World's Maize Starch Market Sees Contraction to 26 Million Tons and $16.7 Billion in 2024

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The global maize (corn) starch market experienced a contraction in 2024, with consumption and production each falling slightly to 26 million tons and market value declining to $16.7 billion, ending a nine-year growth trend. The market is forecast to grow slowly through 2035, reaching 29 million tons in volume and $20.5 billion in value. China, the United States, and India are the largest consumers and producers. International trade expanded in 2024, with India, Turkey, and the US as leading exporters and Malaysia, Germany, and Indonesia as major importers, while average import and export prices saw significant declines.

Key Findings

• Market contracted in 2024 after nine years of growth, with volume at 26M tons and value at $16.7B
• Forecast projects slow growth to 29M tons and $20.5B by 2035
• China, the United States, and India are the top three consuming and producing nations
• Turkey shows the fastest growth rates in both consumption and production
• Global trade prices fell sharply in 2024, with India as the leading low-cost exporter

Market Forecast

Driven by increasing demand for maize (corn) starch worldwide, the market is expected to continue an upward consumption trend over the next decade. Market performance is forecast to decelerate, expanding with an anticipated CAGR of +0.9% for the period from 2024 to 2035, which is projected to bring the market volume to 29M tons by the end of 2035.

In value terms, the market is forecast to increase with an anticipated CAGR of +1.8% for the period from 2024 to 2035, which is projected to bring the market value to $20.5B (in nominal wholesale prices) by the end of 2035.

Consumption

World's Consumption of Maize (Corn) Starch

In 2024, consumption of maize (corn) starch decreased by -1.5% to 26M tons for the first time since 2014, thus ending a nine-year rising trend. The total consumption volume increased at an average annual rate of +2.2% from 2013 to 2024; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2017 when the consumption volume increased by 6.8%. Global consumption peaked at 27M tons in 2023, and then contracted in the following year.

The global maize starch market size shrank to $16.7B in 2024, reducing by -10.8% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). The market value increased at an average annual rate of +2.1% over the period from 2013 to 2024; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the global market hit record highs at $18.8B in 2023, and then fell in the following year.

Consumption By Country

The countries with the highest volumes of consumption in 2024 were China (5.2M tons), the United States (3.7M tons) and India (2M tons), together comprising 42% of global consumption. Indonesia, Brazil, Japan, Pakistan, Nigeria, Mexico and Turkey lagged somewhat behind, together comprising a further 16%.

From 2013 to 2024, the most notable rate of growth in terms of consumption, amongst the key consuming countries, was attained by Turkey (with a CAGR of +7.2%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, the United States ($2.8B), China ($2.3B) and Japan ($1.4B) appeared to be the countries with the highest levels of market value in 2024, with a combined 39% share of the global market. India, Brazil, Mexico, Indonesia, Pakistan, Nigeria and Turkey lagged somewhat behind, together accounting for a further 16%.

Turkey, with a CAGR of +6.0%, recorded the highest growth rate of market size in terms of the main consuming countries over the period under review, while market for the other global leaders experienced more modest paces of growth.

In 2024, the highest levels of maize starch per capita consumption was registered in the United States (11 kg per person), followed by Japan (5.4 kg per person), Turkey (5.2 kg per person) and China (3.7 kg per person), while the world average per capita consumption of maize starch was estimated at 3.2 kg per person.

In the United States, maize starch per capita consumption decreased by an average annual rate of -1.7% over the period from 2013-2024. In the other countries, the average annual rates were as follows: Japan (+1.0% per year) and Turkey (+6.0% per year).

Production

World's Production of Maize (Corn) Starch

In 2024, after nine years of growth, there was decline in production of maize (corn) starch, when its volume decreased by -1.1% to 26M tons. The total output volume increased at an average annual rate of +2.3% over the period from 2013 to 2024; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2017 when the production volume increased by 6.9%. Global production peaked at 27M tons in 2023, and then shrank in the following year.

In value terms, maize starch production declined to $16.7B in 2024 estimated in export price. In general, the total production indicated a tangible expansion from 2013 to 2024: its value increased at an average annual rate of +2.2% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2020 with an increase of 14% against the previous year. Global production peaked at $19.2B in 2023, and then shrank in the following year.

Production By Country

The countries with the highest volumes of production in 2024 were China (5.2M tons), the United States (3.9M tons) and India (2.6M tons), with a combined 45% share of global production. Brazil, Turkey, Japan, Pakistan, Indonesia, Nigeria and Spain lagged somewhat behind, together comprising a further 17%.

From 2013 to 2024, the most notable rate of growth in terms of production, amongst the leading producing countries, was attained by Turkey (with a CAGR of +9.5%), while production for the other global leaders experienced more modest paces of growth.

