Spain: Refined Maize Oil Market 2024

Refined Maize Oil Market Size in Spain

The Spanish refined maize oil market was finally on the rise to reach $X in 2022, after five years of decline. In general, consumption, however, continues to indicate a slight shrinkage. Refined maize oil consumption peaked at $X in 2016; however, from 2017 to 2022, consumption failed to regain momentum.

Refined Maize Oil Production in Spain

In value terms, refined maize oil production shrank markedly to $X in 2022 estimated in export price. Overall, production saw pronounced growth. The most prominent rate of growth was recorded in 2015 when the production volume increased by X%. Over the period under review, production attained the maximum level at $X in 2016; however, from 2017 to 2022, production failed to regain momentum.

Refined Maize Oil Exports

Exports from Spain

In 2022, shipments abroad of refined maize (corn) oil decreased by X% to X tons for the first time since 2019, thus ending a two-year rising trend. Overall, exports continue to indicate a dramatic decrease. The growth pace was the most rapid in 2016 with an increase of X% against the previous year. Over the period under review, the exports hit record highs at X tons in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, refined maize oil exports dropped rapidly to $X in 2022. Over the period under review, exports faced a significant decline. The pace of growth appeared the most rapid in 2016 with an increase of X%. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

Portugal (X tons) was the main destination for refined maize oil exports from Spain, with a X% share of total exports. Moreover, refined maize oil exports to Portugal exceeded the volume sent to the second major destination, the Philippines (X tons), threefold. The third position in this ranking was taken by South Korea (X tons), with a X% share.

From 2012 to 2022, the average annual growth rate of volume to Portugal stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Philippines (X% per year) and South Korea (X% per year).

In value terms, Portugal ($X) emerged as the key foreign market for refined maize (corn) oil exports from Spain, comprising X% of total exports. The second position in the ranking was held by the Philippines ($X), with a X% share of total exports. It was followed by South Korea, with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Portugal amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Philippines (X% per year) and South Korea (X% per year).

Export Prices by Country

In 2022, the average refined maize oil export price amounted to $X per ton, increasing by X% against the previous year. Over the period under review, export price indicated a notable expansion from 2012 to 2022: its price increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, refined maize oil export price increased by X% against 2019 indices. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the Philippines ($X per ton), while the average price for exports to France ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Turkey (X%), while the prices for the other major destinations experienced more modest paces of growth.

Refined Maize Oil Imports

Imports into Spain

In 2022, supplies from abroad of refined maize (corn) oil decreased by X% to X tons, falling for the second year in a row after two years of growth. Over the period under review, imports, however, showed a mild increase. The growth pace was the most rapid in 2013 when imports increased by X%. As a result, imports attained the peak of X tons. From 2014 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, refined maize oil imports dropped remarkably to $X in 2022. In general, imports, however, showed prominent growth. The growth pace was the most rapid in 2013 when imports increased by X%. As a result, imports attained the peak of $X. From 2014 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

Italy (X tons), France (X tons) and Portugal (X tons) were the main suppliers of refined maize oil imports to Spain, together accounting for X% of total imports.

From 2012 to 2022, the biggest increases were recorded for Italy (with a CAGR of X%), while purchases for the other leaders experienced a decline.

In value terms, the largest refined maize oil suppliers to Spain were Italy ($X), France ($X) and Portugal ($X), with a combined X% share of total imports.

In terms of the main suppliers, Italy, with a CAGR of X%, 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 a decline.

Import Prices by Country

The average refined maize oil import price stood at $X per ton in 2022, with an increase of X% against the previous year. Overall, import price indicated moderate growth from 2012 to 2022: its price increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, refined maize oil import price increased by X% against 2020 indices. The most prominent rate of growth was recorded in 2021 when the average import price increased by X% against the previous year. The import price peaked in 2022 and is expected to retain growth in years to come.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Argentina ($X per ton), while the price for France ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Argentina (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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