Asia: Maize Market 2023

Maize Market Size in Asia

The Asian maize market expanded markedly to $X in 2021, increasing by 9.2% against the previous year. The market value increased at an average annual rate of +1.0% from 2012 to 2021; however, the trend pattern remained consistent, with somewhat noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption attained the peak level of $X. From 2016 to 2021, the growth of the market remained at a lower figure.

Maize Production in Asia

In value terms, maize production rose remarkably to $X in 2021 estimated in export price. Overall, production showed a slight reduction. The growth pace was the most rapid in 2015 with an increase of 32%. As a result, production reached the peak level of $X. From 2016 to 2021, production growth remained at a somewhat lower figure.

China (X tons) remains the largest maize producing country in Asia, accounting for 72% of total volume. Moreover, maize production in China exceeded the figures recorded by the second-largest producer, India (X tons), ninefold. The third position in this ranking was held by Indonesia (X tons), with a 6.2% share.

From 2012 to 2021, the average annual rate of growth in terms of volume in China stood at +2.7%. The remaining producing countries recorded the following average annual rates of production growth: India (+3.0% per year) and Indonesia (+1.7% per year).

In 2021, the average yield of maize in Asia was estimated at X tons per ha, remaining relatively unchanged against 2020 figures. The yield figure increased at an average annual rate of +1.3% over the period from 2012 to 2021; the trend pattern remained relatively stable, with only minor fluctuations being observed throughout the analyzed period. The most prominent rate of growth was recorded in 2015 when the yield increased by 3.7% against the previous year. Over the period under review, the maize yield hit record highs in 2021 and is likely to see steady growth in years to come. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

In 2021, the maize harvested area in Asia shrank modestly to X ha, flattening at the previous year's figure. The harvested area increased at an average annual rate of +1.3% over the period from 2012 to 2021; the trend pattern remained consistent, with somewhat noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2015 when the harvested area increased by 12%. The level of harvested area peaked at X ha in 2016; however, from 2017 to 2021, the harvested area failed to regain momentum.

Maize Exports

Exports in Asia

In 2021, shipments abroad of maize increased by 47% to X tons, rising for the third consecutive year after five years of decline. In general, exports showed a moderate expansion. The growth pace was the most rapid in 2020 when exports increased by 57%. The volume of export peaked in 2021 and is expected to retain growth in years to come.

In value terms, maize exports surged to $X in 2021. Overall, exports continue to indicate a modest expansion. The level of export peaked at $X in 2013; afterwards, it flattened through to 2021.

Exports by Country

India was the largest exporter of maize in Asia, with the volume of exports accounting for X tons, which was approx. 50% of total exports in 2021. Myanmar (X tons) took the second position in the ranking, distantly followed by Pakistan (X tons). All these countries together took near 34% share of total exports. Turkey (X tons), Vietnam (X tons), Cambodia (X tons) and Thailand (X tons) followed a long way behind the leaders.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the leading exporting countries, was attained by Vietnam (with a CAGR of +44.2%), while the other leaders experienced more modest paces of growth.

In value terms, India ($X), Myanmar ($X) and Turkey ($X) appeared to be the countries with the highest levels of exports in 2021, with a combined 79% share of total exports. Thailand, Pakistan, Vietnam and Cambodia lagged somewhat behind, together accounting for a further 16%.

In terms of the main exporting countries, Cambodia, with a CAGR of +35.7%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the export price in Asia amounted to $X per ton, surging by 16% against the previous year. Overall, the export price, however, continues to indicate a relatively flat trend pattern. The level of export peaked at $X per ton in 2016; however, from 2017 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices amongst the major exporting countries. In 2021, the country with the highest price was Thailand ($X per ton), while Cambodia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Thailand (+3.9%), while the other leaders experienced more modest paces of growth.

Maize Imports

Imports in Asia

For the eighth consecutive year, Asia recorded growth in overseas purchases of maize, which increased by 38% to X tons in 2021. Total imports indicated a remarkable increase from 2012 to 2021: its volume increased at an average annual rate of +8.5% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +112.8% against 2013 indices. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, maize imports surged to $X in 2021. Total imports indicated a buoyant expansion from 2012 to 2021: its value increased at an average annual rate of +5.6% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +107.9% against 2017 indices. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, China (X tons) represented the key importer of maize, generating 39% of total imports. Japan (X tons) ranks second in terms of the total imports with a 13% share, followed by South Korea (10%), Vietnam (9.4%) and Iran (5.5%). The following importers - Taiwan (Chinese) (X tons), Malaysia (X tons), Saudi Arabia (X tons), Turkey (X tons), Thailand (X tons) and Bangladesh (X tons) - together made up 15% of total imports.

From 2012 to 2021, average annual rates of growth with regard to maize imports into China stood at +21.6%. At the same time, Thailand (+27.5%), Bangladesh (+27.2%), Vietnam (+23.3%), Turkey (+12.4%), Saudi Arabia (+4.9%), South Korea (+4.0%), Iran (+3.3%) and Malaysia (+2.5%) displayed positive paces of growth. Moreover, Thailand emerged as the fastest-growing importer imported in Asia, with a CAGR of +27.5% from 2012-2021. Japan and Taiwan (Chinese) experienced a relatively flat trend pattern. From 2012 to 2021, the share of China and Vietnam increased by +25 and +6.4 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest maize importing markets in Asia were China ($X), Japan ($X) and South Korea ($X), with a combined 60% share of total imports. Vietnam, Iran, Taiwan (Chinese), Saudi Arabia, Malaysia, Turkey, Bangladesh and Thailand lagged somewhat behind, together accounting for a further 31%.

Among the main importing countries, Thailand, with a CAGR of +31.1%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the import price in Asia amounted to $X per ton, with an increase of 13% against the previous year. Over the period under review, the import price, however, showed a pronounced slump. Over the period under review, import prices hit record highs at $X per ton in 2012; however, from 2013 to 2021, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2021, the country with the highest price was Japan ($X per ton), while China ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Thailand (+2.8%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Market Intelligence Platform

Frequently Asked Questions (FAQ) :