Maize Starch Market

The global maize (corn) starch market is projected to experience steady growth in consumption, production, imports, and exports up to 2030. Consumption trends indicate a CAGR of +4.1% for the period from 2022 to 2030, with the market volume expected to reach 31M tons by the end of 2030. Market value is forecast to increase with a CAGR of +6.0% for the same period, reaching $24.6B by 2030. China, the United States, and India are the top consumers and producers of maize starch, while India, the United States, and China lead in export values. Import prices and export prices are also expected to continue to rise in the near future.

Market Forecast

Driven by increasing demand for maize (corn) starch worldwide, the market is expected to continue an upward consumption trend over the next eight-year period. Market performance is forecast to decelerate, expanding with an anticipated CAGR of +4.1% for the period from 2022 to 2030, which is projected to bring the market volume to 31M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +6.0% for the period from 2022 to 2030, which is projected to bring the market value to $24.6B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Maize (Corn) Starch

In 2022, global consumption of maize (corn) starch shrank to 22M tons, waning by -1.6% against 2021. Overall, the total consumption indicated a buoyant expansion from 2012 to 2022: its volume increased at an average annual rate of +5.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -3.0% against 2019 indices. Over the period under review, global consumption attained the maximum volume at 23M tons in 2019; however, from 2020 to 2022, consumption failed to regain momentum.

The global maize starch market value shrank slightly to $15.4B in 2022, remaining stable 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). Over the period under review, the total consumption indicated a temperate increase from 2012 to 2022: its value increased at an average annual rate of +4.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -4.1% against 2019 indices. Over the period under review, the global market attained the maximum level at $16B in 2019; however, from 2020 to 2022, consumption stood at a somewhat lower figure.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were China (4.7M tons), the United States (2.6M tons) and India (1.3M tons), together comprising 39% of global consumption.

From 2012 to 2022, the biggest increases were recorded for China (with a CAGR of +12.0%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, the United States ($2.2B), China ($1.7B) and Turkey ($1.5B) were the countries with the highest levels of market value in 2022, with a combined 35% share of the global market.

Turkey, with a CAGR of +12.5%, saw the highest growth rate of market size among the main consuming countries over the period under review, while market for the other global leaders experienced more modest paces of growth.

The countries with the highest levels of maize starch per capita consumption in 2022 were Spain (7.9 kg per person), the United States (7.9 kg per person) and Turkey (5.4 kg per person).

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the leading consuming countries, was attained by China (with a CAGR of +11.9%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Maize (Corn) Starch

In 2022, approx. 22M tons of maize (corn) starch were produced worldwide; almost unchanged from the previous year. Over the period under review, the total production indicated a buoyant expansion from 2012 to 2022: its volume increased at an average annual rate of +5.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -2.1% against 2019 indices. The growth pace was the most rapid in 2017 with an increase of 17% against the previous year. Over the period under review, global production hit record highs at 23M tons in 2019; however, from 2020 to 2022, production failed to regain momentum.

In value terms, maize starch production contracted slightly to $15.4B in 2022 estimated in export price. Overall, the total production indicated a prominent expansion from 2012 to 2022: its value increased at an average annual rate of +5.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +6.7% against 2020 indices. The growth pace was the most rapid in 2019 when the production volume increased by 28% against the previous year. As a result, production reached the peak level of $20.4B. From 2020 to 2022, global production growth remained at a lower figure.

Production By Country

The countries with the highest volumes of production in 2022 were China (4.9M tons), the United States (2.7M tons) and India (1.8M tons), together accounting for 42% of global production. Brazil, Turkey, Pakistan, Spain, Indonesia, Japan and Iran lagged somewhat behind, together accounting for a further 16%.

From 2012 to 2022, the most notable rate of growth in terms of production, amongst the main producing countries, was attained by Turkey (with a CAGR of +13.1%), while production for the other global leaders experienced more modest paces of growth.

Imports

World Imports of Maize (Corn) Starch

In 2022, approx. 2.5M tons of maize (corn) starch were imported worldwide; growing by 2% compared with 2021 figures. Overall, total imports indicated a buoyant increase from 2012 to 2022: its volume increased at an average annual rate of +6.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports decreased by -3.5% against 2020 indices. The growth pace was the most rapid in 2018 with an increase of 23%. Over the period under review, global imports hit record highs at 2.6M tons in 2020; however, from 2021 to 2022, imports failed to regain momentum.

