Maize starch market in Eastern Asia

Earlier Report Observations

From 2018 to 2020, the maize starch market in Eastern Asia contracted significantly. The market size reached 2.58 million tons in 2018, supported by the gradual release of new deep-processing capacity and regional advantages in raw material supply. However, in 2019, the restoration of the export tax rebate to 13% spurred a sharp increase in exports, reducing domestic availability and pulling the market volume down. The COVID-19 pandemic in 2020 further pressured the industry, with operating rates falling to around 40%, which led to decreased production and a smaller market.

The market entered a recovery phase from 2021. As pandemic restrictions eased, operating rates improved, and a rise in corn prices boosted industry margins, stimulating output. In 2022, growth was muted by tight raw material supply and soft downstream demand, resulting in a flat market volume. A strong turnaround occurred in 2023, driven by broader economic recovery and rapidly expanding demand from new applications such as pharmaceuticals and biodegradable materials. At the same time, a steep drop in grain imports tightened domestic supply, contributing to a market expansion to nearly 3 million tons.

Production maize starch in Eastern Asia

In kind, 2017-2020, K t

Top producers of maize starch, 2017-2020

World map of production of maize starch, 2017-2020

Maize starch production in Eastern Asia has declined for the second year in a row. In 2020, the region produced 2,681 thousand tons of maize starch, representing a modest decrease of 6.8% compared to 2019. Looking at the period from 2017 to 2020, production fell by 12.2%, which translates to an average annual decline of 4.2%. The highest production level was recorded in 2018 at 3,109 thousand tons, with a growth of 1.8% that year. The most significant drop occurred in 2019, when production decreased by 7.5%.

Annual dynamics of production in Eastern Asia in kind, 2017-2020, K t

In value, 2017-2020, M $ US

The value of maize starch production in Eastern Asia has also fallen for the second consecutive year. In 2020, output was valued at 933 million US dollars, marking a moderate decline of 9.1% from the previous year. Over the 2017-2020 period, production value decreased by 10.3%, with a compound annual growth rate of -3.6%. The peak value was reached in 2018 at 1,168 million US dollars, showing a substantial increase of 12.4% that year. The largest decline was recorded in 2019, with a drop of 12.2%.

Annual dynamics of production in Eastern Asia in value, 2017-2020, M $ US

Exports maize starch from Eastern Asia

Exports in kind, K t

The export market for maize starch from Eastern Asia exhibited volatility during the observed period. In 2020, the region exported 661.3 thousand tons, which is 10.4% lower than the previous year. The highest export volume was recorded in 2019 at 738.2 thousand tons. The most significant growth occurred in 2018, with exports surging by 90.3%. Overall, exports fluctuated significantly, with a 2.6-fold difference between the peak in 2019 and the low point in 2017.

Annual dynamics of product's exports from Eastern Asia in kind, 2017-2020, K t

From 2017 to 2020, the largest importers of maize starch from Eastern Asia in volume terms were Indonesia, Malaysia, and the Philippines. Indonesia accounted for 45.6% of exports, Malaysia for 18.1%, and the Philippines for 11.1%. Together, these three countries represented 74.8% of total exports from the region.

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

World map of product's exports from Eastern Asia in kind, 2017-2020

Exports in value, M $ US

Export values for maize starch from Eastern Asia showed irregular changes, reflecting a volatile market. In 2020, exports amounted to 230.1 million US dollars, a decrease of 12.6% compared to 2019. The peak value was recorded in 2019 at 263.4 million US dollars. The most substantial increase occurred in 2018, with a remarkable growth of 110.0%. Over the period, export values varied widely, with a 2.7-fold difference between the high in 2019 and the low in 2017.

Annual dynamics of product's exports from Eastern Asia in value, 2017-2020, M $ US

In value terms, the main destinations for maize starch exports from Eastern Asia from 2017 to 2020 were Indonesia, Malaysia, and the Philippines. Indonesia accounted for 44.0% of export value, Malaysia for 17.9%, and the Philippines for 10.6%. Collectively, these three markets absorbed 72.6% of total export value from the region.

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

World map of product's exports from Eastern Asia in value, 2017-2020

Imports maize starch to Eastern Asia

Imports in kind, K t

Maize starch imports into Eastern Asia increased for the second consecutive year. In 2020, imports reached 22.5 thousand tons, a moderate rise of 9.7% compared to 2019. However, over the 2017-2020 period, imports decreased by 34.9%, equivalent to an average annual decline of 13.3%. The lowest import volume was recorded in 2018 at 18.0 thousand tons, which saw a sharp drop of 47.9% that year. The largest increase occurred in 2019, with imports growing by 13.9%.

Annual dynamics of product's imports to Eastern Asia in kind, 2017-2020, K t

From 2017 to 2020, imports of maize starch into Eastern Asia in volume terms were distributed across a wide range of countries. The top three sources were India, Turkey, and the United States, accounting for 5.6%, 4.4%, and 4.3% of imports, respectively. Together, they represented just 14.2% of total imports, with the remaining 85.8% shared among numerous other countries.

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

World map of product's imports to Eastern Asia in kind, 2017-2020

Imports in value, M $ US

After two years of decline, maize starch imports into Eastern Asia increased in 2020. The region imported approximately 17.8 million US dollars worth of maize starch, a slight increase of 3.4% compared to 2019. Over the 2017-2020 period, however, import value decreased by 12.3%, with a compound annual growth rate of -4.3%. The lowest value was recorded in 2019 at 17.2 million US dollars, which saw a decline of 11.6% that year.

Annual dynamics of product's imports to Eastern Asia in value, 2017-2020, M $ US

During 2017-2020, imports of maize starch into Eastern Asia in value terms were spread across many markets. The United States was the largest source, accounting for 11.4% of import value, followed by Australia at 5.5% and France at 4.2%. Together, these three countries represented only 21.1% of total import value, indicating a highly diversified import structure.

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

World map of product's imports to Eastern Asia in value, 2017-2020