Imports

World's Imports of Maize (Corn) Starch

In 2024, the amount of maize (corn) starch imported worldwide rose markedly to 2.4M tons, increasing by 10% against the previous year's figure. Overall, total imports indicated a noticeable increase from 2013 to 2024: its volume increased at an average annual rate of +4.8% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2024 figures, imports decreased by -7.1% against 2020 indices. The growth pace was the most rapid in 2018 when imports increased by 24% against the previous year. Global imports peaked at 2.6M tons in 2020; however, from 2021 to 2024, imports remained at a lower figure.

In value terms, maize starch imports contracted to $1.6B in 2024. Over the period under review, imports saw moderate growth. The growth pace was the most rapid in 2022 with an increase of 33% against the previous year. As a result, imports attained the peak of $1.8B. From 2023 to 2024, the growth of global imports remained at a lower figure.

Imports By Country

Malaysia (277K tons), Indonesia (192K tons), Germany (164K tons), Mexico (147K tons), France (102K tons), Italy (82K tons), the United States (80K tons), the Philippines (68K tons) and Vietnam (67K tons) represented roughly 49% of total imports in 2024. Thailand (61K tons) followed a long way behind the leaders.

From 2013 to 2024, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Thailand (with a CAGR of +21.8%), while imports for the other global leaders experienced more modest paces of growth.

In value terms, Malaysia ($127M), Germany ($118M) and France ($101M) constituted the countries with the highest levels of imports in 2024, together accounting for 22% of global imports. Mexico, Indonesia, Italy, the United States, Thailand, Vietnam and the Philippines lagged somewhat behind, together accounting for a further 22%.

In terms of the main importing countries, Thailand, with a CAGR of +20.3%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices By Country

The average maize starch import price stood at $645 per ton in 2024, waning by -16.4% against the previous year. In general, the import price saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2022 when the average import price increased by 32% against the previous year. Global import price peaked at $771 per ton in 2023, and then reduced rapidly in the following year.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was France ($988 per ton), while Indonesia ($339 per ton) was amongst the lowest.

From 2013 to 2024, the most notable rate of growth in terms of prices was attained by France (+2.2%), while the other global leaders experienced more modest paces of growth.

Exports

World's Exports of Maize (Corn) Starch

Global maize starch exports expanded rapidly to 2.5M tons in 2024, picking up by 15% on the year before. In general, total exports indicated a resilient expansion from 2013 to 2024: its volume increased at an average annual rate of +5.8% over the last eleven-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 2018 when exports increased by 24% against the previous year. The global exports peaked in 2024 and are expected to retain growth in years to come.

In value terms, maize starch exports shrank to $1.5B in 2024. Over the period under review, exports showed resilient growth. The pace of growth was the most pronounced in 2022 with an increase of 36%. As a result, the exports attained the peak of $1.6B. From 2023 to 2024, the growth of the global exports remained at a somewhat lower figure.

Exports By Country

In 2024, India (633K tons), distantly followed by Turkey (286K tons), the United States (200K tons), Romania (136K tons), Spain (119K tons) and France (115K tons) represented the largest exporters of maize (corn) starch, together generating 59% of total exports. Egypt (91K tons), Ukraine (86K tons), Pakistan (81K tons) and Austria (67K tons) took a little share of total exports.

From 2013 to 2024, average annual rates of growth with regard to maize starch exports from India stood at +11.9%. At the same time, Egypt (+36.7%), Romania (+22.4%), Turkey (+14.8%), Ukraine (+14.5%), Pakistan (+13.4%) and the United States (+5.1%) displayed positive paces of growth. Moreover, Egypt emerged as the fastest-growing exporter exported in the world, with a CAGR of +36.7% from 2013-2024. Spain and France experienced a relatively flat trend pattern. By contrast, Austria (-2.4%) illustrated a downward trend over the same period. From 2013 to 2024, the share of India, Turkey, France, Romania, Egypt, Ukraine and Pakistan increased by +11, +6.7, +4.5, +4.3, +3.4, +2 and +1.7 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, India ($274M), the United States ($155M) and Turkey ($126M) appeared to be the countries with the highest levels of exports in 2024, with a combined 37% share of global exports. France, Romania, Spain, Egypt, Austria, Ukraine and Pakistan lagged somewhat behind, together comprising a further 28%.

Egypt, with a CAGR of +30.7%, recorded the highest rates of growth with regard to the value of exports, in terms of the main exporting countries over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Export Prices By Country

In 2024, the average maize starch export price amounted to $586 per ton, which is down by -19.1% against the previous year. Overall, the export price showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2022 an increase of 35% against the previous year. Over the period under review, the average export prices hit record highs at $724 per ton in 2023, and then dropped sharply in the following year.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was the United States ($776 per ton), while India ($432 per ton) was amongst the lowest.

From 2013 to 2024, the most notable rate of growth in terms of prices was attained by France (+9.8%), while the other global leaders experienced more modest paces of growth.