CAGR of +3,342.3%, recorded the highest rates of growth with regard to the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average refined maize oil import price stood at $X per ton in 2021, increasing by 21% against the previous year. In general, the import price continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2020 when the average import price increased by 23% against the previous year. The import price peaked at $X per ton in 2015; afterwards, it flattened through to 2021.

Average prices varied somewhat amongst the major supplying countries. In 2021, amid the top importers, the countries with the highest prices were Sweden ($X per ton) and Italy ($X per ton), while the price for Belgium ($X per ton) and the Netherlands ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Sweden (+3.5%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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