Preserved Sweet Corn Market

The article discusses the current and projected trends in the global market for sweet corn prepared or preserved. It highlights the growth in consumption, production, imports, and exports, with a focus on key countries and market values. The market is expected to see a steady increase in volume and value terms over the period from 2022 to 2030, driven by the growing demand for preserved sweet corn worldwide.

Market Forecast

Driven by increasing demand for sweet corn prepared or preserved worldwide, the market is expected to continue an upward consumption trend over the next eight years. Market performance is forecast to retain its current trend pattern, expanding with an anticipated CAGR of +2.2% for the period from 2022 to 2030, which is projected to bring the market volume to 2.4M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +4.4% for the period from 2022 to 2030, which is projected to bring the market value to $3.6B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Preserved Sweet Corn

In 2022, approx. 2M tons of sweet corn prepared or preserved were consumed worldwide; picking up by 1.9% compared with 2021. The total consumption volume increased at an average annual rate of +2.4% from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2019 when the consumption volume increased by 9.1% against the previous year. Global consumption peaked at 2M tons in 2020; afterwards, it flattened through to 2022.

The global preserved sweet corn market value rose modestly to $2.6B in 2022, with an increase of 3.7% 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 +2.6% over the period from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2019 with an increase of 8.4% against the previous year. Global consumption peaked in 2022 and is likely to see steady growth in the immediate term.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were the United States (637K tons), Russia (415K tons) and France (83K tons), together comprising 56% of global consumption.

From 2012 to 2022, the biggest increases were recorded for Russia (with a CAGR of +10.2%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, the largest preserved sweet corn markets worldwide were the United States ($768M), Russia ($460M) and France ($125M), together comprising 53% of the global market.

Russia, with a CAGR of +7.1%, saw 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.

The countries with the highest levels of preserved sweet corn per capita consumption in 2022 were Russia (2.9 kg per person), the United States (1.9 kg per person) and Canada (1.4 kg per person).

From 2012 to 2022, the biggest increases were recorded for Russia (with a CAGR of +10.1%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Preserved Sweet Corn

Global preserved sweet corn production was estimated at 2M tons in 2022, increasing by 2% compared with the previous year's figure. The total output volume increased at an average annual rate of +2.5% from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations throughout the analyzed period. The growth pace was the most rapid in 2017 with an increase of 5.7% against the previous year. Global production peaked in 2022 and is expected to retain growth in the immediate term. The general positive trend in terms output was largely conditioned by a notable increase of the harvested area and a relatively flat trend pattern in yield figures.

In value terms, preserved sweet corn production rose slightly to $2.3B in 2022 estimated in export price. The total output value increased at an average annual rate of +2.8% over the period from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2013 with an increase of 13% against the previous year. Global production peaked in 2022 and is likely to see steady growth in years to come.

Production By Country

The countries with the highest volumes of production in 2022 were the United States (663K tons), Russia (412K tons) and Thailand (236K tons), together accounting for 64% of global production.

From 2012 to 2022, the biggest increases were recorded for Russia (with a CAGR of +12.2%), while production for the other global leaders experienced more modest paces of growth.

Imports

World Imports of Preserved Sweet Corn

In 2022, global imports of sweet corn prepared or preserved expanded slightly to 815K tons, surging by 3.8% compared with 2021. The total import volume increased at an average annual rate of +1.3% from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2016 when imports increased by 6.6%. Over the period under review, global imports attained the maximum at 830K tons in 2020; however, from 2021 to 2022, imports stood at a somewhat lower figure.

In value terms, preserved sweet corn imports reached $1.2B in 2022. The total import value increased at an average annual rate of +1.6% from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2018 when imports increased by 7.7%. Global imports peaked in 2022 and are expected to retain growth in the near future.

Imports By Country

In 2022, Germany (88K tons), followed by Japan (56K tons), the UK (56K tons), Spain (47K tons), South Korea (42K tons) and the United States (41K tons) were the main importers of sweet corn prepared or preserved, together achieving 40% of total imports. Taiwan (Chinese) (29K tons), Russia (25K tons), France (23K tons), the Philippines (23K tons), Italy (21K tons), Poland (21K tons) and the Netherlands (20K tons) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by the United States (with a CAGR of +13.9%), while imports for the other global leaders experienced more modest paces of growth.

In value terms, Germany ($138M), Japan ($103M) and the UK ($93M) constituted the countries with the highest levels of imports in 2022, together comprising 29% of global imports. Spain, South Korea, the Netherlands, the United States, Taiwan (Chinese), Italy, France, Poland, Russia and the Philippines lagged somewhat behind, together comprising a further 30%.

Among the main importing countries, the Philippines, with a CAGR of +16.5%, recorded the highest growth rate of 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 preserved sweet corn import price stood at $1,425 per ton in 2022, picking up by 1.9% against the previous year. Over the period under review, the import price recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 an increase of 6.7%. Over the period under review, average import prices attained the maximum in 2022 and is expected to retain 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 Netherlands ($1,971 per ton), while the Philippines ($731 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 Preserved Sweet Corn

In 2022, approx. 826K tons of sweet corn prepared or preserved were exported worldwide; increasing by 4% compared with the year before. The total export volume increased at an average annual rate of +1.5% from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations being observed throughout the analyzed period. The pace of growth was the most pronounced in 2020 with an increase of 9.6% against the previous year. The global exports peaked at 845K tons in 2018; however, from 2019 to 2022, the exports stood at a somewhat lower figure.

In value terms, preserved sweet corn exports expanded remarkably to $1.1B in 2022. The total export value increased at an average annual rate of +1.8% over the period from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2018 with an increase of 12%. Over the period under review, the global exports attained the peak figure in 2022 and are expected to retain growth in the immediate term.

Exports By Country

Thailand (193K tons) and Hungary (186K tons) were the key exporters of sweet corn prepared or preserved in 2022, finishing at approx. 23% and 23% of total exports, respectively. France (113K tons) held a 14% share (based on physical terms) of total exports, which put it in second place, followed by China (13%), the United States (8%) and Spain (4.8%). Russia (22K tons) took a little share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the key exporting countries, was attained by China (with a CAGR of +11.3%), while the other global leaders experienced more modest paces of growth.

In value terms, the largest preserved sweet corn supplying countries worldwide were Hungary ($259M), Thailand ($203M) and France ($183M), with a combined 57% share of global exports. China, the United States, Spain and Russia lagged somewhat behind, together accounting for a further 29%.

In terms of the main exporting countries, China, with a CAGR of +13.2%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Export Prices By Country

In 2022, the average preserved sweet corn export price amounted to $1,372 per ton, growing by 4.2% against the previous year. In general, the export price continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2019 an increase of 8.4% against the previous year. Over the period under review, the average export prices hit record highs in 2022 and is expected to retain growth in the immediate term.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Spain ($1,664 per ton), while Thailand ($1,053 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 States (+2.5%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform