Asia: Refined Maize Oil Market 2024

Refined Maize Oil Market Size in Asia

The Asian refined maize oil market reduced modestly to $X in 2022, declining by X% against the previous year. In general, consumption recorded a relatively flat trend pattern. The growth pace was the most rapid in 2018 when the market value increased by X% against the previous year. As a result, consumption reached the peak level of $X. From 2019 to 2022, the growth of the market remained at a somewhat lower figure.

Refined Maize Oil Production in Asia

In value terms, refined maize oil production shrank modestly to $X in 2022 estimated in export price. Overall, production saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2018 when the production volume increased by X% against the previous year. As a result, production reached the peak level of $X. From 2019 to 2022, production growth remained at a somewhat lower figure.

Refined Maize Oil Exports

Exports in Asia

In 2022, approx. X tons of refined maize (corn) oil were exported in Asia; almost unchanged from the previous year. Overall, exports continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 when exports increased by X% against the previous year. As a result, the exports reached the peak of X tons. From 2017 to 2022, the growth of the exports remained at a lower figure.

In value terms, refined maize oil exports rose sharply to $X in 2022. In general, exports showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2016 when exports increased by X%. As a result, the exports reached the peak of $X. From 2017 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

Turkey was the key exporter of refined maize (corn) oil in Asia, with the volume of exports finishing at X tons, which was near X% of total exports in 2022. Saudi Arabia (X tons) took the second position in the ranking, followed by China (X tons). All these countries together took approx. X% share of total exports. South Korea (X tons), the United Arab Emirates (X tons), Oman (X tons), Malaysia (X tons) and Palestine (X tons) followed a long way behind the leaders.

Turkey was also the fastest-growing in terms of the refined maize (corn) oil exports, with a CAGR of X% from 2012 to 2022. At the same time, China (X%), the United Arab Emirates (X%), Palestine (X%) and Malaysia (X%) displayed positive paces of growth. By contrast, South Korea (X%), Oman (X%) and Saudi Arabia (X%) illustrated a downward trend over the same period. Turkey (X p.p.) and China (X p.p.) significantly strengthened its position in terms of the total exports, while South Korea, Oman and Saudi Arabia saw its share reduced by X%, X% and X% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Turkey ($X) remains the largest refined maize oil supplier in Asia, comprising X% of total exports. The second position in the ranking was held by Saudi Arabia ($X), with a X% share of total exports. It was followed by China, with a X% share.

In Turkey, refined maize oil exports expanded at an average annual rate of X% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Saudi Arabia (X% per year) and China (X% per year).

Export Prices by Country

In 2022, the export price in Asia amounted to $X per ton, picking up by X% against the previous year. Overall, the export price, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 an increase of X% against the previous year. The level of export peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

Average prices varied noticeably amongst the major exporting countries. In 2022, major exporting countries recorded the following prices: in the United Arab Emirates ($X per ton) and Malaysia ($X per ton), while South Korea ($X per ton) and Turkey ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (X%), while the other leaders experienced more modest paces of growth.

Refined Maize Oil Imports

Imports in Asia

In 2022, the amount of refined maize (corn) oil imported in Asia reduced to X tons, which is down by X% on 2021. Over the period under review, imports continue to indicate a mild shrinkage. The most prominent rate of growth was recorded in 2014 when imports increased by X% against the previous year. Over the period under review, imports hit record highs at X tons in 2016; however, from 2017 to 2022, imports stood at a somewhat lower figure.

In value terms, refined maize oil imports expanded remarkably to $X in 2022. In general, imports, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when imports increased by X% against the previous year. Over the period under review, imports attained the maximum at $X in 2016; however, from 2017 to 2022, imports remained at a lower figure.

Imports by Country

The United Arab Emirates (X tons), Saudi Arabia (X tons), Qatar (X tons) and Jordan (X tons) represented roughly X% of total imports in 2022. Malaysia (X tons) held the next position in the ranking, followed by Hong Kong SAR (X tons) and Israel (X tons). All these countries together took approx. X% share of total imports. Palestine (X tons), Azerbaijan (X tons), Kuwait (X tons), Oman (X tons), the Philippines (X tons) and Iraq (X tons) took a relatively small share of total imports.

From 2012 to 2022, the biggest increases were recorded for Oman (with a CAGR of X%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the United Arab Emirates ($X) constitutes the largest market for imported refined maize (corn) oil in Asia, comprising X% of total imports. The second position in the ranking was held by Qatar ($X), with an X% share of total imports. It was followed by Jordan, with an X% share.

From 2012 to 2022, the average annual rate of growth in terms of value in the United Arab Emirates was relatively modest. In the other countries, the average annual rates were as follows: Qatar (X% per year) and Jordan (X% per year).

Import Prices by Country

In 2022, the import price in Asia amounted to $X per ton, surging by X% against the previous year. Over the last decade, it increased at an average annual rate of X%. The most prominent rate of growth was recorded in 2021 when the import price increased by X% against the previous year. Over the period under review, import prices attained the peak figure in 2022 and is likely to continue growth in the near future.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was the United Arab Emirates ($X per ton), while Saudi Arabia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (X%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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