Corn oil and fractions market in Latin America and the Caribbean

Earlier Report Observations

From 2018 to 2020, corn oil production in Latin America and the Caribbean rose from 297.6 thousand tons to 371.1 thousand tons, while market size expanded from 286.7 thousand tons to 337.6 thousand tons. This growth was primarily fueled by the expansion of corn-based ethanol production in Brazil and Argentina, where corn oil is a co-product. Increased ethanol capacity and rising demand for biodiesel supported output. In 2020, the COVID-19 pandemic caused supply chain disruptions but also boosted demand for healthier oils, such as non-genetically modified corn oil.

Production continued to climb in 2021 and 2022, reaching 483.6 thousand tons in 2022, with market size peaking at 456.2 thousand tons. Brazil's ethanol output grew, generating more corn oil. Regulatory shifts in Mexico aimed at protecting native corn and limiting genetically modified organisms affected the market, while stricter labeling requirements spurred demand for organic and non-GMO oils. Global standards, like those from India's FSSAI for crude corn oil, influenced export flows.

In 2023, production edged up to 489.9 thousand tons, but market size fell to 409.0 thousand tons due to a surge in exports to 99.5 thousand tons. Rising global demand for corn oil, especially for biodiesel and health-conscious consumption, drove overseas shipments. For 2024, drought conditions in Argentina and South Africa reduced corn yields, potentially tightening oil availability, while biodiesel blending mandates in countries like Brazil and the U.S. sustained demand.

Production corn oil and fractions in Latin America and the Caribbean

In kind, 2017-2020, K t

Top producers of corn oil and fractions, 2017-2020

World map of production of corn oil and fractions, 2017-2020

Corn oil and fractions production in Latin America and the Caribbean has grown for the third year in a row. In 2020, the region produced 371.1 thousand tons, marking a strong 13.7% year-over-year increase. From 2017 to 2020, production rose by 43%, with an average annual growth rate of 12.7%.

Annual dynamics of production in Latin America and the Caribbean in kind, 2017-2020, K t

In value, 2017-2020, M $ US

Corn oil and fractions production in Latin America and the Caribbean has increased for the third consecutive year. In 2020, the output was valued at 322.8 million US dollars, reflecting a significant 20.0% rise compared to the previous year. Over the 2017-2020 period, production grew by 34.7%, with an average annual growth rate of 10.4%.

Annual dynamics of production in Latin America and the Caribbean in value, 2017-2020, M $ US

Exports corn oil and fractions from Latin America and the Caribbean

Exports in kind, t

The market showed an unstable trend during this period. Export volumes reached their lowest point in 2018 at 31 462 tons and peaked in 2017, with a 2.1-fold difference between these years. In 2020, Latin America and the Caribbean exported 60 204 tons of corn oil and fractions, which is 1.9% higher than the previous year. The largest decline occurred in 2018 at 52.7%, while the largest increase was in 2019 at 87.8%.

Annual dynamics of product's exports from Latin America and the Caribbean in kind, 2017-2020, t

From 2017 to 2020, Tunisia, South Korea, and the United States were consistently the main destinations for exports in kind. Tunisia accounted for 47.7% of exports, South Korea for 5.3%, and the United States for 4.6%, together making up 57.6% of total flows.

Structure of product's exports in kind by countries, 2017-2020

World map of product's exports from Latin America and the Caribbean in kind, 2017-2020

Exports in value, K $ US

The data shows irregular changes, indicating a volatile market environment. Export values dropped to a minimum of 25 826 thousand US dollars in 2018 and reached a maximum in 2017, with a 2.4-fold variation between these years. In 2020, Latin America and the Caribbean exported 52 374 thousand US dollars of corn oil and fractions, representing a 7.5% increase compared to the previous year. The largest decline was in 2018 at 57.9%, while the largest increase was in 2019 at 88.7%.

Annual dynamics of product's exports from Latin America and the Caribbean in value, 2017-2020, K $ US

Over the 2017-2020 period, Tunisia, the United States, and South Korea led as the top buyers of corn oil and fractions from Latin America and the Caribbean in value terms. Tunisia accounted for 45.8% of exports, the United States for 7.6%, and South Korea for 4.8%, with their combined share reaching 58.2% of total exports.

Structure of product's exports in value by countries, 2017-2020

World map of product's exports from Latin America and the Caribbean in value, 2017-2020

Imports corn oil and fractions to Latin America and the Caribbean

Imports in kind, t

There were noticeable fluctuations in market performance during this period. Import volumes were at a low in 2017 and peaked in 2019, with a 2-fold difference between these years. In 2020, Latin America and the Caribbean imported 26 704 tons of corn oil and fractions, down by 31.5% compared to 2019. The maximum value was recorded in 2019 at 38 981 tons, and the largest increase occurred in 2019 at 89.7%.

Annual dynamics of product's imports to Latin America and the Caribbean in kind, 2017-2020, t

From 2017 to 2020, the United States, Canada, and Turkey were the main sources for imports in kind of corn oil and fractions to Latin America and the Caribbean. The United States accounted for 46.7% of imports, Canada for 0.9%, and Turkey for 0.8%, together representing 48.4% of total flows.

Structure of product's imports in kind by countries, 2017-2020

World map of product's imports to Latin America and the Caribbean in kind, 2017-2020

Imports in value, K $ US

Latin America and the Caribbean imported approximately 30 616 thousand US dollars of corn oil and fractions in 2020, showing a sharp decrease of 30.9% compared to 2019. Over the 2017-2020 period, imports decreased by 3.7%, with an average annual decline of 1.2%. The minimum value was recorded in 2018 at 26 923 thousand US dollars, while the maximum was in 2019 at 44 316 thousand US dollars. The largest increase occurred in 2019 at 64.6%.

Annual dynamics of product's imports to Latin America and the Caribbean in value, 2017-2020, K $ US

Throughout 2017-2020, the United States, Canada, and Turkey remained the key sources for imports in value terms. The United States accounted for 55.3% of imports, Canada for 1.1%, and Turkey for 0.8%, together taking 57.2% of total flows.

Structure of product's imports in value by countries, 2017-2020

World map of product's imports to Latin America and the Caribbean in value, 2017-2020