In value terms, maize starch imports surged to $1.8B in 2022. Over the period under review, imports saw a buoyant increase. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports By Country

The countries with the highest levels of maize starch imports in 2022 were Malaysia (249K tons), Indonesia (208K tons), Germany (184K tons), France (176K tons) and Mexico (135K tons), together finishing at 38% of total import. The United States (85K tons), Italy (68K tons), the UK (63K tons), the Philippines (61K tons), Portugal (60K tons), Canada (56K tons), the United Arab Emirates (52K tons) and Thailand (51K tons) took a minor share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Thailand (with a CAGR of +22.3%), while imports for the other global leaders experienced more modest paces of growth.

In value terms, Germany ($130M), France ($125M) and Malaysia ($122M) constituted the countries with the highest levels of imports in 2022, together accounting for 21% of global imports. Indonesia, Mexico, the UK, the United States, Portugal, Canada, the Philippines, Italy, Thailand and the United Arab Emirates lagged somewhat behind, together accounting for a further 34%.

Among the main importing countries, Thailand, with a CAGR of +21.9%, recorded 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 $711 per ton in 2022, rising by 31% against the previous year. Over the period under review, import price indicated a modest increase from 2012 to 2022: its price increased at an average annual rate of +1.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, maize starch import price increased by +53.1% against 2019 indices. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was the UK ($1,041 per ton), while Malaysia ($491 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Philippines (+7.8%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Maize (Corn) Starch

Global maize starch exports stood at 2.4M tons in 2022, rising by 3.4% on 2021. Over the period under review, exports enjoyed prominent growth. The most prominent rate of growth was recorded in 2018 when exports increased by 27% against the previous year. Over the period under review, the global exports reached the peak figure in 2022 and are likely to continue growth in the near future.

In value terms, maize starch exports soared to $1.6B in 2022. Overall, exports enjoyed a resilient expansion. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports By Country

In 2022, India (478K tons), distantly followed by China (222K tons), the United States (194K tons), Turkey (165K tons), Spain (143K tons) and France (121K tons) were the key exporters of maize (corn) starch, together generating 56% of total exports. Germany (88K tons), Ukraine (69K tons), Bulgaria (67K tons), Egypt (66K tons), Brazil (63K tons), Argentina (57K tons) and Romania (57K tons) held a relatively small share of total exports.

From 2012 to 2022, average annual rates of growth with regard to maize starch exports from India stood at +13.0%. At the same time, Egypt (+39.6%), Turkey (+22.0%), Brazil (+19.1%), Bulgaria (+13.4%), Romania (+12.9%), Ukraine (+12.2%), China (+7.7%), France (+6.3%), Argentina (+5.3%), the United States (+2.0%) and Spain (+1.8%) displayed positive paces of growth. Moreover, Egypt emerged as the fastest-growing exporter exported in the world, with a CAGR of +39.6% from 2012-2022. Germany experienced a relatively flat trend pattern. India (+8.5 p.p.), France (+5.1 p.p.), Turkey (+5.1 p.p.), Egypt (+2.6 p.p.) and Brazil (+1.8 p.p.) significantly strengthened its position in terms of the global exports, while Germany, Spain and the United States saw its share reduced by -3.5%, -3.9% and -5% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest maize starch supplying countries worldwide were India ($223M), the United States ($154M) and China ($113M), with a combined 31% share of global exports. Germany, Turkey, Spain, France, Ukraine, Egypt, Romania, Bulgaria, Brazil and Argentina lagged somewhat behind, together comprising a further 42%.

Egypt, with a CAGR of +43.8%, recorded the highest rates of growth with regard to the value of exports, among 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

The average maize starch export price stood at $661 per ton in 2022, increasing by 33% against the previous year. In general, export price indicated modest growth from 2012 to 2022: its price increased at an average annual rate of +1.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, maize starch export price increased by +58.1% against 2020 indices. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Germany ($1,255 per ton), while Argentina ($423 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by France (+28.2%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform