Asia-Pacific: Maize Market 2023

Maize Market Size in Asia-Pacific

The Asia-Pacific maize market amounted to $X in 2021, picking up by 7.7% against the previous year. The market value increased at an average annual rate of +1.6% from 2012 to 2021; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded throughout the analyzed period. The level of consumption peaked in 2021 and is likely to continue growth in years to come.

Maize Production in Asia-Pacific

In value terms, maize production rose significantly to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +1.4% from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2018 with an increase of 15%. The level of production peaked at $X in 2019; however, from 2020 to 2021, production stood at a somewhat lower figure.

The countries with the highest volumes of production in 2021 were Indonesia (X tons), China (X tons) and Thailand (X tons), together accounting for 59% of total production. These countries were followed by Papua New Guinea, Japan, Pakistan and India, which together accounted for a further 34%.

From 2012 to 2021, the biggest increases were in India (with a CAGR of +23.5%), while production for the other leaders experienced more modest paces of growth.

In 2021, the average maize yield in Asia-Pacific amounted to X tons per ha, with an increase of 1.9% against 2020. In general, the yield, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when the yield increased by 19% against the previous year. Over the period under review, the maize yield reached the maximum level at X tons per ha in 2013; however, from 2014 to 2021, the yield remained at a lower figure. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

In 2021, the total area harvested in terms of maize (green) production in Asia-Pacific amounted to X ha, leveling off at the previous year. The harvested area increased at an average annual rate of +1.2% from 2012 to 2021; the trend pattern remained consistent, with somewhat noticeable fluctuations being observed in certain years. The pace of growth was the most pronounced in 2016 with an increase of 7.9%. The level of harvested area peaked at X ha in 2018; however, from 2019 to 2021, the harvested area failed to regain momentum.

Maize Exports

Exports in Asia-Pacific

After three years of decline, overseas shipments of maize (green) increased by 1.3% to X tons in 2021. Over the period under review, exports recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 with an increase of 54%. As a result, the exports attained the peak of X tons. From 2018 to 2021, the growth of the exports remained at a lower figure.

In value terms, maize exports reached $X in 2021. Total exports indicated a buoyant expansion from 2012 to 2021: its value increased at an average annual rate of +9.5% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports decreased by -17.9% against 2017 indices. The most prominent rate of growth was recorded in 2013 with an increase of 49% against the previous year. The level of export peaked at $X in 2017; however, from 2018 to 2021, the exports failed to regain momentum.

Exports by Country

In 2021, China (X tons) was the major exporter of maize (green), committing 49% of total exports. India (X tons) took the second position in the ranking, distantly followed by Thailand (X tons), Pakistan (X tons) and Malaysia (X tons). All these countries together took near 47% share of total exports.

From 2012 to 2021, the biggest increases were in India (with a CAGR of +9.0%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, China ($X) remains the largest maize supplier in Asia-Pacific, comprising 52% of total exports. The second position in the ranking was held by India ($X), with a 15% share of total exports. It was followed by Thailand, with a 14% share.

From 2012 to 2021, the average annual growth rate of value in China totaled +9.2%. In the other countries, the average annual rates were as follows: India (+4.9% per year) and Thailand (+4.2% per year).

Export Prices by Country

In 2021, the export price in Asia-Pacific amounted to $X per ton, remaining constant against the previous year. Over the period under review, the export price, however, showed a prominent increase. The most prominent rate of growth was recorded in 2016 when the export price increased by 68% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2017 to 2021, the export prices remained at a lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+14.3%), while the other leaders experienced more modest paces of growth.

Maize Imports

Imports in Asia-Pacific

In 2021, purchases abroad of maize (green) increased by 28% to X tons, rising for the fourth year in a row after two years of decline. Total imports indicated a prominent increase from 2012 to 2021: its volume increased at an average annual rate of +8.8% 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 +87.5% against 2017 indices. The pace of growth appeared the most rapid in 2013 with an increase of 43%. The volume of import peaked in 2021 and is likely to continue growth in the near future.

In value terms, maize imports surged to $X in 2021. Overall, imports enjoyed a strong increase. The pace of growth appeared the most rapid in 2020 when imports increased by 36%. Over the period under review, imports reached the maximum in 2021 and are expected to retain growth in the near future.

Imports by Country

Hong Kong SAR represented the major importing country with an import of around X tons, which recorded 45% of total imports. Malaysia (X tons) took the second position in the ranking, followed by Singapore (X tons), Nepal (X tons) and Afghanistan (X tons). All these countries together took approx. 44% share of total imports. The following importers - Macao SAR (X tons) and South Korea (X tons) - together made up 5.3% of total imports.

Imports into Hong Kong SAR increased at an average annual rate of +12.8% from 2012 to 2021. At the same time, Nepal (+46.5%), Malaysia (+10.8%), Afghanistan (+9.6%) and Macao SAR (+5.9%) displayed positive paces of growth. Moreover, Nepal emerged as the fastest-growing importer imported in Asia-Pacific, with a CAGR of +46.5% from 2012-2021. Singapore experienced a relatively flat trend pattern. By contrast, South Korea (-3.0%) illustrated a downward trend over the same period. Hong Kong SAR (+13 p.p.), Nepal (+7.8 p.p.) and Malaysia (+2.1 p.p.) significantly strengthened its position in terms of the total imports, while South Korea and Singapore saw its share reduced by -3.8% and -13.2% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Hong Kong SAR ($X) constitutes the largest market for imported maize (green) in Asia-Pacific, comprising 59% of total imports. The second position in the ranking was taken by Singapore ($X), with a 13% share of total imports. It was followed by Malaysia, with an 11% share.

From 2012 to 2021, the average annual rate of growth in terms of value in Hong Kong SAR stood at +34.1%. The remaining importing countries recorded the following average annual rates of imports growth: Singapore (+4.6% per year) and Malaysia (+11.7% per year).

Import Prices by Country

In 2021, the import price in Asia-Pacific amounted to $X per ton, rising by 1.8% against the previous year. Over the last nine years, it increased at an average annual rate of +3.9%. The most prominent rate of growth was recorded in 2020 when the import price increased by 23% against the previous year. Over the period under review, import prices attained the peak figure in 2021 and is likely to continue growth in the immediate term.

Prices varied noticeably country of destination: the country with the highest price was South Korea ($X per ton), while Nepal ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Hong Kong SAR (+18.8%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform

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