Updated Jan 22, 2023 04:51

Crude Maize Oil Market in Morocco

Market Overview
In , after four years of growth, there was significant decline in the Moroccan crude maize oil market, when its value decreased by -% to $. In general, consumption, however, showed a slight increase. Over the period under review, the market reached the peak level at $ in , and then contracted in the following year.

In value terms, crude maize oil production rose modestly to $ in estimated in export price. In general, production saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2012 when the production volume increased by % against the previous year. As a result, production reached the peak level of $. From 2013 to , production growth remained at a lower figure.

In , crude maize oil consumption in Morocco reduced to tons, shrinking by -% compared with figures. In general, consumption, however, posted a modest increase. As a result, consumption attained the peak volume of tons. From 2016 to , the growth of the consumption remained at a lower figure.

The value of the crude maize oil market in Morocco declined to $ in , with a decrease of -% 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). Overall, consumption, however, recorded slight growth. Crude maize oil consumption peaked at $ in , and then dropped in the following year.

Market Forecast
Driven by increasing demand for crude maize oil in Morocco, 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 .

Market Structure
In , the share of imports in total consumption accounted for % in value terms and % in physical terms. The share of imports decreased moderately (- percentage point) over the period under review.

Trade Balance
Morocco remains a net importer of crude maize oil; in physical and value terms, imports consistently exceeded exports from 2007 to . In , there was a significant trade deficit of tons, which was equal to $. This tangible trade deficit reflects the fact that the market remains dependent on imports, which is likely to continue in the medium term.