Updated Jan 11, 2023 03:36

Global Maize Market

Market Overview
The global maize market totaled $ in , increasing by % 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 +% over the period from 2007 to ; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Over the period under review, the global market hit record highs at $ in 2014; however, from 2015 to , consumption remained at a lower figure.

In value terms, maize production reduced modestly to $ in estimated in export price. Overall, the total production indicated a perceptible increase from 2007 to : its value increased at an average annual rate of +% over the last fifteen-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on figures, production decreased by -% against 2019 indices. The growth pace was the most rapid in 2011 with an increase of %. Over the period under review, global production attained the maximum level at $ in 2014; however, from 2015 to , production stood at a somewhat lower figure.

The countries with the highest volumes of production in were the United States ( tons), China ( tons) and Brazil ( tons), together accounting for % of global production. These countries were followed by Argentina, Ukraine, India, Mexico and Indonesia, which together accounted for a further %.

From 2007 to , the biggest increases were recorded for Ukraine (with a CAGR of +%), while production for the other global leaders experienced more modest paces of growth.

In , the global average maize yield shrank slightly to tons per ha, remaining constant against figures. In general, the yield, however, recorded a mild increase. The most prominent rate of growth was recorded in 2013 with an increase of %. Over the period under review, the average maize yield reached the peak level at tons per ha in 2018; afterwards, it flattened through to . Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

In , approx. ha of maize were harvested worldwide; remaining constant against . The harvested area increased at an average annual rate of +% from 2007 to ; the trend pattern remained consistent, with somewhat noticeable fluctuations in certain years. The most prominent rate of growth was recorded in 2011 when the harvested area increased by %. The global harvested area peaked at ha in ; however, from to , the harvested area remained at a lower figure.


Consumption
For the fourth consecutive year, the global market recorded growth in consumption of maize, which increased by % to tons in . The total consumption volume increased at an average annual rate of +% over the period from 2007 to ; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Over the period under review, global consumption hit record highs in and is likely to continue growth in years to come.

The global maize market revenue amounted to $ in , increasing by % 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 +% over the period from 2007 to ; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Global consumption peaked at $ in 2014; however, from 2015 to , consumption remained at a lower figure.


Consumption by Country
The countries with the highest volumes of consumption in were China ( tons), the United States ( tons) and Brazil ( tons), together accounting for % of global consumption. Mexico, India, Indonesia, Canada and Argentina lagged somewhat behind, together accounting for a further %.

From 2007 to , the biggest increases were recorded for Argentina (with a CAGR of +%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, China ($), the United States ($) and Brazil ($) constituted the countries with the highest levels of market value in , together accounting for % of the global market. These countries were followed by India, Mexico, Canada, Indonesia and Argentina, which together accounted for a further %.

Among the main consuming countries, Argentina, with a CAGR of +%, recorded the highest growth rate of market size 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 per capita consumption in were the United States ( kg per person), Canada ( kg per person) and Argentina ( kg per person).

From 2007 to , the most notable rate of growth in terms of consumption, amongst the main consuming countries, was attained by China (with a CAGR of +%), while consumption for the other global leaders experienced more modest paces of growth.


Market Forecast
Driven by increasing demand for maize 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 +% for the period from to , which is projected to bring the market volume to tons by the end of .

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